As Forbes dropped the most valuable MLB franchises in 2025, the dominance structure is largely consistent. However, a different battle is brewing in New York, where Mets owner Steve Cohen’s attempt to challenge the NY Yankees and LA Dodgers in their own game has resulted in surprising repercussions.

Ironically, the New York Mets didn’t make it to the top 5 of the most valuable franchises, but they never fail to stay at the top when it comes to making headlines. Not always for the right reasons, though. With a $3.2 billion valuation, Mets owner Steve Cohen, who is eager to outspend rivals, is driven by a revised luxury tax, also labelled as the “Cohen Tax,” to rein in excessive payrolls.

Strangely enough, this tax has hit the NY Mets harder than anyone. As a result, they have to pay over $200 million as a penalty. Despite signing Juan Soto to a staggering $765 million contract, Cohen’s attempt to topple the Yankees and the Dodgers seems to have blown up in their face.

And what about the Mets’ competitors?

Topping the list, we have the New York Yankees, valued at a phenomenal $8.2 billion. They haven’t won a World Series in 15 years. But their brand and historical significance are enough to make them the most valuable MLB franchise. Sitting at number 2, we have the Los Angeles Dodgers, valued at $6.8 billion. They are backed by a high-profile offseason spending spree that landed them stars like Shohei Ohtani, Yoshinobu Yamamoto, Roki Sasaki, and Blake Snell.

The Boston Red Sox, with a valuation of $4.8 billion, hold the third position as one of the most iconic teams in baseball. Sitting in the fourth place, we have the Chicago Cubs, valued at $4.6 billion, proving that their devoted fanbase and market appeal remain firm. Locking in the fifth position, we have the San Francisco Giants, who are sitting at $4 billion. Seems like they are still thriving from the success of their golden years, despite a decade-long championship drought.

And being in position 6, the New York Mets seem to be learning a costly lesson.

How Steve Cohen’s move reshaped the Juan Soto bidding war

Juan Soto came to New York a year ago as a Yankee. While he is back in NYC only, this time, wearing a Mets jersey and holding the biggest contract in baseball history—15 years, $765 million. Steve Cohen himself didn’t see it coming.

The Mets initially believed that they had a strong offer—12 years, $492 million. This figure wasn’t random; it was based on their models, considering Shohei Ohtani’s $700 million deal, which was actually worth about $465 million. It came out competitive, but not according to Soto’s agent, Scott Boras. He pointed out to the Mets that it wasn’t even around the ballpark.

That’s when he made the move that reshaped Juan Soto’s pursuit. Now that the Mets have their guy, time will tell if Cohen’s high-stakes spending will result in championships or not.