Pete Alonso re-signs with New York Mets for over $100 million less than team initially offered

After a long offseason, Pete Alonso is heading back to the New York Mets. ESPN MLB insider Jeff Passan reports the four-time All-Star has signed a two-year, $54 million contract to return to Queens, with an opt-out clause after the first year.

The deal guarantees him $30 million for the 2025 season.

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The path to this agreement was far from smooth. Alonso initially rejected a reported three-year, $70 million offer, prompting the Mets to explore other options – including bringing back outfielder/designated hitter Jesse Winker and signing left-handed reliever A.J. Minter.

The negotiations clearly strained both sides. Mets owner Steve Cohen expressed his frustration during last month’s fan fest.

“Personally, this has been an exhausting conversation and negotiation. [Juan] Soto was tough — this is worse,” stated Cohen.

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Alonso’s market options steadily diminished throughout the offseason as several first base-needy teams filled their positions through trades or signings. The Toronto Blue Jaysremained the only team linked to the “Polar Bear” before the Mets secured his return.

However, this deal represents a significant financial setback for Alonso.

Pete Alonso reportedly rejected $158 million extension in 2023

During 2023, he rejected a seven-year, $158 million extension offer from the Mets that would have forestalled free agency. Alonso and his agent, Scott Boras, believed they could secure a more lucrative deal on the open market.

That gamble didn’t pay off. Despite Alonso’s reputation as a premier slugger, teams expressed concerns about his age (30), declining performance over the past three seasons, and defensive limitations. Many viewed him as a future full-time designated hitter, raising questions about his long-term value.

The opt-out clause after the first year gives Alonso an opportunity to rebuild his market value by proving he’s more than a one-dimensional player. If he can’t accomplish that goal, the $100 million-plus he left on the table may prove impossible to recover.