Carlos Correa Signs $350 Million Contract With Giants—2nd Biggest In MLB History And Latest Massive Signing This Year

Topline

The San Francisco Giants signed free agent shortstop Carlos Correa to a 13-year $350 million contract, the second biggest free-agent contract in MLB history, and just the latest massive long-term deal this offseason.

Carlos Correa signed the second biggest contract in MLB history with the San Francisco Giants.

Getty Images

Key Facts

Correa28, landed the contract Tuesday night, ESPN first reported, making him the highest-paid shortstop in MLB history.

It comes one week after New York Yankees star outfielder Aaron Judge—who broke the MLB’s American League single-season home run record and won the Most Valuable Player award this year—signed a whopping $360 million deal with the Yankees, the largest free agent contract of all time by total value.

Earlier this month, the Philadelphia Phillies, the reigning National League champions, landed former Los Angeles Dodgers shortstop Trea Turner to an 11-year deal worth $300 million—tied for the sixth largest free agent deal of all time with San Diego Padres third baseman Manny Machado, who signed a 10-year contract in 2019.

Longtime Boston Red Sox shortstop Xander Bogaerts signed an 11-year $280 million contract with the Padres last week—the eighth largest of all time—amid a red-hot MLB shortstop market.

The Texas Rangers landed a two-time Cy Young winner, and one of the hottest free agent pitchers on the market—New York Mets star Jacob deGromto a five-year deal worth $185 million earlier this month, bringing the Mets star to the fourth-worst team in the league.

The Mets instead signed 39-year-old veteran hurler and 2022 Cy Young Award winner Justin Verlander to a two-year $86 million contract with an option for a third year, tying teammate Max Scherzer for the biggest annual salary in the league ($4.3 million per year more than Judge).

The Mets also signed a center fielder Brandon Nimmo to an eight-year $162 million contract last week, along with a $2 million signing bonus.

Last month, the Dodgers signed a veteran starting pitcher Clayton Kershawa three-time Cy Young Award winner, to a one-year, $20 million contract with a $5 million signing bonus.

Surprising Fact

Correa’s $350 million contract is the biggest for a shortstop by a longshot—$70 million more than the $280 million Bogaerts secured with the Padres last week, and well above Alex Rodriguez’ 10-year, $275 million contract the three-time MVP signed with the Yankees in 2008, which at the time was the biggest MLB contract ever signed (Rodriguez moved to third base when he joined the team).

Tangent

Eight of the 10 biggest MLB contracts have been signed over the past three years, including Phillies star Bryce Harper’s 13-year $330 million contract, which he signed in 2019 (the third biggest all time), as well as Rangers shortstop Corey Seager’s $325 million contract signed earlier this year (the fourth biggest), Yankees pitcher Gerrit Cole’s $324 million contract signed in 2020 (the fifth) and Manny Machado’s $300 million contract with the Padres (tied with Turner for the sixth). The only other contracts to crack the top 10 were both signed by Rodriguez, including his 2008 Yankees deal, as well as a 10-year, $252 contract he signed with the Rangers seven years earlier before being traded.

Key Background

Correa came into the league with the Houston Astros in 2015 and made a big splash, batting .279, hitting 22 home runs and winning the MLB’s rookie of the year award. As a 23-year-old third-year shortstop in 2017, Correa helped the Astros clinch their first World Series title in franchise history. After the 2021 season, he signed a one-year contract worth $35.1 million with the Minnesota Twins, but entered the free-agent market at the end of the season.