Did you know, the average annual Major League Baseball team salary is $160.5 million?
No, well you do now!
For the better part of the last 25-to-30-years baseball has been a game filled with big money contracts. In the past 10-to-15-years, the dollar value of baseball contracts has soared to unthinkable numbers. Case in point, the Los Angeles Dodgers just signed megastar Shohei Ohtani to a contract worth nearly a billion dollars. That’s a billion with a “B!”
Long gone are the days of 5-year/$100MM contracts for a team’s next biggest star. Now, baseball contracts can easily triple that figure. Unless, of course, you’re the Miami Marlins, Oakland Athletics, and/or Pittsburgh Pirates!
Here’s a look at the Top 10 Highest MLB Payrolls heading into the 2024 MLB regular season.
The Top 10 Highest MLB Payrolls in 2024
10. Boston Red Sox
Not all that long ago the Boston Red Sox were perennially near or at the top of this list. The Red Sox spending, or perceived lack there of by Red Sox Nation, has been the topic of discussion during the offseason. As pointed out in a recent Boston Herald article, the Red Sox have skimped heading into 2024 continuing a trend that dates back about five seasons or so. Still, under John Henry’s ownership, the Red Sox have ranked in the Top 5 of payroll in 19 of 22 seasons. That being said, the Red Sox have been lapped by teams such as the Houston Astros, Texas Rangers, and the hated New York Yankees.
Highest Paid Player Based on Adjusted Salary: 3B Rafael Devers (27) | $29.3MM
| 26-Man Payroll | Retained Payroll | Buried Payroll | 2024 Total Payroll |
| $155,093,181 | $24,490,000 | N/A | $180,011,667 |
9. Chicago Cubs
The Chicago Cubs have made a jump in spending in 2024. Heading into Opening Day 2023, the Cubbies had approximately $179 million on the books. This season they will have spent about $26 million more. Chicago added 3B Jeimer Candelario and LHP Shota Imanaga in free agency.
Highest Paid Player Based on Adjusted Salary: SS Dansby Swanson (30) | $26MM
| 26-Man Payroll | Retained Payroll | Buried Payroll | 2024 Total Payroll |
| $182,860,000 | $16,550,000 | $5,510,000 | $204,920,000 |
8. Los Angeles Dodgers
Despite spending a bazillion dollars and signing the top two free agents in the 2023-24 free agency class —DH/P Shohei Ohtani and LHP Yoshinobu Yamamoto —LA comes in relatively low on the payroll front. That’s what some nifty, deferred contracts will do! Heck, their two newest superstars don’t even crack the Top 6 of team payroll! While some have knocked LA’s payment methods, the deferrals as smart business that will allow for additional flexibility and keep the club under the luxury tax threshold.
Highest Paid Player Based on Adjusted Salary: 2B Mookie Betts (31) | $30M
| 26-Man Payroll | Retained Payroll | Injured Payroll | 2024 Total Payroll |
| $210,266,666 | $2,100,000 | $7,535,000 | $219,901,666 |
7. Texas Rangers
After spending big during the 2022-23 free agency season, the 2023-24 free agency season was a quiet one for the reigning World Series Champions. The Rangers were apparently hamstrung by the drama surrounding their regional sports network, Bally Sports. The Rangers missed out on signing free agent relief pitcher Josh Hader. The right-hander discussed the Rangers’ TV situation as part of the reason why he didn’t sign with the team. Still, the Rangers have large money contracts tied to Corey Segar, Jacob deGrom, Marcus Semien, and Max Scherzer.
Highest Paid Player Based on Adjusted Salary: SP Jacob deGrom (36) | $40MM
| 26-Man Payroll | Retained Payroll | Buried Payroll | 2024 Total Payroll |
| $230,340,000 | N/A | N/A | $230,340,000 |
6. Toronto Blue Jays
The Toronto Blue Jays made a gigantic swing for the fences in the 2023-24 free agency cycle and attempted to woo megastar Shohei Ohtani north of the border. The attempt to sign Ohtani shows Toronto’s willingness to make a push and spend big dollars to improve their club. Toronto has a good amount of money –about $70 million– tied up in older veterans for the 2024 season including SP Chris Bassitt, RF George Springer, and SP Kevin Gausman.
