How, in one night, the Mets shocked even themselves by signing Carlos Correa and changed absolutely everything

At Yankee Stadium on Wednesday morning, Yankees managing general partner Hal Steinbrenner prepared to bask in the $360 million he had awarded to the face of his franchise, the all-time American League home run champion, baseball’s current celebrity star of the offseason, Aaron Judge.

Willie Randolph was en route, Derek Jeter, too … and then, from the top rope, Steve Cohen took hold of the news cycle and made it a Mets day.

Pause a moment. Breathe. Take it in. We have never seen anything like this.

The Mets -- a franchise that for most of its history was an outer borough afterthought compared to the most iconic brand in global sports playing up in the Bronx -- are behaving like no team ever has, grabbing many of the expensive players and most of the attention, while upending more industry norms than anyone can count.

The latest move in that direction was a dramatic one -- so wild, in fact, that it was out of step with the Mets’ recent behavior, vaulting the organization into a new phase. Shortly after midnight ET on Wednesday morning, the Mets agreed to terms with star shortstop (well, now star third baseman) Carlos Correa on a 12-year, $315 million contract.

The deal is pending a physical, which is no small matter. In a highly unusual development, the San Francisco Giants canceled an introductory news conference with Correa on Tuesday because of an unspecified issue with the physical. Last week they had agreed to terms, pending physical, on a 13-year, $350 million contract with Correa.

Once the issue became public, Cohen and his GM, Billy Eppler, re-engaged Correa’s agent, Scott Boras. The three had talked about Correa before the deal with San Francisco, but felt all along that an agreement was “very low probability,” in the words of one person directly involved.

As late as 8:30 p.m. on Tuesday, it was unclear if Mets/Correa talks would accelerate, according to people directly involved. By midnight, the terms were essentially set. 

Cohen is on vacation in Hawaii, creating a strange timing dynamic for the organization. Nearly everyone in his inner circle of Mets executives, officials and advisors woke up on Wednesday with no knowledge that there had even been talks with Correa, let alone an agreement.

The fact that Cohen had already been quoted in the New York Post about the deal sent shock waves around the industry. The Giants had never publicly confirmed their agreement with Correa, which is the industry standard before a player takes a physical.

Now that Cohen has weighed in on his deal with Correa, the Mets could face a grievance if their medical team does not recommend finalizing the deal. This remains an evolving story.

In the fall of 2020, Cohen faced opposition in his bid to buy the Mets from a group of owners who worried about potential runaway spending. With a net worth estimated between $13 and $18 billion, depending on the source, Cohen is wealthier than any of his competitors.

By partnering with Sandy Alderson as team president, Cohen was able to ease many of those concerns. Alderson is a highly respected executive who, as an official in the commissioner’s office in 2000, strongly criticized the Texas Rangers’ then-record $252 million deal with Alex Rodriguez. His presence reassured competitors that the Mets would spend big, but not spend crazy.

For the 2021 season, Cohen and Alderson did not want to exceed the luxury tax threshold. They achieved that goal, although they were willing to make an exception on bidding for free agent pitcher Trevor Bauer (can you imagine, by the way? Geez).

That spring, Cohen awarded Francisco Lindor with a 10-year, $341 million contract. After that, he preferred to overpay on short-term deals for veterans like Max Scherzer and Justin Verlander, retaining roster flexibility in the future.

The plan, he told his inner circle, was to win now with that strategy while working toward a more sustainable future via homegrown, reasonably-priced talent. That’s why he and Eppler refused to part with prospects at this year’s trade deadline, and why they did not want to add Judge on a long-term deal.

Signing Verlander for two years plus a vesting option for a third year was consistent with that approach.

But after that, the Mets watched the Philadelphia Phillies sign Trea Turner for more than $300 million. The Yankees gave Judge $360 million. The San Diego Padres and Texas Rangers were splurging. Somewhere, around Wednesday of the winter meetings, Cohen realized that he was going to be a runaway spender after all.

As one baseball official said, “He must have looked at the Phillies and said, ‘Oh, [owner] John Middleton is spending big? That’s cute. I can win at that game.’”

An eight-year deal with Brandon Nimmo followed. Rivals panned the length of that contract, but it was understandable in the context of retaining Nimmo as a homegrown, highly popular member of the team.

The events that transpired roughly between 7 p.m. and 12 a.m. last night were not as easily explained. A long-term investment in Correa represented a major shift in the “veterans now, homegrown players” later model in which the Mets had been working.

By locking up an expensive third baseman for more than a decade, the Mets created significant buzz and a better 2023 team. They also boxed top prospect Brett Baty, untouchable at the trade deadline, out of his position for the majority of his career.

According to a source, some in the player development wing of the organization had already suggested trying Baty in left field. On Wednesday morning there was early talk of accelerating that process.

The Mets can now use Baty or another prospect, Mark Vientos, to sweeten a deal to unload catcher James McCann. Eppler has spoken to the Chicago White Sox about closer Liam Hendriks, and now he has more to offer -- not just a prospect like Vientos, but third baseman Eduardo Escobar, who no longer has an obvious place in the lineup.

Those are details that Eppler can work out in the coming days and weeks. For now, it’s enough to look at the big picture and say that, in the space of one night, the Steve Cohen Mets became what rivals dreaded and fans dreamed about.