The Los Angeles Dodgers have committed around $1.4 billion to at least five players since December after giving Will Smith a new deal.

The Associated Press reported that the Dodgers and the veteran catcher agreed to a $140 million, 10-year contract.

The new deal supersedes the $8.85 million, one-year agreement the two signed in January this year.

The team described Smith's extension as one of their priorities.

"We are incredibly excited to formally announce a longtime contact extension with Will Smith," Dodgers President of Baseball Operations Andrew Friedman said during the announcement of the signing.

"It has been something that has been at the top of our to-do list to try and figure out how to keep Will in the Dodgers family for as far as we could see out."

Smith, who turns 29 on MLB 2024 Opening Day, has been with the team since 2019. He has a career batting average of .261 and has hit 91 home runs.

He has registered .263/.358/.484 (126 OPS+) in his six major-league seasons so far.

Dodgers splashes, but still not the most expensive

Smiths joins five other teammates that make up the $1.4 billion committed by the Dodgers this offseason.

Before him, the organization signed two-way superstar Shohei Ohtani to a two-year $700 million contract, right-handed pitcher Yoshinobu Yamamoto to $325 million for 12 years, $136 million for Tyler Glasnow for five years, and $23.5 million for outfielder Teoscar Hernández for one year.

While the Dodgers' spending for the 2024 season seems staggering, they are still not the highest payroll in the league.

MLB 2024 Highest Payroll

The Dodgers are only ninth on the MLB 2024 season's highest payroll list, with $214 million.

They were in fifth spot last year after spending $222 million.

The New York Mets repeat as the most expensive roster this season. Their payroll has already reached $301.5 million, lower than the $353,546,854 from 2023.

Four players will earn at least $20 million, led by Francisco Lindor's $34.1 million.

The team hopes to do better than last season, when it finished with a 75-87 record, not good enough to reach the postseason.

The New York Yankees are the second-biggest spenders this season and also one of the biggest spenders of 2023.

Manager Aaron Boone's squad is worth $290 million, $15 million higher than last year. Aaron Judge will earn the most at $40 million. Gerrit Cole will receive $36 million. Giancarlo Stanton is owed $32 million, and new signing Juan Soto is set to make $31 million.

The Houston Astros, who committed $237.3 million for 2024, are in third place in MLB 2024's highest payroll. They were in 10th place last season after spending $192 million. The team's highest earners are Jose Altuve and Alex Bregman, who will earn a combined $62 million this season.

The Philadelphia Phillies have been the fourth-largest spenders in the last two seasons, registering $236.2 million. Seven players will make at least $20 million in 2024.

The Atlanta Braves round out the Top five with $224.3 million. Matt Olson will earn the highest wage among Braves with $22 million, followed by Austin Riley ($21 million) and Charlie Morton ($20 million).