Blue Jays News and Notes: Will Smith, Dodgers agree to record-breaking $140-Million contract extension

Smith’s contract, once finalized, is expected to include deferrals, as per MLB.com’s Mark Feinsand. He was previously set to become a free agent after the 2025 season.

The 28-year-old surpasses Phillies backstop J.T. Realmuto (five years, $115 million) for the richest and longest contract signed by a catcher in MLB history. His $14-million average annual value, however, sits fourth-highest among active catchers behind Willson Contreras ($17.5M), Salvador Perez ($20.5M) and Realmuto ($23.1M).

It’s yet another marquee signing from a Dodgers organization that spent well over a billion dollars over the off-season, $700 million of which went to Shohei Ohtani. Another $325 million was assigned to his fellow countryman Yoshinobu Yamamoto. They also inked Tyler Glasnow to a $136.5 million extension shortly after acquiring him from the Tampa Bay Rays.

Los Angeles continued adding around the edges of its roster, bringing in veterans like Teoscar Hernández and James Paxton on one-year deals, as well as re-signing Max Muncy and Jason Heyward.

The Dodgers are expected to begin this season with a luxury tax payroll of roughly $319.35 million, according to FanGraphs. That ranks second in the sport, trailing only the New York Mets’ $336 million payroll. Both clubs are well above the fourth luxury tax threshold of $297 million, subjecting them to significant financial and draft order penalties.

Smith is regarded as one of the top catchers in baseball, as he sits second in fWAR (15.8) since debuting in 2019, behind Realmuto (19.8). He’s third in RBIs (306), SLG (.483) and wRC+ (128) and fifth in home runs (91).

The 32nd overall selection in 2016 debuted in the majors three years after he was drafted by the Dodgers, blasting 15 home runs while driving in 42 runs over his first 54 games as a rookie. He also hit .253/.337/.571 with a 130 wRC+, worth 1.6 fWAR.

Despite a COVID-shortened 2020 campaign, the right-handed catcher helped the Dodgers secure their first World Series championship since 1988, defeating the Tampa Bay Rays in six games at a neutral site in Texas.

Only three other catchers have compiled more innings behind the plate since 2019 than Smith (3,599.2): Christian Vázquez (3,988.1), Martín Maldonado (4,206.2) and Realmuto (4,677).

The Louisville, Kentucky, native is looking to build off one of the top all-around performances of his career, where he earned his first All-Star selection. He slashed .261/.359/.438 while posting 19 home runs, 76 RBIs and a 119 wRC+ over 126 games in 2023, worth 4.4 fWAR – second only to his 4.6 rating in ‘21.

With Smith signed long-term, he’ll remain part of a legendary top four atop the Dodgers lineup – hitting behind an unmatchable trio of Mookie Betts, Ohtani and Freddie Freeman – for several seasons beyond 2024.