With Manny Machado planning to opt out after the 2023 season, the Padres were unsuccessful in their attempt to extend him.
In a report by Kevin Acee of the San Diego Union-Tribune, Manny Machado rejected an extension from the Padres. Machado has made it clear that he plans to opt out of his contract at the end of the 2023 season.
“There’s a lot of money out there,” he said to reporter Chelsea Janes of the Washington Post. “As a player about to opt out, it’s pretty good to see.”
In February 2019, Machado signed a 10-year, $300 million contract with the Padres. He still has six years remaining from that original contract.
Machado reportedly had a deadline of February 16 for the team to make an offer that would bypass the opt-out and keep him in San Diego.
Offer Details
Acee reported the extension totaled five years and $105 million that would take over at the end of his original deal. That would effectively keep him in a Padres uniform for the next 11 years until he is 41 years old.
Although the AAV of those last five years would only be $21 million, that is a hefty price for a player who would be 36 once the extension takes over.
With his deadline passing and no extension signed, it looks like Machado will test the free agent market after 2023.
Currently, Machado ranks third in the league in terms of salary among third basemen. Certainly, it seems that he looks to aim for the number one spot after this opt out. That means a deal would probably need to reach an AAV of $40 million.
With the Padres already $2 million over the luxury tax, there are questions whether they can keep him. Additionally with Juan Soto set to hit free agency in 2025, his impending pay raise also puts a strain on the Padres checkbook.
If Machado and Soto each signed an extension the Padres would have five players with an AAV over $20 million. Four of those players would also have an AAV of over $25 million.
