The New York Mets will have an estimated payroll of around $384 million and luxury tax payments exceeding $111 million after signing shortstop Carlos Correa from the San Francisco Giants in MLB free agency, according to a Wednesday tweet from ESPN baseball columnist Jeff Passan.

Their current total payroll projects to be $495 million. The previous max payroll was less than $350 million.

The Mets currently sport the highest payroll in the MLB after signing righthanded pitcher Justin Verlander from the Houston Astros and St. Louis Cardinals lefthander José Quintana in free agency. The 42-player roster is worth just above $297 million in total 2023 contracts, according to Spotrac, placing them far above the New York Yankees and the Philadelphia Phillies for the top spot on the list.

Nine teams have payrolls of less than $60 million, with the Oakland Athletics taking the bottom spot in the league with $22.5 million.

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Carlos Correa agreed to a free agency deal to sign with the Mets after his deal with the San Francisco Giants ultimately fell through over issues with his physical.

“We needed one more thing, and this is it,” Mets owner Steve Cohen told The New York Post columnist Jon Heyman from Hawaii. “This puts us over the top.”

A confident Cohen couldn't help but boast about a unit that ranked seventh in the MLB in regular season Earned Run Average and first in the league in shutouts. The Giants couldn't hold up their pitching prowess in their Wild Card postseason matchup with the San Diego Padres, falling in three games behind a 5.33 ERA and a .240 Batting Average, the 10th and ninth-lowest in the postseason, respectively.

Carlos Correa placed 33rd in the regular season with 152 total hits and tied with St. Louis Cardinals catcher Willson Contreras, Houston Astros shortstop Jeremy Peña and Baltimore Orioles first baseman Ryan Mountcastle with 22 home runs.