The New York Mets finished their disappointing 2023 season with a total payroll of $319.5 million, setting a record for the highest payroll in Major League Baseball. In addition to this, the Mets also paid a luxury tax of $100.8 million after finishing fourth in the NL East with a 75-87 record, 29 games behind the first-place Atlanta Braves. Despite their high spending, the Mets still fell short and missed the playoffs. The team’s spending would have been even higher if not for trades that saw key players like Max Scherzer and Justin Verlander being moved mid-season.
The New York Yankees came in second with a payroll of $283.8 million, followed by the San Diego Padres at $257.2 million. The Philadelphia Phillies and the Los Angeles Dodgers also spent heavily, with payrolls of $249.2 million and $241.3 million respectively. Interestingly, the three highest spenders in the league last year all failed to make the playoffs, highlighting the fact that spending big does not always guarantee success in baseball. The World Series champion Texas Rangers had a payroll of $241.1 million, ranking them sixth in terms of spending.
On the other end of the spectrum, the Oakland Athletics had the lowest payroll in the league for the second consecutive season at $62.7 million. Despite their limited spending, the A’s have managed to remain competitive in recent years, showcasing the importance of strategic decision-making and player development in a sport where financial resources vary widely among teams. The Baltimore Orioles, who won the AL East, ranked 28th with a payroll of $79.2 million, while the Tampa Bay Rays, who secured an AL wild card berth, were 27th at $83.8 million.
Overall, MLB payrolls saw an 11% increase from the previous year, totaling $5.07 billion in 2023 compared to $4.56 billion in 2022. The average salary for MLB players was calculated at $4,411,753, with the players’ association reporting a slightly higher average of $4,525,719. These figures take into account salaries, bonuses, option buyouts, and other financial factors related to player contracts. The Mets set a luxury tax payroll record of $374.7 million, highlighting the financial investment made by the team in an effort to build a competitive roster.
Despite the high levels of spending across the league, success on the field proved to be elusive for some of the top payroll teams in MLB. The correlation between spending and performance remains a complex issue in baseball, with factors such as player development, team chemistry, and managerial decisions playing significant roles in determining outcomes. As teams look ahead to the upcoming season, they will need to strike a balance between financial investments and on-field performance in order to achieve success in a highly competitive and unpredictable sport.
