Suddenly, it's plausible that the Juan Soto free-agency sweepstakes won't be a two-horse race.

When MLB's free-agent market opened last week, all signs pointed toward the 26-year-old slugger continuing to make New York his home. "It's the Yankees or the Mets" was how one American League executive put it to Mark Feinsand of MLB.com.

But that was then. This is now.

Jon Heyman of The New York Post puts eight teams in the mix, with the Toronto Blue Jays notably representing a "viable obstacle" in the way of the Yankees and Mets. ESPN's Jeff Passan added that the Boston Red Sox also have Soto "at the top of [their] want list."

As such, it's hard not to ponder the possibility of a club other than the Yankees and Mets being the one to meet the price tag preferred by Soto and agent Scott Boras, which is likely to end up between $600 and $700 million.

While the getting's good, let's consider eight possibilities to conceivably steal Soto from the New York clubs. Seven of these are individual teams, but let's start with a handful of small-market clubs that deserve their own umbrella.

All signing odds are according to DraftKings.

Small-Market Long Shots

Yeah, Right: Tampa Bay Rays

2024 Record: 80-82, 4th in AL East

Signing Odds: N/A

The Rays have called about Soto, according to Heyman. But lest anyone have even an inkling of a notion to take this seriously, we're talking about an unhoused franchise that has spent only $413 million in free agency for its entire history.

A Fun Idea: Kansas City Royals

2024 Record: 86-76, T-2nd in AL Central

Signing Odds: N/A

The Royals offense badly needs a partner in crime for Bobby Witt Jr., and it was just last year that they were one of the top spenders of the offseason. But the next time they spend so much as $73 million on a free agent will also be the first.

An Even More Fun Idea: Baltimore Orioles

2024 Record: 91-71, 2nd in AL East

Signing Odds: N/A

Soto alongside Gunnar Henderson, Adley Rutschman and Jackson Holliday? Sounds like a hoot, and David Rubenstein's $4 billion net worth does certain things to the imagination. But, alas, the Orioles' payroll is already rising even without much-needed extensions in place.

They *Should* Be Involved: Seattle Mariners

2024 Record: 85-77, 2nd in AL West

Signing Odds: +3500

No team needs a 40-homer slugger whose OBP never goes below .400 like the Mariners, whose offense fell wildly short of supporting an amazing pitching staff in 2024. Yet even though they haven't done anything yet, they are already projected for a higher payroll in 2025.

Actually Seems Possible: Detroit Tigers

2024 Record: 86-76, T-2nd in AL Central

Signing Odds: +3500

The Tigers probably aren't going to sign Soto, yet it's an idea that might just be crazy enough to work. They're another contender that needs a bat, after all, and their projected payroll for 2025 ($80 million) is more than $100 million short of the franchise's high-water marks.

San Francisco Giants

2024 Record: 80-82, 4th in NL West

Signing Odds: +2000

Why It's a Fit

Buster Posey offered an interesting perspective on his role when he was introduced as the Giants' new president of baseball operations in October.

Wins? Losses? Those matter, but it's really about making memories:

Save for the 107-win 2021 season in which Posey was still employed as a catcher, the Giants have largely failed in this regard for the better part of the last decade.

This, of course, is where Soto would come in. And according to Heyman, the Giants are seen as a "legit" player for him.

Signing Soto would wash away the frustration left over from failed pursuits at Giancarlo Stanton, Bryce Harper, Aaron Judge, Carlos Correa and Shohei Ohtani. And in case anyone is wondering, Soto is a .325 hitter with seven home runs in 22 games at Oracle Park.

Why It Won't Happen

Then again, let's be real. A slugger willingly signing up to play at Oracle Park is not going to happen.

Just ask J.D. Martinez, who accepted less money not to have to play there as a free agent last winter. And who can blame him? San Francisco's home park is the worst place to hit home runs in all of Major League Baseball.

Soto otherwise prefers the East Coast, according to Feinsand. And even if the Giants were willing to raise payroll—hint: the opposite is true—there would still be the high cost of living in San Francisco (No. 4 in the US, per CNBC) and California's 13.3 percent tax rate for high earners.

Washington Nationals

2024 Record: 71-91, 4th in NL East

Signing Odds: +2200

Why It's a Fit

The Nationals have already taken one shot at making Soto a very wealthy man.

