The Toronto Blue Jays are copying from a popular playbook by deferring the majority of Anthony Santander's salary until after the final year of his contract.
According to multiple reports Thursday, $50 million of the $92.5 million outlay won't be paid until after Santander's five-year contract with the Blue Jays expires. Ken Rosenthal of The Athletic was among those who reported that the MLB Players' Association will calculate the present-day value of Santander's contract as $68.6 million, with a $13.7 million average annual value.
Santander deal includes opt out after third year. If he opts out, Jays can void it by increasing salary by $2.5M in each of final two years and exercising option for 2030 at $17.5M.
— Ken Rosenthal (@Ken_Rosenthal) January 23, 2025By deferring 54 percent of his salary, the Blue Jays in theory will have more spending room against MLB's Competitive Balance Tax threshold for their 2025 roster. In recent days they have been linked to three high-profile free agents: first baseman Pete Alonso, pitcher Max Scherzer, and outfielder Jurickson Profar.
Santander's contract also includes a concession of sorts to the veteran switch-hitter.
After the third year of the deal, Santander can opt-out and test free agency again. But if he exercises the opt-out clause, the Jays can void that by increasing his salary by $2.5 million for the 2028 and 2029 seasons.
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In each regard, the Jays are copying from the playbooks of the Los Angeles Dodgers and New York Mets.
The Dodgers have been baseball's most aggressive team in issuing deferred-money contracts. Pitcher Blake Snell is deferring $66 million of the five-year, $182 million contract he signed on Dec. 3. Outfielder Mookie Betts is deferring $115 million of the $365 million contract he signed in July 2020.
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Shohei Ohtani, the reigning National League Most Valuable Player, is deferring a stunning 97 percent ($680 million) of his $700 million salary. No other active contract called for the majority of his salary to be deferred — until now.
Santander's deal also mimics the Mets' deal with Juan Soto, who broke Ohtani's record by signing for $765 million over 15 years in December.
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Soto's $765 million base salary does not account for an opt-out clause after the 2029 season. If Soto exercises the opt-out, the Mets can void it by increasing Soto's annual salary from 2030-39 by $4 million, keeping him under contract for the full 15 years and $805 million.
When it comes to deferred-money deals, the Dodgers appear to be trendsetters.
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According to TSN's Pierre LeBrun, the Anaheim Ducks' three-year contract extension with Frank Vatrano will defer half of his $18 million salary until 2035 or later.
The Blue Jays might have been late to the 2024-25 free-agent party. Now that they've arrived, they appear to be perfectly on-trend.
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