How Do This Year’s MLB Mega Free Agents Compare To Years Past?

There was a time when the thought of an MLB player earning $35 million a season was completely unthinkable. However, in just this past offseason, the New York Yankees’ Gerrit Cole, the Washington Nationals’ Stephen Strasburg and the Los Angeles Angels’ Anthony Rendon all signed deals that will pay them $35 million annually for the next seven years (and, in Cole’s case, an eighth and ninth year).

Those figures can be pretty shocking, especially when you consider that baseball contracts — unlike those in the NFL — are fully guaranteed, meaning those teams will end up paying hundreds of millions of dollars whether or not the players in question even make it onto the field. The lack of a salary cap in the MLB means that every big-name free agent seems to land a mega-contract that blows all previous ones away.

But how do you really compare these extravagant deals to each other? Is Cole’s $324 million over the next nine seasons a bigger or smaller deal comparatively than the 13-year, $330 million contract Bryce Harper agreed to the offseason prior? That’s the core question behind a new GOBankingRates study that put different free agent deals into a broader context. Pulling data from sports salary information site Spotrac, the study looked at all 1,234 free agent contracts signed from 2012-2020 that included guaranteed money, put the 50 largest deals in order of the total money promised in the deal — smallest to largest — and then determined how each deal compared to the market as a whole at the time of the signing.

For each deal, the study calculated the following:

• The total amount of the deal as a percentage of the total money spent on free agent contracts that offseason
• How much higher the average annual salary in the deal was compared to the average annual salary in all free agent contracts signed that offseason, expressed as a percentage
• How much higher the average annual salary in the deal was compared to the average annual salary in the MLB that season, expressed as a percentage

So, for example, while the $240 million promised to Albert Pujols in December of 2011 might not seem as large as Harper’s deal, the fact that Pujols’ deal represented over a fifth of all money promised to free agents that offseason — the highest proportion of any deal in the study — makes the argument that Pujols really got the more impressive commitment.

See which free agent blockbuster deals from the last eight years are really groundbreaking and which might be less impressive than their dollar-figure alone would indicate.

Last updated: Feb. 5, 2020

Ian Kennedy to the Kansas City Royals in 2016

• Deal: 5 years, $70 million
• Percent of total free agent deals: 2.89%
• Percent higher than average annual salary (free agents): 179.27%
• Percent higher than average annual salary (MLB): 258.92%

Alex Gordon to the Royals in 2016

• Deal: 4 years, $72 million
• Percent of total free agent deals: 2.98%
• Percent higher than average annual salary (free agents): 259.06%
• Percent higher than average annual salary (MLB): 361.46%

B.J. Upton to the Atlanta Braves in 2013

• Deal: 5 years, $72.5 million
• Percent of total free agent deals: 1.01%
• Percent higher than average annual salary (free agents): 223.04%
• Percent higher than average annual salary (MLB): 344.67%

Yasmani Grandal to the Chicago White Sox in 2020

• Deal: 4 years, $73 million
• Percent of total free agent deals: 3.43%
• Percent higher than average annual salary (free agents): 209.31%
• Percent higher than average annual salary (MLB): 226.76%

Jake Arrieta to the Philadelphia Phillies in 2018

• Deal: 3 years, $75 million
• Percent of total free agent deals: 4.96%
• Percent higher than average annual salary (free agents): 472.63%
• Percent higher than average annual salary (MLB): 507.25%

James Shields to the San Diego Padres in 2015

• Deal: 4 years, $75 million
• Percent of total free agent deals: 4.58%
• Percent higher than average annual salary (free agents): 304.37%
• Percent higher than average annual salary (MLB): 535.73%

C.J. Wilson to the Los Angeles Angels in 2012

• Deal: 5 years, $77.5 million
• Percent of total free agent deals: 6.59%
• Percent higher than average annual salary (free agents): 325.64%
• Percent higher than average annual salary (MLB): 400.32%

