This year, the qualifying offer (QO) amount for Major League Baseball (MLB) has hit a record high of 23.15 million USD. This marks a 5.1% increase from last year.
According to MLB.com and other sources, the QO figure for this year stands at 23.15 million USD, up from 22.025 million USD in the previous year.
The qualifying offer system allows a team to propose a one-year contract to their free agents, based on the average salary of the top 125 highest-paid players in the league.
If a player declines the QO and signs with another team, the original team receives draft pick compensation. The team signing the player may face penalties, such as losing draft picks.
When first introduced in 2012, the QO amount was set at 13.3 million USD.
It has steadily increased since then, surpassing the 20 million USD mark for the first time in 2023 at 20.325 million USD. In recent years, it has been rising by around 1 million USD annually, setting a new record this year.
However, the qualifying offer isn’t an attractive option for free agents seeking lucrative, long-term deals.
Of the 157 players who have received qualifying offers to date, only 18 have accepted them. Most players prefer to test the free-agent market in pursuit of multi-year contracts.
Among Korean MLB players, Ryu Hyun-Jin notably accepted a qualifying offer.
After becoming a free agent following the 2018 season, Ryu accepted the Los Angeles Dodgers’ QO of 17.9 million USD, staying with the team for the 2019 season.
During that year, Ryu posted an impressive 14-5 record with a league-leading 2.32 earned run average (ERA), topping the National League in that category.
Subsequently, Ryu re-entered free agency and secured a significant four-year, 80 million USD contract with the Toronto Blue Jays.