It wasn't even three years ago that they made him a 15-year, $440 million extension offer. His rejection of the deal was what spurned them to trade him to the San Diego Padres, sending the team down the path of rebuilding once and for all.

Though this wasn't that long ago, so much has changed since Soto left the Beltway.

The Nationals have a bright future ahead, which has much to do with the guys they got back (CJ Abrams, James Wood and MacKenzie Gore) for Soto in 2022.

Meanwhile, the Nationals' $87 million in projected expenses for 2025 put them about $100 million below the franchise's established spending capacity. And for his part, GM Mike Rizzo has said free agency "will certainly be one of the avenues that we'll attack to improve."

Why It Won't Happen

Even if you took the same offer the Nationals made Soto in 2022 and adjusted it for inflation, it would "only" be worth $470 million in today's dollars.

That isn't going to get it done in Soto's market as it stands, so perhaps it's no wonder that the Nationals haven't been solidly linked to him since free agency opened up.

Washington D.C. also has a San Francisco-like problem in that it's very expensive. It's the ninth-most expensive city in the U.S., and the top tax rate in the district is 10.75 percent.

Chicago Cubs

2024 Record: 83-79, T-2nd in NL Central

Signing Odds: +1800

Why It's a Fit

Exactly how involved they were was always a question, but the Cubs certainly weren't out on Shohei Ohtani last winter.

If that can be taken as a sign that the franchise has an appetite for a huge splash, well, Soto is right there in front of you now, guys.

He's precisely the big bopper the Cubs need in their lineup, which got 20-plus homers from three different guys, yet only 170 overall in 2024. That was as many as the Royals, whose home stadium is the size of a national park.

Besides, the Cubs should be able to afford Soto. Even setting aside how frugal they look according to Travis Sawchik of The Score's "Scrooge Index," their projected 2025 payroll is about $45 million below what they spent in 2024.

Otherwise, you may be surprised by how affordable Chicago is relative to San Francisco and Washington D.C. And for all residents, Illinois only has a 4.95 percent tax rate.

Why It Won't Happen

Avert your eyes, Cubs fans. You won't want to read this report from Sahadev Sharma and Patrick Mooney of The Athletic:

The Cubs do not intend to deviate from this course, multiple sources told The Athletic, ruling out a pursuit of Juan Soto or Corbin Burnes even before all the baseball executives and agents checked out of the JW Marriott San Antonio Hill Country Resort and Spa.

Cheapness is a hell of a drug, folks, but it should be no surprise that Cubs owner Tom Ricketts is all about it.

Philadelphia Phillies

2024 Record: 95-67, 1st in NL East

Signing Odds: N/A

Why It's a Fit

Frankly, it's a little weird that DraftKings doesn't give the Phillies odds for signing Soto.

They are built unabashedly on free agents, with commitments to Bryce Harper, Trea Turner, Kyle Schwarber, Nick Castellanos, J.T. Realmuto and Aaron Nola totaling over $1 billion. And the first were formerly with Soto in Washington, and ditto for hitting coach Kevin Long.

"Kevin Long was so good to me that when he left, it was tough to get another guy," Soto said in April.

Hence the sense of believability when Feinsand wrote that the Phillies "will likely take a shot" at Soto. Such a shot would naturally skyrocket their payroll even higher, but that would be on-brand.

Besides, what hitter wouldn't want to call Philly home? Citizens Bank Park is among the most power-friendly parks in MLB, and living in Philadelphia comes with both a relatively low cost of living and Pennsylvania's 3.07 percent flat tax rate.

Why It Won't Happen

Realism has to set in at a certain point, and that point is now.

The Phillies are projected for a $288.4 million luxury-tax payroll in 2025. That's well over the first threshold of $241 million and not even $13 million shy of the top threshold, so one can understand why Dave Dombrowski sounds more pensive than usual.

"I think we're very open-minded than what we have been in other years," the Phillies' president of baseball operations said at the GM meetings. "Because even though we have a lot of good players, I think we need to be more open-minded about possible moves."

