MLB Free Agency 2023-24: Start Date, Largest Contracts, History, Team Payrolls and more
The 2023 MLB season is in the rearview mirror and the Texas Rangers are World Series champions for the first time ever. However, all teams are already looking ahead to the 2024 season. After all, pitchers and catchers report on Feb. 14 and Opening Day is just four months away (Mar. 28).
This puts MLB Free Agency squarely in the spotlight. Here is a breakdown of everything you need to know:
When does MLB Free Agency begin?
While MLB players officially become free agents the day after the World Series, which was Nov. 2, they cannot officially sign with a new team until five days after the World Series, which was Nov. 6.
Traditionally, this period doesn't have a lot of activity. The MLB Hot Stove usually picks up during the Winter Meetings, which are taking place Dec. 4-7 in Nashville.
All 30 MLB teams send representatives to the Winter Meetings to discuss league business and often conduct offseason transactions leading to free agent signings, trades, and more.
RELATED: MLB Free Agency Tracker: Top players available, contract signings
How does an MLB player become a free agent?
According to MLB.com: "Players become free agents upon reaching six years of Major League service time or when they are released from their organization prior to reaching six years of service time. A free agent is eligible to sign with any club for any terms to which the two parties can agree. If a player with fewer than six years of service time signs with a club, he remains under the control of that club until reaching the requisite service time to reach free agency -- even if the contract he signed does not cover the remaining years until that point."
What is an MLB qualifying offer?
According to MLB.com: "In the qualifying offer system, clubs wishing to receive compensatory Draft picks for the loss of a free agent can make a one-year "qualifying offer," worth the mean salary of MLB's 125 highest-paid players, to their impending free agents prior to the onset of free agency if and only if:
1. That player has never received a qualifying offer previously in his career.
2. That player spent the entire season on that team's roster (in-season acquisitions are ineligible).
A player can accept or decline the qualifying offer, during which time he can negotiate with other teams to survey his market value. Should a player decide to accept the qualifying offer, he is signed for the following year at that predetermined rate (i.e., the mean salary of the league's 125 highest-paid players). If a player rejects the qualifying offer, he is free to further explore the free-agent market."
What is the minimum MLB salary in 2024?
The minimum salary in 2024 will be $740,000, according to the latest Collective Bargaining Agreement.
In 2023, the minimum salary was $720,000. The minimum will jump another $20,000 to $760,000 in 2025 and be bumped up again in 2026 to $780,000.
Are MLB contracts fully guaranteed?
Yes, MLB players are guaranteed the full amount of money agreed to in their contracts.
Which MLB teams spent the most on total payroll in 2023?
Here is a breakdown of the total payroll for all 30 teams in 2023, according to Spotrac.com.
Note: The league average in 2023 was $165,745,526
Rank | Team | 2023 Total Payroll |
1 | $343,605,067 | |
2 | $278,651,150 | |
3 | $256,045,688 | |
4 | Texas Rangers | $251,332,754 |
5 | $245,419,295 | |
6 | $240,278,296 | |
7 | $237,107,748 | |
8 | $230,534,276 | |
9 | $214,630,885 | |
10 | $206,239,131 | |
11 | $188,909,358 | |
12 | $187,398,165 | |
13 | $182,926,796 | |
14 | $171,026,607 | |
15 | Chicago White Sox | $162,863,836 |
16 | $156,104,540 | |
17 | $153,793,028 | |
18 | $134,466,903 | |
19 | $125,338,345 | |
20 | $121,494,514 | |
21 | $119,257,651 | |
22 | $105,435,809 | |
23 | $96,577,288 | |
24 | $96,083,853 | |
25 | $93,378,663 | |
26 | $91,861,627 | |
27 | $79,354,272 | |
28 | $71,061,047 | |
29 | $68,945,975 | |
30 | $62,243,227 |
Who are the top MLB free agents in 2024?
Shohei Ohtani (SP/DH, Angels)
Yoshinobu Yamamoto (SP, Japan)
Aaron Nola (SP, Phillies) - re-signed with Phillies
Cody Bellinger (1B-OF, Cubs)
Blake Snell (SP, Padres)
Matt Chapman (3B, Blue Jays)
Jordan Montgomery (SP, Rangers)
Sonny Gray (SP, Twins) - signed with Cardinals
Josh Hader (RP, Padres)
Eduardo Rodriguez (SP, Tigers)
Shota Imanaga (SP, Japan)
Marcus Stroman (SP, Cubs)
Lucas Giolito (SP, Guardians)
Lourdes Gurriel Jr. (OF, Diamondbacks)
Jung Hoo Lee (OF, Korea)
RELATED: Top 111 MLB Free Agents for 2024: From Shohei Ohtani to Shelby Miller
Who are the potential top MLB free agents in 2025?
According to Spotrac.com, these star players could all be free agents in 2025:
(Listed in alphabetical order)
Pete Alonso (1B, Mets)
Jose Altuve (2B, Astros)
Alex Bregman (3B, Astros)
Shane Bieber (SP, Guardians)
Walker Buehler (SP, Dodgers)
Corbin Burnes (SP, Brewers)
Max Fried (SP, Braves)
Paul Goldschmidt (1B, Cardinals)
Tyler Glasnow (SP, Rays)
Eloy Jimenez (OF/DH, White Sox)
Chris Sale (SP, Red Sox)
Max Scherzer (SP, Rangers)
Juan Soto (OF, Padres)
Gleyber Torres (2B, Yankees)
Christian Walker (1B, Diamondbacks)
Zach Wheeler (SP, Phillies)
Which MLB players have the largest contracts?
Here is a breakdown of the largest contracts based on total value heading into the 2024 season, according to Spotrac.com.
Rank | Player | Pos | Team | Value |
1 | OF | Angels | $426,500,000 | |
2 | OF | Dodgers | $365,000,000 | |
3 | OF | Yankees | $360,000,000 | |
4 | 3B | Padres | $350,000,000 | |
5 | SS | Mets | $341,000,000 | |
6 | Fernando Tatis Jr. | OF | Padres | $340,000,000 |
7 | OF | Phillies | $330,000,000 | |
8 | SS | Rangers | $325,000,000 | |
OF | Yankees | $325,000,000 | ||
10 | SP | Yankees | $324,000,000 |
Who will be the highest-paid MLB players in 2024?
Here is a look at the most expensive average MLB salaries in 2024, according to Spotrac.com.
Rank | Player | Pos | Team | 2024 Average Salary |
1 | SP | Astros | $43,333,333 | |
Max Scherzer | SP | Rangers | $43,333,333 | |
3 | Aaron Judge | OF | Yankees | $40,000,000 |
4 | SP | Rangers | $37,000,000 | |
5 | Gerrit Cole | SP | Yankees | $36,000,000 |
6 | Mike Trout | OF | Angels | $35,541,667 |
7 | SP | Nationals | $35,000,000 | |
3B | Angels | $35,000,000 | ||
9 | Francisco Lindor | SS | Mets | $34,100,000 |
10 | SS | Twins | $33,333,333 |
