Here is a Pete Alonso contract offer that the Blue Jays could live with

The Toronto Blue Jays still have some money to spend, even after signing Anthony Santander, which is good news, considering they could still use a power bat and an arm for their rotation. They could take care of the need for a power bat by signing former Mets All-Star Pete Alonso and check one more thing off the shopping list for this offseason.

Alonso won’t come cheap, though, and if the Blue Jays want to sign him, they are likely going to have to be comfortable getting close to an Average Annual Value (AAV) near $25 million. But, as you’ll see below, a good contract for the Blue Jays and Alonso could sit anywhere between three to five years with an AAV hovering between $24 to $28 million.

The Blue Jays are reportedly already close to reaching the Competitive Balance Tax threshold of $261 million after the Santander signing, but also have some flexibility, according to BlueJays.com beat reporter Keegan Matheson. We don’t know how high they are willing to go for 2025, but they also have some significant money coming off the books over the next few years.

For starters, the Blue Jays are estimated to have $156 million on the books for 2026 (per FanGraphs), while Baseball Reference and Spotrac.com have them listed lower at around $130 million. Let’s work with the higher number for argument's sake, which considers Chris Bassit, Chad Green, Erik Swanson, Vladimir Guerrero Jr. and Bo Bichette to be free agents/out of Toronto's purview.

The Blue Jays, by all accounts, are still looking to sign Guerrero and Bichette to long-term deals, and that would have a significant impact on increasing their 2026 salary, of course. If they manage to sign both to long-term deals, it could add around $55 million combined to that payroll per season, and that puts the Blue Jays at $211 million. That's a big number, but still short of the luxury tax threshold in 2026.

Here is a Pete Alonso contract offer that the Blue Jays could live with

In the last two weeks, it appears that the Mets' final offer to Alonso is a three-year deal worth close to $70 million, and Mets owner Steve Cohen admitted publicly that the negotiations between his team and Alonso’s agent haven’t been going well. If Alonso (or his agent) is turning that down, they are clearly looking for something in the range of at least $25 million per season, or even north of that figure.

Could the Blue Jays go there, even with long-term Vladdy and Bo deals on the table? Technically, they could. Using those figures above for Bo and Vladdy, you can throw $24- $28 million on for Alonso, and the 2026 payroll is still coming in at $239 million on the high end, giving them just over $20 million to work with on other needs (again, going up to that first luxury tax threshold).

Now, for 2025, they will have to fly above that if they want to get a deal done with Alonso, but maybe it’s a deal that could include some deferrals with a significant raise in the last couple of years. The bottom line is that the Blue Jays, if they are willing to go above the threshold and truly spend like a big market club, shouldn't be afraid of an Alonso contract of three to five years and an AAV hovering between $24 to $28 million.