Steve Cohen Reveals Exciting Long-Term Spending Plans for the Mets: What Fans Need to Know!

Steve Cohen, the owner of the Mets, recently chatted with reporters about the team’s spending plans after a busy offseason. This winter saw some big moves, including a record contract for Juan Soto and the return of key players like Sean Manaea and Pete Alonso. Cohen admitted that the costs were higher than he expected.

“Ballplayers always seem more expensive than you think,” he said. He emphasized that he wants to win, and if that means spending, he’s prepared to do it. However, he also acknowledged that free agency can be costly. “I had a budget in mind, and I’ve already blown through it. Circumstances pushed me to rethink my plans,” he noted.

To land Soto, the Mets offered an eye-popping average annual value of $51 million, breaking records. They were smart with Alonso, waiting until the market cooled before signing him to a two-year deal that includes an option to leave after one year. That deal gives him a $27 million average annual value, which is still a significant commitment. Manaea received a three-year deal worth $75 million, although it includes deferred payments. Other pitchers like Frankie Montas, Clay Holmes, and A.J. Minter also got multi-year deals worth over $10 million per season.

Currently, the Mets’ projected payroll sits around $331 million. Their competitive balance tax estimate is slightly lower at $325 million, but Cohen expects to end the season closer to $340 million once they account for any mid-season trades or add-ons.

With Montas out for a while due to injury, there’s speculation that the Mets might look for another starting pitcher. Jose Quintana is available, but reports indicate the Mets aren’t pursuing him at this time, even though he’s interested in returning.

The Mets will have the second-highest payroll in Major League Baseball, behind only the Dodgers. This marks the fourth consecutive season of hefty spending, placing them in the highest tax bracket, which means they owe $60 million above the base threshold due to consecutive high spending seasons. The tax level was raised in response to concerns from other owners about Cohen’s aggressive spending.

Cohen expressed hope of reducing spending in the future, aiming to go below what some call the “Cohen Tax.” He mentioned, “You can’t have too many long-term contracts because it limits your roster flexibility, so we have to be cautious.”

This isn’t the first time Cohen has hinted at cutting back. However, the team’s spending in recent years has remained high. They ended last season with a tax number around $348 million. Next year, the estimate for their tax number is about $206 million, as some significant contracts wrap up, including Starling Marte’s four-year deal.

As for Alonso, he’s in a unique position. After not receiving the long-term offer he wanted, he signed a shorter deal, which he called a “bridge” to his next contract. Alonso acknowledged that his recent performance wasn’t up to his usual standards, influencing his contract length. He declined a three-year deal from the Mets for a front-loaded two-year guarantee instead.

He also noted that the qualifying offer affected his market more than he expected, as teams other than the Mets would have had to give up a draft choice to sign him. The Mets, however, only forfeited a fourth-round pick to keep him. Since players can only receive a qualifying offer once, Alonso will be a free agent again soon.

Despite the negotiation challenges, Alonso remains optimistic about the Mets and believes it would be “fantastic” to work out a long-term deal down the line.