Hyun-Jin Ryu to the Toronto Blue Jays in 2020

• Deal: 4 years, $80 million
• Percent of total free agent deals: 3.76%
• Percent higher than average annual salary (free agents): 238.97%
• Percent higher than average annual salary (MLB): 248.51%

Lorenzo Cain to the Milwaukee Brewers in 2018

• Deal: 5 years, $80 million
• Percent of total free agent deals: 5.29%
• Percent higher than average annual salary (free agents): 266.49%
• Percent higher than average annual salary (MLB): 288.64%

Kenley Jansen to the Los Angeles Dodgers in 2017

• Deal: 5 years, $80 million
• Percent of total free agent deals: 5.60%
• Percent higher than average annual salary (free agents): 232.44%
• Percent higher than average annual salary (MLB): 296.41%

Mike Leake to the St. Louis Cardinals in 2016

• Deal: 5 years, $80 million
• Percent of total free agent deals: 3.31%
• Percent higher than average annual salary (free agents): 219.17%
• Percent higher than average annual salary (MLB): 310.19%

Wei-Yin Chen to the Miami Marlins in 2016

• Deal: 5 years, $80 million
• Percent of total free agent deals: 3.31%
• Percent higher than average annual salary (free agents): 219.17%
• Percent higher than average annual salary (MLB): 310.19%

Anibal Sanchez to the Detroit Tigers in 2013

• Deal: 5 years, $80 million
• Percent of total free agent deals: 1.12%
• Percent higher than average annual salary (free agents): 256.46%
• Percent higher than average annual salary (MLB): 390.67%

Russell Martin to the Toronto Blue Jays in 2015

• Deal: 5 years, $82 million
• Percent of total free agent deals: 5.01%
• Percent higher than average annual salary (free agents): 253.69%
• Percent higher than average annual salary (MLB): 468.58%

Dexter Fowler to the St. Louis Cardinals in 2017

• Deal: 5 years, $82.5 million
• Percent of total free agent deals: 5.78%
• Percent higher than average annual salary (free agents): 242.83%
• Percent higher than average annual salary (MLB): 308.79%

Madison Bumgarner to the Arizona Diamondbacks in 2020

• Deal: 5 years, $85 million
• Percent of total free agent deals: 3.99%
• Percent higher than average annual salary (free agents): 188.12%
• Percent higher than average annual salary (MLB): 211.23%

Brian McCann to the New York Yankees in 2014

• Deal: 5 years, $85 million
• Percent of total free agent deals: 4.89%
• Percent higher than average annual salary (free agents): 282.69%
• Percent higher than average annual salary (MLB): 392.32%

Aroldis Chapman to the New York Yankees in 2017

• Deal: 5 years, $86 million
• Percent of total free agent deals: 6.02%
• Percent higher than average annual salary (free agents): 257.37%
• Percent higher than average annual salary (MLB): 326.14%

Hanley Ramirez to the Boston Red Sox in 2015

• Deal: 4 years, $88 million
• Percent of total free agent deals: 5.37%
• Percent higher than average annual salary (free agents): 374.47%
• Percent higher than average annual salary (MLB): 628.59%

Jeff Samardzija to the San Francisco Giants in 2016

• Deal: 5 years, $90 million
• Percent of total free agent deals: 3.72%
• Percent higher than average annual salary (free agents): 259.06%
• Percent higher than average annual salary (MLB): 361.46%

Josh Donaldson to the Minnesota Twins in 2020

• Deal: 4 years, $92 million
• Percent of total free agent deals: 4.32%
• Percent higher than average annual salary (free agents): 289.81%
• Percent higher than average annual salary (MLB): 285.78%

Pablo Sandoval to the Boston Red Sox in 2015

• Deal: 5 years, $95 million
• Percent of total free agent deals: 5.80%
• Percent higher than average annual salary (free agents): 309.77%
• Percent higher than average annual salary (MLB): 542.87%

Jose Reyes to the Miami Marlins in 2012

• Deal: 6 years, $106 million
• Percent of total free agent deals: 9.02%
• Percent higher than average annual salary (free agents): 385.13%
• Percent higher than average annual salary (MLB): 470.25%