Los Angeles Dodgers

2024 Record: 98-64, 1st in NL West

Signing Odds: +1100

Why It's a Fit

Even before the Dodgers were finished beating Soto and the Yankees in the World Series, Heyman reported that the former team would attempt to steal him from the latter.

At the time, one suspected the Dodgers had put the story out there as a sort of PsyOp campaign. It was as if they were trying to say, "We're going to kick your [backside] and then take your dude, and there's not a thing you can do about it."

Yet this isn't to say it was never an appealing idea. Because when one imagines Soto in the same lineup as Shohei Ohtani, Mookie Betts and Freddie Freeman, one gets tingles.

Besides, who's to say the Dodgers can't make it happen?

They're projected about $30 million short of the top luxury-tax threshold for 2025, and they proved this year they're not afraid to go over said threshold. And if ever there was an excuse to double-down on big spending, it's adding Soto to a championship team.

Why It Won't Happen

If the Dodgers are going to sign Soto, it will apparently be only on their terms and not his. According to Passan, they "won't chase after" him.

Further, these comments from Boras seem to nix the possibility of Soto accepting a contract with heavy amounts of deferred money, à la Ohtani:

From here, you can throw in Soto's purported preference for the East Coast and the financial burden that comes with living in Los Angeles and playing in California more broadly. It all amounts to an uphill battle for the Dodgers.

Boston Red Sox

2024 Record: 81-81, 3rd in AL East

Signing Odds: +2500

Why It's a Fit

The love affair between Soto and Yankees fans was strong. Heck, very strong.

So, would he really tear out their collective heart by signing with the Boston Red Sox, of all teams?

According to Passan, the Red Sox are serious enough about making it happen to at least set a meeting with Soto. And if they have one thing going for them, it's loads of financial flexibility. They can add $70 million in average value to their 2025 books and still be under the first luxury-tax threshold.

Also, can you imagine Soto at Fenway Park? It's one of the best parks in baseball for left-handed hitters in general, and it especially caters to lefties with opposite-field power. To this end, Soto has the stroke to be a David Ortiz-ian legend in Boston.

The downside of having Soto alongside Rafael Devers, Jarren Duran, Triston Casas, Wilyer Abreu and Masataka Yoshida is that Boston's lineup would be too left-handed.

On the bright side, though, that arrangement would get the Red Sox seven-ninths of the way to their own Murderer's Row.

Why It Won't Happen

Would Red Sox owner John Henry really give the green light to the length it would take to sign Soto?

We're likely talking not 10 years, but 12 or even 15. The Red Sox have only ever gone as far as seven years for a free agent under Henry, and that was for two deals (Carl Crawford and David Price) that didn't quite give the team what it wanted.

Further, Boston is barely more affordable than San Francisco and more expensive than even Washington D.C., and Massachusetts taxes high earners at 9.0 percent.

Toronto Blue Jays

2024 Record: 74-88, 5th in AL East

Signing Odds: +2000

Why It's a Fit

Honestly, we all should have expected the Blue Jays to become a player in the Soto sweepstakes.

The Jays tried to trade for him last winter, though that was notably after the club made a run at Ohtani that seemed close to succeeding before ultimately falling short.

An interesting note from Heyman is that it may have been Toronto that originally devised the contract structure the Dodgers got Ohtani to agree to. A similar approach won't necessarily fly with Soto, but that may not be a literal deal-breaker.

The Blue Jays can add about $30 million in average value before touching the first luxury-tax threshold for 2025. Then their books get really clean, really fast. After 2026, only José Berríos and Yariel Rodríguez will still have guaranteed salaries.

It may be feasible, then, for the Blue Jays to sign Soto and extend Vladimir Guerrero Jr. If so, they'd have an offensive duo that could dominate the AL East for a generation.

Why It Won't Happen

The notion Toronto can sign Soto without deferring any portion of his contract seems...far-fetched, at best.

Further, the financial picture here is messy. The federal income tax for high earners in Canada is 33 percent, and Ontario has a top tax rate of 13.16 percent. And right now, $1 Canadian is the equivalent of $0.72 American.

All the same, there's no scenario in which Soto ends up a poor man if the Blue Jays meet him and Boras where they are. And since their contention window pretty much needs a big boost to stay open, they would be wise to consider going there.

Stats courtesy of Baseball Reference, FanGraphs and Baseball Savant.