Shohei Ohtani clinched 50/50 while only making $2 million. Here's how much his season was really worth to his team.

By Weston Blasi

The unique contract structure of Ohtani's $700 million deal made him underpaid this season

Los Angeles Dodgers star Shohei Ohtani made history on Thursday when he became the only player in MLB history to record 50 home runs and 50 stolen bases in a single season. And he did it with a monster game: six hits, three home runs, two stolen bases and 10 RBIs.

Ohtani, 30, made headlines last year when he signed the largest contract in American team-sports history: 10 years and $700 million. It has a unique structure, paying him $20 million during the first 10 years and $680 million during the following 10 years. Broken down, it's $2 million a year between 2024 and 2033, and then $68 million a year between 2034 and 2043.

Given his unprecedented production on the field this season, Ohtani's $2 million salary is by far the biggest value in baseball. With about a week left in the season, he has 51 home runs, 120 RBIs, 123 runs and a WAR, or wins above replacement, of 7.8.

Ohtani's WAR, a popular stat since the 1980s that attempts to encapsulate everything a player does that contributes to winning, has given the Dodgers 7.8 wins this season over what a replacement player playing his position would have, one of the highest such marks in the league. Each 1.0 of WAR is worth roughly $6.7 million on the MLB free-agent market, meaning that Ohtani is producing like a player who is earning $52.2 million, per FanGraphs.

Ohtani's WAR-based $52.2 million value would be higher than any MLB player's actual earnings this season.

Even a more conservative estimate of Ohtani's value would show that he is massively underpaid for his production for the 2024 season. Ohtani's WAR is fifth in the MLB, and the fifth highest-paid player in the league this season, in total cash, was his teammate Will Smith, at over $38 million.

Just how low is Ohtani's $2 million in total wages this season?

He is tied with several other players as the 352nd highest-paid player in the major leagues this season.

In fact, his salary is so low that at least 50 minor-league baseball players made more cash than he did from baseball this season. And many of them were recently selected in the 2024 MLB draft. Ohtani, however, will likely earn millions more from endorsements this year - he made $40 million from endorsements in 2023, which was the most in the MLB, according to Sportico.

The minimum salary in the MLB this season was $740,000, according to the league's collective-bargaining agreement.

Prior to the start of the 2024 season, Ohtani had an estimated yearly contract value of $36.2 million, according to estimates from contract-monitoring site Spotrac.

See: If NFL star Tua Tagovailoa retires, here's what happens to his $212 million contract

Because MLB contracts are almost always fully guaranteed, teams have the ability to create a unique schedule for players through deferred payments, essentially utilizing a "buy now, pay later" function for professional athletes.

For example, Ohtani's Dodgers teammate Mookie Betts signed a 12-year, $365 million contract in 2020, a deal that contained $115 million in deferred money. Betts's last payment from the contract - of $11 million - will be paid out in 2044, when he's 51 years old.

Unlike New York Mets player Bobby Bonilla, who famously receives $1.2 million in deferred money every July, including a negotiated 8% interest, Ohtani will reportedly not get any interest on his deferred wages.

One MLB player may be on the verge of eclipsing the record-setting $700 million guaranteed contract value that Ohtani signed.

New York Yankees outfielder Juan Soto is on pace to become a Hall of Fame player and will be the top free agent next offseason. Soto, 25, is five years younger than Ohtani and has a WAR this season of 7.7, nearly the same as Ohtani's.

After his historic night, Ohtani was asked to put his season in perspective.

"It was something I wanted to get over as quickly as possible. And, you know, it's something that I'm going to cherish for a very long time," Ohtani, who is from Japan, said through an interpreter after the game.

In his first season with the Dodgers, Ohtani is the clear odds-on favorite to win the National League MVP award. He is also poised to make his first playoff appearance in his six-year career.

Ohtani's play on the field, like his contract, sets him apart from his peers. As a player who both pitches and hits, he is the only two-way player in the MLB, much like baseball legend Babe Ruth.

But Ohtani hasn't been able to pitch this season due to an injury in his throwing arm, so the production he is giving the Dodgers in 2024 might get even bigger in 2025 when he starts pitching again.

Read on: No. 1 NFL pick Caleb Williams asked for his $40 million contract to go into an LLC. Can he do that?

-Weston Blasi

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09-21-24 0535ET

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