J.D. Martinez to the Boston Red Sox in 2018

• Deal: 5 years, $110 million
• Percent of total free agent deals: 7.27%
• Percent higher than average annual salary (free agents): 403.92%
• Percent higher than average annual salary (MLB): 434.38%

Yoenis Cespedes to the New York Mets in 2017

• Deal: 4 years, $110 million
• Percent of total free agent deals: 7.70%
• Percent higher than average annual salary (free agents): 471.38%
• Percent higher than average annual salary (MLB): 581.32%

Jordan Zimmermann to the Detroit Tigers in 2016

• Deal: 5 years, $110 million
• Percent of total free agent deals: 4.55%
• Percent higher than average annual salary (free agents): 338.86%
• Percent higher than average annual salary (MLB): 464.01%

Zack Wheeler to the Philadelphia Phillies in 2020

• Deal: 5 years, $118 million
• Percent of total free agent deals: 5.54%
• Percent higher than average annual salary (free agents): 299.98%
• Percent higher than average annual salary (MLB): 293.24%

Josh Hamilton to the Los Angeles Angels in 2013

• Deal: 5 years, $125 million
• Percent of total free agent deals: 1.75%
• Percent higher than average annual salary (free agents): 456.97%
• Percent higher than average annual salary (MLB): 666.67%

Yu Darvish to the Chicago Cubs in 2018

• Deal: 6 years, $126 million
• Percent of total free agent deals: 8.33%
• Percent higher than average annual salary (free agents): 381.01%
• Percent higher than average annual salary (MLB): 410.09%

Johnny Cueto to the San Francisco Giants in 2016

• Deal: 6 years, $130 million
• Percent of total free agent deals: 5.38%
• Percent higher than average annual salary (free agents): 332.21%
• Percent higher than average annual salary (MLB): 455.46%

Shin-Soo Choo to the Texas Rangers in 2014

• Deal: 7 years, $130 million
• Percent of total free agent deals: 7.48%
• Percent higher than average annual salary (free agents): 318.07%
• Percent higher than average annual salary (MLB): 437.83%

Justin Upton to the Detroit Tigers in 2016

• Deal: 6 years, $132.75 million
• Percent of total free agent deals: 5.49%
• Percent higher than average annual salary (free agents): 341.35%
• Percent higher than average annual salary (MLB): 467.21%

Patrick Corbin to the Washington Nationals in 2019

• Deal: 6 years, $140 million
• Percent of total free agent deals: 7.51%
• Percent higher than average annual salary (free agents): 370.50%
• Percent higher than average annual salary (MLB): 473.83%

Eric Hosmer to the San Diego Padres in 2018

• Deal: 8 years, $144 million
• Percent of total free agent deals: 9.52%
• Percent higher than average annual salary (free agents): 312.30%
• Percent higher than average annual salary (MLB): 337.22%

Zack Greinke to the Los Angeles Dodgers in 2013

• Deal: 6 years, $147 million
• Percent of total free agent deals: 1.71%
• Percent higher than average annual salary (free agents): 445.83%
• Percent higher than average annual salary (MLB): 651.33%

Jacoby Ellsbury to the New York Yankees in 2014

• Deal: 7 years, $153 million
• Percent of total free agent deals: 8.80%
• Percent higher than average annual salary (free agents): 392.03%
• Percent higher than average annual salary (MLB): 532.98%

Jon Lester to the Chicago Cubs in 2015

• Deal: 6 years, $155 million
• Percent of total free agent deals: 9.46%
• Percent higher than average annual salary (free agents): 457.14%
• Percent higher than average annual salary (MLB): 738.11%

Chris Davis to the Baltimore Orioles in 2016

• Deal: 7 years, $161 million
• Percent of total free agent deals: 6.66%
• Percent higher than average annual salary (free agents): 358.80%
• Percent higher than average annual salary (MLB): 489.65%

