It is shaping up to be a long offseason for the New York Yankees as they let an opportunity to win the franchise's 28th World Series title slip away from their fingertips. In the aftermath of their 2024 World Series defeat to the Los Angeles Dodgers following the Dodgers' 7-6 comeback win in Game 5, the Yankees will now have to turn their attention towards keeping Juan Soto for the long haul.

The Yankees acquired Soto last offseason in a trade with the full knowledge that he's on the final year of team control. Now, the addition of Soto has been well worth it for the Yankees. In addition to being one of the best hitters in the MLB, Soto has become a beloved member of the Yankees clubhouse, and it will be disastrous if they lose him.

But for now, Soto is staying mum regarding his plans in free agency. He will be taking his sweet time to decide where to take his talents, even if the “money was right” in the Yankees' offer.

“We gotta sit down and look at it whenever we have a chance with my agent. We'll see what [we're] gonna do,” Soto told reporters following the Yankees' defeat on Wednesday night, via SNY.

There was not a better one-two punch in the entire MLB in the heart of the order than the Yankees' Soto-Aaron Judge tandem. Going through that part of their lineup was a chore, and both players made the most out of playing alongside each other. Soto had the best season of his career in 2024, and so did Judge.

The Yankees have been the biggest spender throughout the course of MLB history, but their pockets may not be the deepest among MLB teams these days. The New York Mets have unlimited funds as well, and so do the Dodgers, and both teams could make keeping Soto an impossible task for the Yankees.

At this point, the Yankees have all the makings of a World Series contender. They only need to round out the roster further and bring Soto back in free agency, but that task is easier said than done.

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Yankees should be in pole position in the Juan Soto free agency sweepstakes

It's not too often that a star of Juan Soto's caliber reaches free agency at the young age of 26 years old. Soto's long track record of elite production as well his youth makes him a prime candidate for a contract that could rival that of Shohei Ohtani's historic deal.

The Yankees should be the favorite to sign Soto; if there's anyone they should exceed their budget for, it's Soto, a man who has become a fan favorite in his first season in the Bronx. There is no real risk of a steep decline in Soto's immediate future, and he has been met with nothing but love during his time with the team.

Of course, the Yankees will have to outbid other teams, such as the Mets, Dodgers, and even the Toronto Blue Jays, to secure Soto's services. They have the financial might to do that too, and they should pull the trigger with no hesitation.