The Los Angeles Dodgers offered record-breaking contracts this winter to a pair of Japanese players who won their league’s MVP last season, helped Japan secure a gold medal in the 2023 WBC Classic and were highly sought after by almost every big market club.
Shohei Ohtani and Yoshinobu Yamamoto are now teammates and will be the two highest-paid players in baseball this year with a combined $127 million, but how they earn their money will be wildly different. Ohtani’s $67 million in 2024 earnings includes only $2 million in salary from the Dodgers, while Los Angeles gave Yamamoto a $50 million signing bonus, which represents the bulk of his $60 million income this year.
Ohtani broke the bank with his $700 million, 10-year deal with the Dodgers, but his contract details are as unique as the two-way sensation, with 97% of the money deferred. The annual value varies depending on whether you break it down over 10 years ($70 million), for luxury tax purposes ($46.1 million), for the players union calculations ($43.8 million), over the 20 years it will be paid ($35 million) or its 2024 payout ($2 million).
There are no limits on how much of an MLB contract can be deferred, as long as players are receiving the MLB minimum salary, which is $740,000 in 2024. Teams do have to fund the present value of the deferrals, and the Dodgers will pay Ohtani $68 million annually between 2034 and 2043.
Despite the small salary in 2024, Ohtani will earn more than any other player in baseball because of his endorsement portfolio, which has also reached unicorn levels compared to the rest of the sport. His 2024 off-field earnings are estimated at $65 million, or 60% more than the rest of the top 15 combined; Bryce Harper ranks second in endorsement earnings at $7 million. Ohtani’s endorsement profile comps are more akin to global stars in basketball (Lebron James, Stephen Curry) and soccer (Cristiano Ronaldo, Lionel Messi) than anything in baseball.
He has nearly 20 endorsement deals right now, with the most valuable being New Balance. The sneaker brand unveiled a new logo this week of Ohtani running the bases. The move to the Dodgers helped unlock even more off-field value for Ohtani, who, in six years playing for the crosstown Angels, never made the playoffs. The Dodgers have made the playoffs 11 straight years and are the 2024 World Series favorites entering the season.
In December, Yamamoto signed a $325 million, 12-year deal with the Dodgers—the club was also on the hook for a $50.6 million “posting” fee to his former Nippon Professional Baseball team, the Orix Buffaloes. The contract is more than twice as much as the previous record paid for an overseas player to join MLB. Masahiro Tanaka held the mark for the $155 million deal he signed with the New York Yankees in 2014. Ohtani's massive deferral helped make the math work for the Dodgers brass with Yamamoto.
Yamamoto already received $20 million of his signing bonus, and $30 million is due July 1; his 2024 base salary is $5 million. The 25-year-old will earn an estimated $5 million off the field this year via a seven-figure Nike deal, as well as agreements with Fanatics, Com2uS mobile games and several Japanese sponsors.
MLB’s top 15 earners will make a combined $647 million in 2024, up 7% from a year ago. Off-field earnings represent only 16% of this total, which drops to 7% when excluding Ohtani’s endorsement riches. Five teams landed multiple players in the top 15, including a trio of Yankees (Aaron Judge, Gerrit Cole, Juan Soto) and Texas Rangers (Max Scherzer, Jacob deGrom, Corey Seager). Six pitchers cracked the top 15, but Yamamoto is the only one who will be on the mound to start the season, as the rest deal with injuries or are recovering from surgery—Ohtani will bat in 2024 but not pitch as he recuperates from an elbow operation in September.
MLB posted record revenue in 2023, but teams scaled back on free agent spending this year overall, as well as on big ticket items. Teams have spent $2.8 billion so far on free agents, per Spotrac, down 27% from the year before, even accounting for the Dodgers’ 10-figure spending spree—it drops to $2.6 billion if you use the present value of Ohtani’s deal. There were 12 free agents who signed contracts worth at least $85 million last offseason, but just five this year.
