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Why Anthony Santander’s complicated Blue Jays contract could make it easier for Toronto to keep adding talent

He may have been Plan C or D, but the Toronto Blue Jays finally landed a big-ticket free agent earlier this week when they signed slugger Anthony Santander to a five-year contract worth $92.5 million. Santander, our 15th-ranked free agent, hit 44 home runs with the AL East rival Baltimore Orioles in 2024, the fourth most in a single season for a switch-hitter.

As is often the case these days, Santander’s contract structure is complicated. The deal include heavy deferrals that push down the present day value, and thus the annual competitive balance tax (CBT) charge, significantly. Here is the contract structure via Sportsnet:

  • 2025: $13.5 million signing bonus ($6.75 million deferred) and $13.5 million salary ($10 million deferred)
  • 2026: $16.5 million salary ($10 million deferred)
  • 2027: $16.5 million salary ($10 million deferred)
  • 2028: $14.75 million salary ($10 million deferred)
  • 2029: $12.75 million salary ($10 million deferred)
  • 2030: $15 million club option or $5 million buyout (buyout is deferred)

Furthermore, Santander can opt out of the contract after 2027, and the Blue Jays can void the opt out by raising his base salaries to $17.25 million in 2028 and $15.25 million in 2029. The 2030 club option salary would also increase to $17.5 million.

All told, that is $61.75 million in deferred money, which lowers the present day value to $68.6 million, according to the MLBPA’s calculations (via The Athletic). For CBT purposes, it’s $68.6 million across five years, or $13.7 million per year. Five years at the original $92.5 million would be $23.125 million per year. The deferrals save Toronto more than $9 million per year against the CBT.

player headshot

Cot’s Baseball Contracts estimates the club’s 2025 CBT payroll at $254.1 million. That is up from $233.9 million last year, when the Blue Jays traded away multiple veterans at the deadline, but still a bit south of their $257.8 million CBT payroll in 2023. Toronto is eager to spend and spend big. They pursued Shohei Ohtani and Juan Soto, among others, these last two offseasons.

Earlier in the day Thursday, SNY reported talks between the Blue Jays and free agent first baseman Pete Alonso are “advancing.” A deal is not close and there is no guarantee it will get done, but it shows the Blue Jays aren’t ready to call it an offseason after signing Santander. Toronto wants another big bat (and reportedly a starting pitcher), and Santander’s deferrals will make it easier to afford one.

While not a perfect roster fit, the Blue Jays could have Alonso and Vladimir Guerrero Jr. share first base and DH duty, and put Santander in the outfield full-time. They could also put Guerrero at third base on some days. Vlad Jr. will of course be a free agent after this season. In addition to Alonso, Santander’s deferrals could help make it easier to retain Guerrero long-term.

The New York Mets reportedly offered Alonso a three-year deal in the $68 million to $70 million range. After that was rejected, they pivoted to lefty A.J. Minter and outfielder Jesse Winker, though it’s unlikely the Mets have closed the door on Alonso completely. It’s possible Thursday’s Blue Jays report is Alonso and agent Scott Boras trying to put pressure on the Mets.

The Blue Jays went 74-88 in 2024 and missed the postseason. The club faces tremendous pressure to contend in 2025. That includes both the players and the front office, namely team president Mark Shapiro and GM Ross Atkins. Another down year with Guerrero set to hit the market could sent Toronto into a forced rebuild with a new front office.



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