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Vladimir Guerrero Jr. (l) and Bo Bichette (r) of the Toronto Blue Jays

When the defending American League champion Toronto Blue Jays signed the biggest name in the free-agent pitching market, bestowing a seven-year, $210 million contract — the largest free agent deal in Blue Jays history — upon former San Diego Padres starter Dylan Cease, their pursuit of their own wayward free-agent shortstop, Bo Bichette, appeared at an end.

Together with the 14-year, $500 million contract extension Toronto signed with 183-career homer first baseman Vladimir Guerrero Jr. in April. The Blue Jays have committed $710 million to two players in the past eight months and, as the totals stand as of Friday, approach the 2026 season as the third-highest payroll team in baseball, trailing only the Los Angeles Dodgers and New York Mets.

Blue Jays Now Top-3 Payroll Team

Payroll figures will continue to change, but as it stands, the Blue Jays would rank higher in payroll expenditures than any year at least since 1998, the earliest year for which records are readily available. As recently as 2019, Toronto’s payroll was the ninth smallest in baseball.

But the Blue Jays may not be done spending yet, because Bichette is still without a team. After the Cease signing it appeared that Toronto would not be able to afford to retain the 27-year-old. But new information revealed by a top MLB insider on Thursday indicates that the price for retaining their two-time All-Star may be less than the Blue Jays anticipated.

Bichette May Be Priced Out

Contract projections for what Bichette is seeking range up to $208 million for eight years. Other estimates have come in somewhat lower. The sports business site Spotrac estimates Bichette’s market value over eight years at $186.4 million, or an average annual value (AAV) of $23.3 million in salary each season.

In any case, Bichette will be expensive, and with the Blue Jays already carrying six contracts in the nine-figure range, they may be reluctant to add another. As figures across MLB stand now, even adding the Spotrac-estimated expense for Bichette would put the Blue Jays just $4 million short of the Dodgers, the team that defeated them in this year’s World Series, who have the highest payroll in the game.

Major Potential Bidder Appears Out on Shortstop

There is one factor, however, that could bring Bichette’s price into a somewhat more affordable range, and that was revealed Thursday by longtime MLB insider Jon Heyman, speaking on his Bleacher Report MLB Insider podcast. According to Heyman, the New York Yankees will not be making an offer to Bichette.

“I haven’t heard that,” Heyman said in response to a listener question about whether the Yankees are pursuing Bichette. “I have not heard that to this point. They seem to be looking more at relief pitching, a starter and Bellinger in the outfield. So, I don’t feel like they’re really concentrating on the infield.”

Heyman did add a caveat, saying, “You never know what could happen later.”

With the Yankees out — traditionally a major bidder on free agents, and one whose payroll ranks consistently well inside baseball’s top five and often on the high end (New York ranked No. 2 both in 2024 and 2023) — Bichette’s price can only deflate. Data has shown that when a large-market team such as the Yankees, who have traditionally been on the highest end of the market, do not bid on a free agent, the player’s price will slip by a significant amount, perhaps between 15 and 30 percent.