Exclusive | Yankees up their Juan Soto bid as free-agency sweepstakes reaches new phase

The Yankees upgraded their initial bid within the past couple of days to superstar free agent outfielder Juan Soto, perhaps improving their position in a free agent sweepstakes that involves at least five big-market teams, according to people familiar with the situation.The incumbent Yankees are making clear their resolve to try to retain their top target, but they also understand that the well-watched derby is only in the middle innings.The situation remains fluid and any of four or more other interested teams still has a chance to win the prize of the winter.While the Yankees recently staged calls with star free agent starters Corbin Burnes and Max Fried, along with several other top available players, they remain almost solely focused on Soto, who hit 41 home runs, posted a .989 OPS and finished third in MVP balloting in his lone season in the Bronx.

No offers were made yet to Burnes or Fried, and while they like both pitchers, it’s possible they are merely part of the Yankees’ Plan B in case Soto goes to the Mets, Dodgers, Red Sox, Blue Jays or perhaps an unknown mystery team.The Soto derby appears to be into its second round of bidding, with those four teams (or more) still remaining in the game.Soto, 26, is seen as certain to set the record for contract value, and while no specific figures have surfaced yet, word is there are teams willing to exceed $600 million.Shohei Ohtani, the Dodgers’ two-way international superstar, holds the current record with his heavily deferred $700M deal, with a value pegged at somewhere around $450M due to 97 percent of the money being deferred interest-free.Soto is believed interested in a 15-year deal which would take him into his 40s.

While a very short deal at super high annual salary could make some sense since he would still become a free agent again in his 20s, word is out that that doesn’t interest him, especially since he’s expected to receive opt-outs in any long deal.The Yankees told Soto they are willing t...