San Diego Padres star third baseman Manny Machado revealed Friday that he intends to cancel his contract after the 2023 season ends.
Despite signing a 10-year contract worth $300 million with the Padres ahead of the 2019 season, the 30-year-old said he has become aware of other big-money contracts that have been awarded in the MLB.
«There is a lot of money out there,» Machado told reporters. «As a player about to opt out, it’s pretty good to see.»
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Manny Machado of the San Diego Padres looks on before Game 5 of the National League Championship Series against the Philadelphia Phillies at Citizens Bank Park in Philadelphia on October 23, 2022. (Tim Nwachukwu/Getty Images)
The terms of the deal give Machado the ability to opt out next winter, but doing so would void the remaining five years and $150 million of the deal.
Machado is coming off a stellar 2022 campaign in which he was runner-up in National League MVP voting.
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In his first four seasons in San Diego, he hit .280/.352/.504 (136 OPS+) with 108 home runs. He also shines with the glove and has continued to display strong defensive skills from his third base position.
Last winter’s free agency period saw several top players sign massive contracts, making Machado’s decision to opt out unsurprising.
Manny Machado of the San Diego Padres hits a two-run home run during the first inning of a game against the Cincinnati Reds at Petco Park in San Diego on April 19, 2022. (AP Photo/Gregory Bull)
Machado’s own team went out and signed a veteran infielder to a long-term contract this offseason, Xander Bogaerts. The shortstop agreed to the terms of an 11-year, $280 million contract with the Padres.
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Elsewhere, shortstop Trea Turner and slugger Aaron Judge both got extended contracts last winter. In December, Turner signed an 11-year, $300 million contract with the Philadelphia Phillies.
Judge, who set the single-season home run record, signed a nine-year, $360 million contract to remain with the New York Yankees. Machado could be looking for a new long-term deal somewhere in the neighborhood of at least $30 million guaranteed annually.
San Diego Padres’ Manny Machado, right, celebrates with Josh Bell after hitting a home run against the Colorado Rockies during the fifth inning of a game at Petco Park in San Diego on August 3, 2022. (AP Photo/Gregory Bull)
The Padres are expected to discuss a long-term extension with Machado before Opening Day, The Athletic reported.
San Diego kept another key part of its roster by recently extending veteran starter Yu Darvish’s contract through 2028.
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Machado isn’t the only star player the team will soon have to make a decision about, as outfielder Juan Soto hits free agency in 2024.