The rivalry between the Yankees and Mets has always been more than just a crosstown clash - it’s been a tale of two franchises built on very different foundations. Since the Mets joined Major League Baseball in 1962, the Yankees have hoisted eight World Series trophies.
The Mets? Just two.
And for decades, the gap wasn’t just in championships - it was in checkbooks.
While the Yankees became synonymous with star-studded payrolls and October expectations, the Mets often found themselves hamstrung by ownership that pinched pennies and played it safe. The Wilpon era in Queens was defined by financial restraint - and that’s putting it generously. Meanwhile, in the Bronx, the Steinbrenners kept the cash flowing, chasing titles with every high-priced acquisition.
But that dynamic has flipped in a big way. Since Steve Cohen took over the Mets in 2020, the financial script in New York baseball has been completely rewritten.
Cohen hasn’t just spent - he’s set the pace. According to recent payroll data, the Mets have shelled out a staggering $1.785 billion over the past five seasons, including payroll and competitive balance tax penalties.
That’s more than any team in baseball, even outpacing the deep-pocketed Dodgers. The Yankees?
Nearly $200 million behind L.A., and over $250 million behind their Queens counterparts.
So much for the “little brother” label.
Cohen’s aggressive approach has turned the Mets into a legitimate free-agent powerhouse. The biggest headline, of course, came when they landed Juan Soto - not just stealing him from under the Yankees’ nose, but locking him up with the richest contract in MLB history.
That alone would’ve made waves, but the Mets didn’t stop there. They also added Clay Holmes, Devin Williams, and Luke Weaver in recent offseasons, building out a roster that’s as deep as it is expensive.
This isn’t just about outspending the Yankees - it’s about reshaping the power dynamic in New York baseball. And while the Yankees have long been known for flexing financial muscle, Hal Steinbrenner has taken a more conservative approach in recent years, often citing budgetary concerns. That’s opened the door for Cohen to dominate the market in a way that would’ve been unthinkable a decade ago.
But there’s a bigger conversation brewing across the league. The disparity between the sport’s biggest spenders - like the Mets, Yankees, and Dodgers - and its most frugal franchises - think Rays, A’s, and others - is growing wider by the year.
And with a potential lockout looming next season, the financial landscape of baseball could be in for a seismic shift. There’s already talk of salary caps, max contracts, and other mechanisms that could limit the kind of free-market spending spree Cohen has enjoyed.
If that happens, the Mets’ current advantage might not last. But for now, they’re enjoying a rare moment in the sun - not just as contenders, but as the team setting the standard in New York. Since 2021, the Mets are 15-9 against the Yankees, and with Soto locked in for the next 14 years, they’ve got a franchise cornerstone to build around for the long haul.
For Mets fans, this era represents something they haven’t seen much of: swagger, ambition, and a front office willing to go all-in. Whether or not it leads to a championship parade down the Canyon of Heroes remains to be seen. But one thing’s for sure - the Mets are no longer playing second fiddle in their own city.