Hundreds of millions spent - and no World Series in New York

This past winter felt more like a high-stakes auction than an offseason. The Yankees and Mets transformed the free agent market into a battleground of financial bravado. The tipping point? Juan Soto. The Dominican outfielder, emblematic of baseball’s new offensive era, received the offer that ignited the arms race: a record-shattering $765 million deal from the Mets, the largest contract in sports history.

The Yankees responded swiftly. They didn’t bring Soto back, but they pushed their payroll to $290 million, adding Max Fried, Cody Bellinger, and others - now the third-highest in MLB. The Mets’ spending of $342 million trailed only the Dodgers at $350 million.

Yet New York hasn’t celebrated a championship since the Yankees’ 2009 title. The Mets haven’t won since 1986. Baseball’s financial capital remains a city without champions.

The price of a dream that never reached October

The Mets were the story of the season’s first half. By mid-June, they were 45-24, and FanGraphs gave them a 96% chance of making the postseason. With Kodai Senga anchoring the rotation and Soto powering the offense, the team looked balanced and built to last.

But the schedule exposed their flaws. Senga missed two months with muscle fatigue, the bullpen gave up 34 runs in the final 10 games of July, and their batting average with runners in scoring position dipped below .210 in September. They finished 83-79, missing the playoffs on a tiebreaker to Cincinnati.

A 4-0 loss to Miami sealed a collapse that erased all the optimism of spring. Mets owner Steve Cohen issued a public apology and vowed to examine “the obvious and less reasons” behind the failure.

Soto delivered as advertised: a .263 average, a .396 on-base percentage, 43 home runs, and a league-leading walk total. He was productive - but alone. The supporting cast couldn’t hold up over the grind of the season.

Nearly $200 million went to contracts that didn’t deliver. Francisco Lindor posted his worst OPS since 2020, Jeff McNeil’s average dropped 50 points, and Edwin Díaz never regained form after his knee injury. The front office failed to act decisively. Midseason reinforcements fell short, and the five-year plan ended without a playoff berth.

Across the East River, familiar October heartbreak for the Yankees

The Yankees’ elimination at the hands of Toronto in the ALDS was a mirror of the past decade: one win, a lone Aaron Judge home run as a flicker of hope, and the same bitter ending.

In the Judge era, the Yankees have made the playoffs eight times without a single title. The richest organization in baseball maintains a stable payroll - but also a steady stream of disappointment.

The bullpen was the Achilles’ heel. Devin Williams, brought in to close games, gave up 28 earned runs and finished with a 4.75 ERA. David Bednar and Camilo Doval couldn’t stabilize the relief corps. Offensively, the team leaned heavily on Judge, managing just nine runs in five games against the Blue Jays.

Hal Steinbrenner stuck to his continuity-first approach, avoiding drastic changes. But that stability now feels like stagnation. The payroll didn’t translate into results, and once again, the Bronx was left without a parade.

The inevitable comparison

The Dodgers outspent everyone, investing $350 million to land just one win shy of the NLCS. In Los Angeles, the money went toward reinforcing an already strong foundation, with the franchise chasing its first-ever back-to-back titles.

The combined spending of the Mets and Yankees exceeds the total payroll of eight other MLB teams - including Tampa Bay, Cleveland, and Kansas City. Two of those clubs made the playoffs. The difference isn’t money - it’s how it’s managed.

Since 2019, New York’s franchises have shelled out over $2.8 billion in payroll. Neither has reached the World Series. In that same span, the Braves, Dodgers, and Astros have played in seven between them.

The 2025 season is the most extreme example yet. A market rich in history, fans, and resources ended the year with no postseason relevance. The Yankees’ last title came in 2009. The Mets’ in 1986. Four decades without shared glory for a city that spends more than any other in baseball.

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