Mets payroll approaching $500 million after Carlos Correa contract

May 2024 · 3 minute read

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Steve Cohen is taking the Mets’ payroll deeper into uncharted territory — for Major League Baseball and any other North American sport, for that matter.

With Cohen’s latest nine-figure deal of the offseason, coming to terms with Carlos Correa on a 12-year, $315 million contract after Correa’s deal with the Giants fell apart because of his physical, the Mets’ luxury-tax payroll for 2023 has soared to roughly $382.11 million — $89.11 million beyond MLB’s fourth and highest tax threshold that has been dubbed the “Steve Cohen Tax.”

In total, combining payroll and luxury taxes, Cohen’s tab for 2023 is currently projected to be $491.709 million and could end up surpassing half a billion dollars as the Mets continue to put the finishing touches on their roster.

As of Wednesday, Cohen was in line to pay about $109.599 million in 2023 luxury taxes — a figure that is higher than the entire current projected luxury-tax payrolls of seven MLB teams in the Orioles, Marlins, Royals, Reds, Pirates, Athletics and Diamondbacks, per Cots Contracts.

The Mets have reached a 12-year, $315 million contract agreement with All-Star Carlos Correa. NY Post illustration

The previous MLB record for payroll was the 2015 Dodgers, whose luxury-tax payroll was $297.9 million. They paid $43.567 million in competitive balance taxes that year, according to Cots Contracts, which was the most any team had paid in a single season before the Mets zoomed past it while building their 2023 roster.

The three other major sports leagues in North America each have salary caps — in the 2022-2023 seasons, the NFL’s hard cap is $208.2 million, the NBA’s soft cap is $123.655 million and the NHL’s hard cap is $82.5 million. Last season, the Warriors set an NBA record by paying roughly $346 million combined on player salaries and luxury taxes.

Mets owner Steve Cohen’s has no qualms about spending nearly half a billion dollars on his roster. Charles Wenzelberg / New York Post

The 2023 Mets payroll includes 15 players making an average annual value of at least $10 million, plus the final $20.25 million of Robinson Cano’s contract after he was designated for assignment last season.

Co-aces Max Scherzer and Justin Verlander lead the way at $43.33 million apiece, the record AAV in MLB history. They are followed by the new left side of the Mets’ infield, Francisco Lindor ($33.8 million) and Correa ($26.25 million), with the newly re-signed Brandon Nimmo ($20.25 million) rounding out the top five.

Last year, the Mets’ luxury-tax payroll was $287.966 million, per Cots Contracts, which cost them about $29.9 million in luxury taxes.

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