Major League Baseball (MLB) players are off to a great start this season with the average salary reaching an all-time high of $4.9 million, which is an increase of 11.1%. This percentage rise is the highest since 2001, when there was a 13.9% increase.
This year, 546 of the 943 players in the league have salaries of $1 million or more, which is a 58% increase from last year’s 514 players.
Big Deals for Aaron Judge, Manny Machado, Trea Turner, and More
The rise in salaries can be attributed to several factors, including big deals for several players during the offseason. Aaron Judge, Manny Machado, Trea Turner, Xander Bogaerts, Carlos Correa, and Jacob deGrom all signed lucrative contracts. These deals helped shatter the previous record of $4.45 million in 2017.
Factors Driving Spending
Spending in the league has been spurred by several factors, including paydays for streaming and broadcast rights, an expanded postseason format, and rising ticket prices. These factors have given teams more money to work with, which has resulted in higher salaries for players.
Mets Lead in Payroll
The New York Mets lead the way in payroll this season with a total of $355 million. The current season’s start has seen an increase of $70 million from the previous highest payroll.
Seven teams have topped $200 million in payroll, including the Yankees ($275 million), San Diego ($258 million), NL champion Philadelphia ($236 million), the Dodgers ($222 million), the Angels ($212 million), and Toronto ($210 million).
Steve Cohen Boosts Mets’ Payroll
The Mets’ payroll has steadily increased since Steve Cohen bought the team. In 2019, their payroll was $154 million.
The team’s payroll increased to $186 million in 2021 and $266 million in the previous year, indicating Cohen’s dedication to the team. The current payroll of $355 million for this year is another example of his commitment to the team’s success.
Decrease in Percentage of Top Earners
While the top 50 highest-paid players’ share of the total salary has decreased to 29% from 30% last year and 33% in 2021, the top 100 players still earn a significant amount of 47%.
This marks a decline from the 52% share they earned two years ago.
Minimum Salary Increase
Forty-five players earned the minimum salary of $720,000 this year, which was increased by $20,000 from last year. The median salary also rose by $300,000 to $1.5 million.
The MLB is off to a great start this season with the average salary reaching an all-time high. Big deals for several players, including Aaron Judge and Manny Machado, have helped to drive spending in the league. Paydays for streaming and broadcast rights, an expanded postseason format, and rising ticket prices have also contributed to higher salaries for players.
Although the top earners still make a significant portion of the total salary, the percentage has decreased in recent years. Overall, it looks like a promising season for MLB players and teams.