Highest Paid Player Based on Adjusted Salary: RF George Springer (34) | $24.1MM
| 26-Man Payroll | Retained Payroll | Buried Payroll | 2024 Total Payroll |
| $228,821,784 | $2,500,000 | N/A | $231,321,784 |
5. Atlanta Braves
The Atlanta Braves have found a way to mesh the old way of building a ballclub — i.e..: crafting a tremendous farm system– with the new way of building a ballclub — i.e..: outspending most teams. That has allowed Atlanta to continue their dominance in the National League year in and year out. Like the Texas Rangers, the Braves spent very little money this offseason but still have a good amount on the books. Unlike most teams, the Braves’ payroll is evenly spread out across a handful of key players including 3B Austin Riley, 1B Matt Olson, and RF Ronald Acuna Jr.
Highest Paid Player Based on Adjusted Salary: 1B Matt Olson (30) | $22MM
| 26-Man Payroll | Retained Payroll | Buried Payroll | 2024 Total Payroll |
| $204,325,000 | $21,700,000 | $6,000,000 | $232,095,000 |
Related: Top 10 MLB Payrolls Heading into 2024 MLB Season by 26-Man Roster
4. Philadelphia Phillies
Other than re-signing SP Aaron Nola to a 7-year/$172MM contract, the Philadelphia Phillies have had a quiet offseason after making a lot of noise over the past few years. Like the Braves, the Phillies have a ton of key players signed to team friendly deals that will allow for additional flexibility to add free agents and/or make trades during the 2024 MLB season.
Highest Paid Player Based on Adjusted Salary: 1B/DH Bryce Harper (31) | $27.5MM
| 26-Man Payroll | Retained Payroll | Buried Payroll | 2024 Total Payroll |
| $239,812,617 | $1,000,000 | N/A | $240,812.617 |
3. Houston Astros
The Houston Astros made two major moves during the 2023-24 free agency cycle. First, Houston added RP Josh Hader on a 5-year/$95MM contract, the richest for a reliever in baseball history. Next, the club made 2B Jose Altuve an Astro for life with a massive 7-year/$163.5MM contract extension. Houston has a ton of money tied up in players over the age of 30-years old but will get some relief when 3B Alex Bregman potentially reaches free agency after the season.
Highest Paid Player Based on Adjusted Salary: 2B Jose Altuve (34) | $31.5MM
| 26-Man Payroll | Retained Payroll | Buried Payroll | 2024 Total Payroll |
| $252,473,141 | $1,000,000 | N/A | $253,473,141 |
2. New York Mets
#LOLMets. Boy, the New York Mets are a mess! Normally, being No. 2 on a list like this means a ballclub is in contention for a title and looking to make a push. Not so for the Metropolitans. The Mets are on the hook for nearly $300 million in salary for 2024 and almost $50 million of that salary is tied to players no longer with the franchise and that’s not including the yearly $1.1 million that goes to 60-year-old Bobby Bonilla! No, the Mets are on the hook for about half of Justin Verlander’s and Max Scherzer‘s salaries. They’re also on the hook for $8 million of James McCann‘s salary. The trio are playing for the Houston Astros, Texas Rangers, and Baltimore Orioles, respectively. It’s tough times in Queens!
Highest Paid Player Based on Adjusted Salary: SS Francisco Lindor (30) | $34.1MM
| 26-Man Payroll | Retained Payroll | Buried Payroll | 2024 Total Payroll |
| $243,530,000 | $49,721,859 | $2,100,000 | $295,351,859 |
1. New York Yankees
The New York Yankees are back on the top of baseball’s payroll breakdown! George M. Steinbrenner is surely smiling from wherever you believe he’s located! Other than the Dodgers, the Yankees had the biggest offseason in all of baseball. The Bronx Bombers traded for Alex Verdugo and Juan Soto. They also signed SP Marcus Stroman in free agency to a 2-year/$37MM deal. The Yankees now have more money tied up in their Top 5 highest paid players –OF Aaron Judge, SP Gerrit Cole, RF Giancarlo Stanton, LF Juan Soto, and SP Carlos Rodon— than the Miami Marlins, Oakland Athletics, and Pittsburgh Pirates combined.
Highest Paid Player Based on Adjusted Salary: OF Aaron Judge (32) | $40MM
| 26-Man Payroll | Retained Payroll | Buried Payroll | 2024 Total Payroll |
| $289,161,666 | $14,760,000 | N/A | $303,921,666 |
Standard Disclosure: Salaries are based on Spotrac’s contract numbers and can change, blah, blah, blah!
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