The MLB offseason is underway and all eyes are on Juan Soto and his free agency sweepstakes. After a spectacular season with the Yankees, the 26-year-old can break the bank this winter. Soto and his agent Scott Boras have met with the Bombers, New York Mets, Boston Red Sox, and potentially others. With those meetings behind him, a next step is expected, per ESPN's Buster Olney.

“Sources involved in the Juan Soto talks expect the teams will begin forwarding offers this week,” Olney posted on Sunday. “To date, the process has been about Soto meeting with teams/club officials, and about those officials getting to know Soto.”

The only report about these deals has come from the Mets, who are ready to give him a $660 million deal. Steve Cohen is the richest owner in sports and has expressed his desire to sign Soto. While he will not necessarily sign the biggest contract he is offered, the money puts the Mets in a great spot.

Other than that, there is not much the public knows about these offers. Once they start rolling in, fans will have a better idea of what to expect from a Soto contract. What could each interested team offer the superstar?

What to expect from a Juan Soto contract

New York Yankees outfielder Juan Soto (22) celebrates after hitting a three run home run during the tenth inning against the Cleveland Guardians during game five of the ALCS for the 2024 MLB playoffs at Progressive Field.
David Dermer-Imagn Images

Last offseason, Shohei Ohtani set a total-value record with a $700 million contract. Almost all of that money was deferred, however, which took his annual value down to $2 million per season. The total-value record is out of reach for Juan Soto and Scott Boras, as Soto does not pitch. Their eyes should be trained on Justin Verlander and Max Scherzer's $43.33 AAV record.

If $660 million is accurate on a 14-year deal, that would break the record. All of these teams know what to expect from a Soto contract, so they should not be surprised by this revelation. A team could ask Soto to defer some money as well, which would bring the annual value closer to $40 million.

The Blue Jays surprised fans by having a meeting with Soto. While their Ohtani chase fell short, few expected them to offer Soto a similar contract considering their poor 2024 season. Vladimir Guerrero Jr and Bo Bichette are free agents next season and a rebuild would be easy to start.

While the Red Sox are in a traditionally big market, they have not spent like that since the Mookie Betts trade. With this meeting, they are showing their fans they can spend in free agency.

Despite those meetings, the Mets and Yankees are considered the favorites. As the offers roll in, watch their offers to see what Soto's contract will look like.