MLB Free Agency Signings: New Contracts Exceed $3 Billion In Total Value

The 2022-23 offseason has been a great time to be an MLB free agent. Just a little over five weeks since the conclusion of the World Series, more than $3 billion in new contracts have been signed.

The top players in free agency have signed some of the largest contracts in history. Three stars inked deals worth at least $300 million. The seven largest contracts are worth more than $1.7 billion combined.

Aaron Judge set multiple records by returning to the New York Yankees on a nine-year, $360 million contract. Judge's $40 million salary is the largest average annual value for a position player. Judge earned the most money for a player who hit free agency, exceeding the 13-year, $330 million contract Bryce Harper signed in 2019.

Carlos Correa also beat Harper's deal in terms of total money, and he tied the Philadelphia Phillies outfielder with a record 13-year contract. The San Francisco Giants gave Correa $350 million.

Both Judge and Correa made themselves a ton of money by opting to hit free agency. In April, Judge turned down a $213.5 million offer over seven years, which was considered to be a fair deal at the time. Before playing one year with the Minnesota Twins, Correa turned down a six-year, $150 million offer from the Houston Astros.

The Giants weren't the only team to break the bank for a shortstop. Philadelphia gave Trea Turner $300 million over 11 years. Xander Bogaerts received an 11-year contract of his own, leaving the Boston Red Sox for a $280 million contract with the San Diego Padres.

It isn't just All-Star players who have signed nine-figure contracts. The New York Mets kept Brandon Nimmo with an eight-year, $162 million contract. The Red Sox inked Japanese outfielder Masataka Yoshida to a five-year, $90 million contract. Including the posting fee, Boston is paying more than $100 million for Yoshida.

Jacob deGrom's five-year, $185 million contract with the Texas Rangers was the first mega-deal to be agreed upon in free agency. The Mets replaced deGrom in the rotation by giving Justin Verlander $86 million guaranteed over two years.

With more than a week left until Christmas, the spending isn't anywhere close to being done. Both Carlos Rodon and Dansby Swanson could sign contracts worth north of $200 million.

The Giants, Mets and Yankees have been the biggest spenders of the offseason.