The New York Yankees are celebrating a unanimous Most Valuable Player Award for their franchise star Aaron Judge after a stellar 2024 season.

But if they want to help Judge repeat that success and see the team return to the World Series in 2025, they have some serious work to do.

The Yankees’ second-best hitter from this past season, Juan Soto, is now a free agent and he’s been hearing pitches from big-market teams like the New York Mets and Boston Red Sox this winter.

With five Silver Slugger Awards and four All-Star nods to his name, the 26-year-old is set to command a historic contract for next season and beyond, so the Yankees will have to dig deep into their coffers to bring him back.

“I still think the Yankees will ultimately sign Soto, but it’s going to be a tight race between both New York teams,” Deesha Thosar projected for FOX Sports. “But they just can’t let Soto slip away, particularly after he catapulted them to the World Series, and I continue to think they won’t make that mistake.”

If the Yankees really are determined to retain Soto, their biggest rival could be Mets owner Steve Cohen. With about $180 million coming off of his team’s books for 2025, Cohen has an ability to push Soto’s contract to startling highs.

“I think Cohen is going to drive the price up, so something like $707 million over 15 years might get the deal done for Soto and the Yankees,” Thosar added.

Such a deal would grant Soto the largest contract value in sports history, eclipsing the $700 million deal that Shohei Ohtani signed with the Los Angeles Dodgers last offseason. Notably, Ohtani is expected to take the mound as a starter for the Dodgers in addition to being one of baseball’s best hitters. He won 2024’s National League MVP Award as a designated hitter while taking the season off from pitching.

Also of note is the fact that Ohtani accepted significant deferrals on his salary, allowing the Dodgers to sign several other major free agents and maintain some financial flexibility for the future. If the bidding for Soto reaches the $700 million range, the Yankees or whatever team ultimately lands him will likely hope that Soto would be open to some similar deferrals.