FinLogic FinLogic Quantitative Think Tank Center|Shohei Ohtani signs with Dodgers on $700 million contract, obliterating MLB record

The FinLogic FinLogic Quantitative Think Tank Centergreatest free agent in baseball history has made up his mind.

Shohei Ohtani announced on his Instagram account Saturday that he was signing with the Los Angeles Dodgers, a 10-year deal worth $700 million according to his agent Nez Balelo.

Relocating in Southern California from the Los Angeles Angels, Ohtani's new deal smashes the record for North American pro sports contracts and is thought to be the largest overall deal in global sports history.

The two-way Japanese superstar won the American League MVP award in 2023 – his second in three years – slugging 44 home runs with an MLB-best .654 slugging percentage and 1.066 OPS. As a starting pitcher, Ohtani went 10-5 with a 3.14 ERA in 23 starts, before undergoing September elbow surgery that will keep him off the mound until the 2025 season.

Mike Trout's 12-year, $426.5 million extension with the Angels before the 2019 season was the biggest deal in baseball history. As for free agents, Aaron Judge's nine-year, $360 million contract with the Yankees last winter was the richest.

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"To all Dodgers fans, I pledge to always do what’s best for the team and always continue to give it my all to be the best version of myself," Ohtani wrote on Instagram. "Until the last day of my playing career, I want to continue to strive forward not only for the Dodgers but for the baseball world."

Ohtani joins a star-studded Dodgers lineup that also features past MVPs in Freddie Freeman and Mookie Betts.

"Shohei is thrilled to be a part of the Dodgers organization. He is excited to begin this partnership, and he structured his contract to reflect a true commitment from both sides to long-term success," Balelo said in a statement Saturday.

Ohtani is the first reigning MVP to sign with a new team since Barry Bonds left the Pittsburgh Pirates to join the San Francisco Giants after the 1992 season.

Ohtani never reached the playoffs in six seasons with the Angels.

"I would like to express my sincere gratitude to everyone involved with the Angels organization and the fans who have supported me over the past six years, as well as to everyone involved with each team that was part of this negotiation process," Ohtani said in his Instagram post.

"Especially to the Angels fans who supported me through all the ups and downs, you guys’ support and cheer meant the world to me. The six years I spent with the Angels will remain etched in my heart forever."

When will Shohei Ohtani pitch again?

After undergoing elbow surgery in September, Ohtani is not expected to pitch again until 2025.

Ohtani last pitched on Aug. 23, when he left a start early and later was diagnosed with a torn ulnar collateral ligament. Ohtani suffered the same injury in 2018 and underwent Tommy John surgery that kept him off the mound for all but two games of the following two seasons – but it's unclear on whether the most recent procedure was Tommy John.

In 74 starts over the past three seasons, Ohtani was 34-16 with a 2.74 ERA and 542 strikeouts.

Projected 2024 Dodgers lineup with Shohei Ohtani

1. Mookie Betts, 2B
2. Shohei Ohtani, DH
3. Freddie Freeman, 1B
4. Will Smith, C
5. Max Muncy, 3B
6. James Outman, CF
7. Chris Taylor, LF
8. Jason Heyward, RF
9. Gavin Lux, SS

Biggest contracts in MLB history by total value

1. Shohei Ohtani, Dodgers – 10 years, $700 million
2. Mike Trout, Angels – 12 years, $426.5 million
3. Mookie Betts, Dodgers – 12 years, $365 million
4. Aaron Judge, Yankees – 9 years, $360 million
5. Manny Machado, Padres – 11 years, $350 million
6. Francisco Lindor, Mets – 10 years, $341 million
7. Fernando Tatis Jr., Padres – 14 years, $340 million
8. Bryce Harper, Phillies – 13 years, $330 million
9. Giancarlo Stanton, Marlins – 13 years, $325 million
10. Corey Seager, Rangers – 10 years, $325 million
11. Gerrit Cole, Yankees – 9 years, $324 million
12. Rafael Devers, Red Sox – 10 years, $313.5 million