Big Win: Once a budget backstop, Will Smith just signed the third largest contract for a catcher in baseball history.
Michael Owens/Getty ImagesHaving earned $8.8 million since debuting in 2019, Los Angeles Dodgers catcher Will Smith has been one of the best bargains in baseball. The 29-year-old has posted 15.8 Wins Above Replacement, a popular advanced statistic measuring overall player value, over the last five seasons, second at his position only to Philadelphia Phillies catcher J.T. Realmuto (19.8 WAR), according to FanGraphs. But Smith’s days as a budget backstop are over after cashing in on the first supersized payday of his career.
Last week, Smith signed a 10-year, $140 million contract extension with the Dodgers, putting him in rare company for catchers. Joe Mauer (eight years, $184 million) and Buster Posey (nine years, $167 million) are the only two ever to sign bigger deals. Smith’s contract is the highest among active catchers, supplanting Realmuto’s five-year, $115 million deal from 2021.
Smith, who was named an All-Star in 2023, is now projected to earn an estimated $39.1 million this season (before taxes and agents’ fees), placing him among the highest-paid players in baseball. He will collect $38.6 million from the Dodgers, while adding another roughly $500,000 from sponsors. Smith’s brand partners include Nike, Topps, Fanatics, Rawlings, New Era and Netflix. And just to show he’s a utility player, in May, he’s hosting “Dodgers Comedy Night” as part of the “Netflix is a Joke” comedy festival.
Had Smith signed his extension before Forbes published its annual list of the highest-paid MLB players in March, he would have ranked ninth, ahead of Los Angeles Angels third baseman Anthony Rendon ($38.1 million) and Texas Rangers shortstop Corey Seager ($37.5 million). He also would have been the third Dodger to make the 2024 list, joining Shohei Ohtani ($62 million) and Yoshinobu Yamamoto ($59 million). Accounting for Smith, baseball’s ten highest-paid players are projected to pull in roughly $464 million for 2024, a 6% increase from last year’s all-time high of $436 million.
As lucrative as Smith’s new deal may be, his presence among the sport’s top earners will likely be short-lived. According to Spotrac, he’s not scheduled to earn more than $8.6 million in a single season throughout the life of the contract. Padding his earnings in the short term, however, is a $30 million signing bonus, which will reportedly be paid out in two equal installments on November 15 and January 15. (Because Smith signed the extension this season and will receive the entire balance before the start of next spring training, Forbes is attributing the entirety of the bonus to 2024.)
Smith’s contract extension caps off a period of explosive spending for the Dodgers. This winter, Los the team added highly coveted free agents Ohtani, Yamamoto and outfielder Teoscar Hernández, while also trading for former Tampa Bay Rays ace Tyler Glasnow and signing him to a five-year extension. Since December, the Dodgers have committed more than $1.35 billion in future salaries.
That billion-dollar roster has Los Angeles with a hefty bill, of course, but they won’t have to pay it for some time. Ohtani, for example, made an unprecedented move to defer 97% of his contract’s value until after the life of the deal. While not nearly as dramatic, Smith’s contract extension follows a similar trajectory. With a total of $50 million deferred, he will receive annual payments of $5 million from 2034 to 2043.
In the meantime, Smith will be a key component for a Dodgers team with championship aspirations. The All-Star has become one of the most reliable hitting catchers in the sport over the past three seasons, averaging roughly 23 home runs and 80 runs batted in. And he’s off to a scorching start already in 2024, posting a .455 batting average with two doubles in five games—already giving the Dodgers a return on their investment.
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