NEW YORK CITY, New York: Major League Baseball (MLB) players now earn an average of over US$5 million per year for the first time, a study by The Associated Press shows.

The New York Mets have the highest payroll, spending $322.6 million, followed closely by the Los Angeles Dodgers at $319.5 million. In contrast, the Miami Marlins have the lowest payroll at $64.9 million.

The Dodgers increased their spending by $69 million, while other teams, such as Baltimore and Arizona, also raised their budgets significantly. Some teams, such as the Chicago White Sox and San Francisco Giants, have cut their payrolls.

Following their record 121-loss season, the Chicago White Sox cut payroll by $60.8 million, San Francisco by $39.1 million, Miami by $31.7 million, and St. Louis by $31.6 million. The American League champion Yankees dropped by $18.5 million.

Just five teams were under $100 million, with the Marlins joined by the A's ($74.9 million), Tampa Bay ($79.2 million), the White Sox ($80.9 million), and Pittsburgh ($87.9 million).

Soto broke the previous high of $43.3 million shared by pitchers Max Scherzer and Justin Verlander under deals they agreed to with the Mets.

Phillies pitcher Zack Wheeler is second at $42 million, followed by Texas pitcher Jacob deGrom and Yankees outfielder Aaron Judge at $40 million each.

The average rose 3.6 percent to $5,160,245. That was up from a 1.5 percent increase last year but down from an 11.1 percent increase in 2023.

Shohei Ohtani's $70 million salary is spread out over future years, so it counts as $28.2 million in current payroll calculations. Juan Soto now holds the record for the highest MLB salary at $61.9 million.

Over half of MLB players earn at least $1 million, and 15 players make $30 million or more. The median salary has dropped to $1.35 million.

The AP's figures include salaries and prorated shares of signing bonuses and other guaranteed income.

Payroll figures account for adjustments related to cash transactions in trades, signing bonuses that are the club's responsibility upon contract agreement, option buyouts, and termination pay for released players.