Critics have been taking shots at uber-agent Scott Boras for what is perceived as smaller than anticipated deals for some marquee clients like Cody Bellinger and Blake Snell, while Jordan Montgomery is still unsigned. But Boras clients dominate any look at the top-paid players in the sport. Boras Corp. represents fewer than 10% of the players on MLB rosters, but the firm’s clients make up 60% of the 25 highest salaries in baseball for 2024.
Methodology
The earnings are based on cash payouts in 2024 and do not include any potential incentives. Deferred compensation and signing bonuses are included the year they are paid. Off-field earnings estimates were compiled through conversations with those familiar with MLB endorsement deals. Also factored in is income from memorabilia, appearances, media and businesses tied to their celebrity. The figures are all before taxes and any agent fees.
The 15 Highest-Paid MLB Players in 2024
1. Shohei Ohtani (Los Angeles Dodgers): $67 million
Salary: $2 million | Endorsements: $65 million | Age: 29
Ohtani captured his second MVP award in 2023 and made history as the first player ever unanimously selected twice. He has endorsement deals in the U.S. and Japan that include BOSS, Porsche, Kowa, Seiko and Kosé. His off-field earnings are seven times what Derek Jeter made at his peak. LeBron James is the only active athlete on the planet who earned more than $65 million in endorsements last year.
2. Yoshinobu Yamamoto (Los Angeles Dodgers): $60 million
Salary: $55 million | Endorsements: $5 million | Age: 25
After the big signing bonus, Yamamoto’s Dodgers compensation dips in 2025 ($10 million) and 2026 ($12 million), but then pays between $26 million and $29 million for the last nine years of the contract—none of the money is deferred. He was the Pacific League MVP the past three seasons and also won the pitching Triple Crown each year, as the league leader for wins, strikeouts and ERA.
3. Max Scherzer (Texas Rangers): $54 million
Salary: $52 million | Endorsements: $2 million | Age: 39
Mad Max will be sidelined to start the 2024 season as he recovers from back surgery. He picked up his second World Series ring after a midseason trade from the New York Mets to the Rangers. The three-time Cy Young Award winner will receive $8.7 million in deferred compensation this year from his previous Washington Nationals contract. This is on top of this $43.3 million salary.
4. Aaron Judge (New York Yankees): $46 million
Salary: $40 million | Endorsements: $6 million | Age: 31
The Yankees captain has ramped up his off-field game over the last year. He signed with Nike’s Jordan Brand in 2023, and this month became the face of Ralph Lauren’s new fragrance “Polo Est. 67.” The 67 refers to the year Lauren founded the fashion house—not Judge’s height (6-foot-7). The 2022 MVP also has deals with Rawlings, Waiākea Water, United Legwear and TallOrder socks, as well as several other deals likely coming this year.
5. Justin Verlander (Houston Astros): $44.5 million
Salary: $43.3 million | Endorsements: $1.2 million | Age: 41
Verlander’s base salary matches Scherzer for the highest in the game in 2024. They are the only active pitchers with multiple World Series titles, Cy Young Awards and no-hitters on their respective resumes. Verlander has a player option for next year that is worth $35 million if he pitches 140 innings in 2024 and passes a physical exam that shows his right arm is healthy to start the 2025 season. He pads his income through endorsement deals with Nike, Rawlings and Ford.
6. Jose Altuve (Houston Astros): $43.5 million
Salary: $41 million | Endorsements: $2.5 million | Age: 33
In February, Altuve signed a five-year extension worth $125 million that kicks off next season. It included a $15 million signing bonus paid in 2024. He ranks second all time in postseason home runs and runs scored. His partners are Franklin, Wilson, HEB, New Balance, Topps, GTSM and 2 Hoots Hard Iced Tea.
