Juan Soto is an unrestricted free agent after the 2024 season and his talent indicates that he'll get a major extension. He's also 24 and won't be 25 until the end of the season. His age, talent and more will more than likely make him one of the highest paid position players in baseball history.
The San Diego Padres paid an absolute haul for him when they traded with the Washington Nationals to land him and Josh Bell. If they want to keep him, they'll have to pay a lot in another sense.
Right now, his arbitration-avoiding deal is for $23 million a year. When he signs his extension or a new contract in free agency, it will blow that number out of the water.
Analyzing Juan Soto's future contract extension
Juan Soto will be 27 when he becomes a free agent, right in the prime of his career. Assuming he can keep his production up, he will likely become the highest-paid position player ever, or at least compared to anyone who's under contract right now.
Right now, the highest-paid position player per AAV is Aaron Judge at $40 million. If Judge got $40 million (albeit off a record-setting campaign) at age 31, Soto will likely get the same or more.
Additionally, his age would allow for a much longer contract. He could easily see a deal from the Padres, or someone else, in the 12 years, $480 million range. He's not likely to be a $500 million player like Shohei Ohtani might be, but he will get paid.
If the Padres extend him early, then they might sign him for even longer than that, though.