The New York Yankees are embarking on a new era after a flopped 2023 season.

They were among the first to make a blockbuster move during the free agency by trading for Juan Soto with the San Diego Padres.

The deal was made on December 3, 2023, but Juan Soto's contract details were only finalized last night.

MLB insider Jeff Paisan reported that the Yankees and the 25-year-old's camp agreed to a one-year $31 million contract.

"Star outfielder Juan Soto and the New York Yankees are in agreement on a one-year, $31M contract, sources tell ESPN. Soto sets a new record for an arbitration-eligible player, beating Shohei Ohtani's $30M last year. Soto will be a free agent after '24," Paisan wrote on X.

Juan Soto's contract is primarily beneficial for him

The deal allows Soto to earn as much as possible in just one year with the Yankees.

Childish Bambino will only be with the New York team for one season, depending on the parties' agreement.

It is an excellent move for Soto as he could command one of the largest deals in Major League Baseball when he hits free agency at the end of 2024.

The 26-year-old was not worried about his contract, even if it took one month to complete.

"My priorities right now are just getting to know the team, getting to know the guys," he said.

"Going to New York, going to Tampa [the spring training complex], whenever I'm going to meet those guys and try to get a good relationship and really stick together, get to know those guys. Try to get the same goal on Day 1. That's what my main thing is right now.

"About any contract stuff, they know where to call and who to talk to. I'm here just to play baseball and try to keep concentrating on playing baseball."

Soto is an Ironman, and the Yankees could use someone always available after dealing with injuries to key players last season.

In his lone season with the Padres, he played in all 162 games, recording a .275 batting average and 35 home runs. He also posted 109 RBIs and an MLB-best 132 walks.

He entered the league in 2018 through the Washington Nationals, whom he helped win the 2019 World Series.

In his six years in the league, he is already a world champion and has made it to three All-Star Games (2021-2023). He was named to All MLB First Team twice and earned the Silver Slugger Award from 2020 to 2023.

Coach Aaron Boone is excited about Soto

Soto achieved almost everything at 26, but he is not yet done.

Yankees coach Aaron Boone knows there is more to his newest recruit and wants his team to be on the frontline for the good things to come.

"I think there's more in there," Boone said. "You know, I don't necessarily think he's reached his potential. ... We just want to get him settled and comfortable.