Looking ahead to the 2024 New York Yankees payroll

It's time, Yankees fans.

New York Yankees v Boston Red Sox - Game One
New York Yankees v Boston Red Sox - Game One / Maddie Meyer/GettyImages

For the first time in what feels like forever, the New York Yankees will be heading into the offseason with some financial flexibility. About $60 million is slated to come off the books, which should give Brian Cashman plenty of leeway to screw more things up.

We kid. Because we certainly hope that won't be the case. Even after the Yankees cut payroll following the 2017 and 2018 seasons, the team's spending was still restricted in some capacity -- an act entirely uncharacteristic for one of the most powerful franchises in all of sports. Not to mention, the payroll was somehow clogged each of the last two seasons. Go figure.

Though there appears to be room to work with heading into 2024, perhaps a closer look will tell a more concerning story. The Yankees need to address so many areas of the roster that only a few expenditures may push them toward whatever self-imposed threshold they institute this time around.

At the very least, they'll need two relievers, two starters and a center fielder. At worst, they'll need all of that plus a left fielder, catcher and first baseman/third baseman. Maybe a fourth outfielder and a utility player? It's all up for debate. This offense is terrible and the defense is mediocre at best.

Current projected 2024 New York Yankees payroll

The luxury tax threshold will be $237 million come 2024, meaning the Yankees are almost exactly $40 million under that number. And if they dare remain under it, fans will riot.

Total projected 2024 payroll: $189,083,333

Projected luxury tax payroll: $196,666,666

Variable Costs: Josh Donaldson is owed an $8 million buyout. Sayanara, buddy. Aaron Hicks will still make $9.79 million off of the Yankees. Criminal.

Yankees 2024 Free Agents

  • Luis Severino - $15 million coming off the books
  • Josh Donaldson - $21.75 million coming off the books ($8 million buyout)
  • Frankie Montas - $7.5 million coming off the books
  • Isiah Kiner-Falefa - $6 million coming off the books
  • Wandy Peralta - $3.35 million coming off the books
  • Harrison Bader - $5.2 million coming off the books
  • Domingo German - $2.6 million coming off the books (he better be non-tendered)
  • Keynan Middleton - $800K

Yankees 2024 Arbitration Eligible Players

In total, the Yankees have 12 players eligible for arbitration. One shouldn't get a raise (Lou Trivino, he missed the whole year) and four should be non-tendered. Everyone else should see anywhere from a minor pay bump to a considerable one. You probably know who is due for what. The estimated costs, per Baseball-Reference, are $72 million.

  • Gleyber Torres - $9.95 million salary in 2023
  • Lou Trivino - $4.1 million salary in 2023
  • Clay Holmes - $3.3 million salary in 2023
  • Nestor Cortes - $3.2 million salary in 2023
  • Jose Trevino - $2.36 million salary in 2023
  • Jonathan Loaisiga - $2.26 million salary in 2023
  • Kyle Higashioka - $2 million salary in 2023
  • Michael King - $1 million salary in 2023
  • Not worth mentioning - Domingo German, Franchy Cordero, Jimmy Cordero and Wilmer Difo. None should be back. And if they are, something is gravely wrong.

Biggest Guaranteed Salaries on Yankees 2024 Payroll

  • Aaron Judge - $40 million
  • Gerrit Cole - $36 million
  • Giancarlo Stanton - $32 million
  • Carlos Rodón - $27.83 million
  • Anthony Rizzo - $17 million
  • DJ LeMahieu - $15 million
  • Tommy Kahnle - $5.75 million

There's your summary. Check back for updates throughout the offseason if anything changes.