Jason Heyward to the Chicago Cubs in 2016

• Deal: 8 years, $184 million
• Percent of total free agent deals: 7.61%
• Percent higher than average annual salary (free agents): 358.80%
• Percent higher than average annual salary (MLB): 489.65%

Zack Greinke to the Arizona Diamondbacks in 2016

• Deal: 6 years, $206.5 million
• Percent of total free agent deals: 8.54%
• Percent higher than average annual salary (free agents): 586.54%
• Percent higher than average annual salary (MLB): 782.33%

Max Scherzer to the Washington Nationals in 2015

• Deal: 7 years, $210 million
• Percent of total free agent deals: 12.82%
• Percent higher than average annual salary (free agents): 547.00%
• Percent higher than average annual salary (MLB): 857.16%

Prince Fielder to the Detroit Tigers in 2012

• Deal: 9 years, $214 million
• Percent of total free agent deals: 18.21%
• Percent higher than average annual salary (free agents): 552.95%
• Percent higher than average annual salary (MLB): 667.51%

David Price to the Boston Red Sox in 2016

• Deal: 7 years, $217 million
• Percent of total free agent deals: 8.97%
• Percent higher than average annual salary (free agents): 518.39%
• Percent higher than average annual salary (MLB): 694.74%

Robinson Cano to the Seattle Mariners in 2014

• Deal: 10 years, $240 million
• Percent of total free agent deals: 13.81%
• Percent higher than average annual salary (free agents): 440.27%
• Percent higher than average annual salary (MLB): 595.04%

Albert Pujols to the Los Angeles Angels in 2012

• Deal: 10 years, $240 million
• Percent of total free agent deals: 20.42%
• Percent higher than average annual salary (free agents): 559.05%
• Percent higher than average annual salary (MLB): 674.69%

Stephen Strasburg to the Washington Nationals in 2020

• Deal: 7 years, $245 million
• Percent of total free agent deals: 11.51%
• Percent higher than average annual salary (free agents): 493.20%
• Percent higher than average annual salary (MLB): 434.89%

Anthony Rendon to the Los Angeles Angels in 2020

• Deal: 7 years, $245 million
• Percent of total free agent deals: 11.51%
• Percent higher than average annual salary (free agents): 493.20%
• Percent higher than average annual salary (MLB): 434.89%

Manny Machado to the San Diego Padres in 2019

• Deal: 10 years, $300 million
• Percent of total free agent deals: 16.09%
• Percent higher than average annual salary (free agents): 504.93%
• Percent higher than average annual salary (MLB): 637.78%

Gerrit Cole to the New York Yankees in 2020

• Deal: 9 years, $324 million
• Percent of total free agent deals: 15.22%
• Percent higher than average annual salary (free agents): 510.14%
• Percent higher than average annual salary (MLB): 447.31%

Bryce Harper to the Philadelphia Phillies in 2019

• Deal: 13 years, $330 million
• Percent of total free agent deals: 17.70%
• Percent higher than average annual salary (free agents): 411.87%
• Percent higher than average annual salary (MLB): 524.27%

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Methodology: Using information from Spotrac, GOBankingRates looked at every free agent signing from 2012 through the 2019-20 MLB offseason, excluding any 2020 free agent signing that occurred after Feb. 5, 2020. From there, each player’s annual salary was pulled to determine the average MLB salary for that season. Each free agent contract was then compared using the following three factors: 1) what percentage of total money promised in free agent contracts that offseason the contract represents; 2) what percent higher (or lower) is the average annual salary of that contract than the average annual salary for all of that offseason’s free agent contracts; and 3) what percent higher (or lower) is that contract’s average annual salary than the average MLB salary for the first season of the deal. All data used to conduct this study was compiled and is up to date as of Feb. 5, 2020. 

About the Author

Joel Anderson

Joel Anderson is a business and finance writer with over a decade of experience writing about the wide world of finance. Based in Los Angeles, he specializes in writing about the financial markets, stocks, macroeconomic concepts and focuses on helping make complex financial concepts digestible for the retail investor.

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