Juan Soto formally rejects the qualifying offer from the Yankees.

A delegation led by owner Hal Steinbrenner, general manager Brian Cashman, and (for better or worse) manager Aaron Boone met with valued free agent Juan Soto and agent Scott Boras in Southern California on Monday afternoon, marking the moment that New York Yankees fans had been waiting for. With Boston and Toronto, two AL East rivals, selling Soto on their ideas and New York Mets owner Steve Cohen apparently prepared to go to any lengths to be the biggest bidder, the heat on this meeting has only increased in recent days. This was the Yankees’ best shot to persuade the 26-year-old to stay in the Bronx, as the competition is fierce.

Let’s start with the positive news: According to Jon Heyman of the New York Post and others, Soto’s meeting with New York went “very well”; the team made it obvious that it wanted him back, and it appears that Soto truly enjoyed his season with the Yankees. Regretfully, the meeting also revealed some unfavorable news: It turns out that New York won’t have the final say with Soto, contrary to our initial assumption. And Yankees brass should be quite anxious about the club that will play next.

The Dodgers will have the final say with Juan Soto, not the Yankees.

Meetings are still something Soto and Boras are doing. The Los Angeles Dodgers, who recently defeated Soto and the Yankees in a decisive victory in this year’s World Series, are the final club.

Since the Dodgers are the Dodgers, they kick the tires on everyone, so we knew that they would at least do the same to Soto. However, it was unclear how likely that was to happen. Los Angeles can always find some extra cash on hand (especially since Shohei Ohtani has postponed nearly the entirety of his huge contract), but since Ohtani frequently needs the DH position and there are many openings in the starting rotation, it didn’t seem like the best use of the team’s funds to pay for Soto.

According to a report by ESPN’s Jeff Passan only last week, the Dodgers “won’t chase after” the outfielder, implying that teams like the Yankees and Mets would be more inclined to make a deal if it came down to it.

But can we really be that certain now? The fact that Soto and Boras agreed to give the team a meeting indicates that they have taken the matter seriously enough to at least earn a place at the table (and that Soto is at least open to exploring a return to the West Coast), as L.A. is not one to be used as leverage in a bidding war. And if the Dodgers are prepared to pay, their offer for Soto is just as powerful as or even stronger than that of any other suitor, so that’s a really, really frightening scenario.

Los Angeles is the team that could most convincingly provide Soto with constant contention, which he seems to prioritize above everything else. This core won’t be leaving anytime soon, and when Ohtani, Mookie Betts, and Freddie Freeman reach the end of their careers, the team’s financial resources and player development history indicate that they will be able to provide replacements.

The Yankees and Mets, who have a lot of money of their own and are even more eager to get Soto, must still be taken into account at this stage. Additionally, the Dodgers have lost bidding battles in the past; a few years ago, when things became too wealthy, they eventually withdrew from the Gerrit Cole sweepstakes. However, the Yankees can’t take it too personally when the club that just embarrassed them in October steps on their positive sentiments.

Juan Soto formally rejects the qualifying offer from the Yankees.

For example, I am aware that we were all fervently hoping that Juan Soto would say, “You know what? It is not worth the hassle of free agency. I believe I would like to push myself by playing for just one season and even less than I did this past season! It will be athletic!

That didn’t work out. According to Jon Heyman, Soto has formally turned down the Yankees’ qualifying offer. Although the QO established by Major League Baseball this year was $21.05 million, it was clearly never going to be enough for Soto, who will receive a long-term contract worth at least 25 times that amount (which is underselling him). For example, it was persuasive for Reds starter Nick Martinez. It should be noted that Soto was the only Yankees player to receive a QO; Gleyber Torres and the other players were not given one by the team.

All of this is standard practice in MLB throughout the offseason. If he signs elsewhere, the Yankees will be eligible for selection compensation in the 2025 MLB Draft because they made the quarterback and had it declined. However, considering the Yankees’ position in relation to luxury tax thresholds, that probably won’t happen until after the fourth round. They are still very much in the running to sign him. Hopefully, the Yankees can follow their big offseason plan and bring Soto back in return for Brink’s truck in whatever size he wants.