7. Mike Trout (Los Angeles Angels): $40.5 million
Salary: $35.5 million | Endorsements: $5 million | Age: 32
It was a season to forget last year for the three-time MVP who was hampered by injuries for the third straight year and posted career lows for on-base and slugging percentages. His 12-year, $426.5 million contract was the richest in the sport before Ohtani’s new pact. The deal pays $35.5 million each season through 2030. He is partnering with businessman John Ruga on an 18-hole course designed by Tiger Woods near Trout’s hometown of Millville, N.J.
8. Jacob deGrom (Texas Rangers): $40.4 million
Salary: $40 million | Endorsements: $400,000 | Age: 35
The Rangers signed deGrom to a $185 million, five-year deal ahead of the 2023 season, but injury struck the righthander again with a second Tommy John surgery in June. He’s pitched just 255 innings during the past four seasons and is not expected back in 2024 until August at the earliest. When deGrom does pitch, he is elite. His career WHIP is the second lowest in the history of the sport, behind only a guy, Addie Joss, who hung up his glove more than a century ago.
9. Corey Seager (Texas Rangers): $38.5 million
Salary: $34.5 million | Endorsements: $4 million | Age: 29
Seager bounced back from a down year in his first season in Texas in 2022 to finish second in the American League MVP voting. The shortstop was even more clutch in the postseason, leading the Rangers to their first title in franchise history and capturing the World Series MVP. The success boosted his off-field earnings, and his endorsements include Adidas, Rawlings, Raising Canes, T-Mobile and New Era.
10. Anthony Rendon (Los Angeles Angels): $38.3 million
Salary: $38 million | Endorsements: $250,000 | Age: 33
It has been a struggle for Rendon since he signed a $245 million, seven-year contract ahead of the 2020 season. He’s played just 200 games over four seasons and posted a cumulative wins above replacement (WAR) of only 3.2. The Angels owe the third baseman $38 million each season through 2026. Rendon was suspended four games in 2023 for an altercation with a fan on Opening Day.
11. Gerrit Cole (New York Yankees): $38 million
Salary: $36 million | Endorsements: $2 million | Age: 33
Cole held the record for largest contract ever for a pitcher until the December deals by Yamamoto and Ohtani. The first four seasons of the nine-year, $324 million deal have been money well spent by the Yankees as the righty finished fourth, second, ninth and first in Cy Young voting. His endorsement partners are Nike, Fanatics and Topps.
12. Carlos Correa (Minnesota Twins): $37.5 million
Salary: $36 million | Endorsements: $1.5 million | Age: 29
The shortstop’s 2024 compensation includes a $32 million base salary and $4 million from his signing bonus from the six-year, $200 million contract he signed with the Twins last year. The deal also includes club options for 2029-2032 that become guaranteed with certain plate appearance thresholds or end-of-year awards.
13. Juan Soto (New York Yankees): $34 million
Salary: $31 million | Endorsements: $3 million | Age: 25
In December, the San Diego Padres shipped Soto to the Yankees to cut costs and add player depth. The Yankees avoided arbitration with Soto by agreeing to a $31 million salary for the 2024 season and hope to keep him long term. Soto is the youngest player in the top 15, with Yamamoto the only other player under the age of 29. His endorsement partners are Under Armour, Wilson, Sorare, New Era and Topps.
14. Bryce Harper (Philadelphia Phillies): $33 million
Salary: $26 million | Endorsements: $7 million | Age: 31
Harper is entering the sixth season of the 13-year, $330 million contract he signed in 2019, but Boras floated the idea of an extension for the future Hall of Famer at MLB’s winter meetings. Harper’s annual salary is $26 million through the 2028 season before it dips to $22 million the final three years of his contract. Harper’s long-time partners include Under Armour, Gatorade, Rawlings and Blind Barber.
15. Giancarlo Stanton (New York Yankees): $32.3 million
Salary: $32 million | Endorsements: $250,000 | Age: 34
The slugger has made only one All-Star team since the Yankees acquired him from the Miami Marlins ahead of the 2018 season. Stanton’s 13-year, $325 million contract was the richest in the history of the sport when it was signed in 2014. The Marlins will pay $30 million of the remaining contract between 2026 and 2028.
