MLB free agency: After 11 deals of nine figures or more, the previous spending record of $2.4 billion to be shattered in 2022

The MLB free agency market has yielded results beyond what anyone would have thought. The previous record was set last year and was $2.4 billion dollars. It will now be, at the very least, north of $3 billion.

What is the spending record and what does it reflect on the frenzy of this year's MLB free agent? Keep reading to find out.

MLB free agency spending limit and why it matters

"The previous high in free agent spending for a winter was $2.4 billion. This offseason, teams have already comitted $3.265 billion." - @ Jeff Passan

A couple things are driving this spending frenzy in the MLB Market. Most notably, owners and organizations were, until recently, unsure if baseball would even be played this summer. Business is usually done in the winter months, with November and December accounting for roughly a third of signings in normal times.

However, with the looming threat of a lockout, player acquisition was simply not a top priority for management earlier this offseason.

As a result, general managers and owners were left scrambling to sign top quality free agents. This has caused what some would say are inflated contracts to secure players on short notice.

Topping the MLB free agency insider newsfeed was the signing of pitcher Max Scherzer to the New York Mets. His contract, worth $130 million over three years, gives the 37-year-old three-time Cy Young winner an annual value of over $43 million. This sets a new Major League Baseball record.

New New York Mets Max Scherzer is breaking records on and off the field

This kind of cash splashing is not an outlier this season. Former Astros shortstop Carlos Correa signed a three-year contract with the Minnesota Twins worth $135 million, giving him an annual contract value (ACV) of $35 million. Shortstop Corey Seager signed a jaw-dropping $325 million over ten years with the Texas Rangers. The previous record for ACV was set by Yankees pitcher Gerrit Cole two years ago.

This all comes in dizzingly short order, because, throughout the lockout negotiations, organizations were forbidden from approaching players about contractual signings in the MLB free agency market.

"Currently, there are 141 big-league free agents waiting for a chance to negotiate new contracts once the MLB lockout officially ends later today. Expect a flurry of moves in the next 72 hours." - @ MLB Insider

Among the other contracts of note driving this historic frenzy are third baseman Kris Bryant signing with the Rockies for $182 million over seven years ($26 million ACV), shortstop Marcus Semien inking with the Rangers for seven years at $175 million ($25 million ACV), and first baseman Freddie Freeman closing up a six-year, $162 million contract with the Dodgers ($27 million ACV). Many more puncuate this year's MLB free agency market.

All smiles as Freddie Freeman comes to play in his own backyard

Whatever the yield of these contracts will be, we can be sure this year's MLB free agency market was truly unlike any other. It remains to be seen whether or not the aforementioned players, and dozens more who have agreed to lucrative terms, will live up to what the fans and their teammates now expect from them.