The success of the Mets is not assured by Steve Cohen's large salary

Like most successful businesspeople who purchase professional sports teams, Steve Cohen, the owner of the Mets, has had to overcome a steep learning curve.

According to Major League Baseball's luxury-tax system, Cohen has spent $1.57 billion on players since acquiring the franchise from Fred Wilpon in late 2020 in an attempt to buy his way to a World Series championship. In addition, he paid $2.4 billion for the franchise.

For it, what does he have to show? There have been numerous early postseason exits, and this year's squad is attempting to qualify for the playoffs in the closing days of the season after blowing a significant lead to the Philadelphia Phillies.

They are only one game ahead of the Cincinnati Reds and Arizona Diamondbacks for the last NL Wild Card berth, and they are 11 games behind the NL East-winning Phillies despite their incredible comeback to win 9–7 in Chicago last night. The Reds and Diamondbacks have the advantage over the Mets in head-to-head tiebreakers.

The Los Angeles Dodgers, who went on to win the World Series, defeated the Mets in six games during the National League Championship Series last season. And to get that far, they had to win an NL Wild Card position by surviving a three-way tiebreaker on the final day of the regular season.

This season in particular, that isn't a very good return on investment.

At a press conference in New York last week, David Stearns, the club's president of baseball operations, stated, "This [year] has been a grind for this entire group."

Although it wasn't intended to be this way, the Mets' 1992 "worst team money could buy" team is reminiscent of this season's second half. The Mets led the Phillies by 5.5 games and held the best MLB record at 45-24 on June 12. Since then, everything has gone south.

It goes without saying that Stearns stated, "We would not have expected to be in this spot when you're sitting where we were in mid-June." "After it's all over, we'll have time to assess, diagnose, and do all of that stuff."

The Mets could definitely duplicate their success from the previous season and still qualify for the postseason. However, that was the opposite of this season, as they went 19-9 starting on August 28, 2024, and almost missed out on a Wild Card berth. They are 7-12 in September this year, haven't exhibited much of a pulse, and have lost eight straight at one point.

Add everything to the pot.

Cohen's track record of keeping his managers and baseball operations officials on board is comparable to terminating underperforming hedge fund employees. He could bring in a whole new crew, no matter what the expense.

In the five seasons that he has owned the team, he has had three on-field managers and four directors of baseball operations, which might be a sign of problems for Stearns and manager Carlos Mendoza. Billy Eppler served as general manager for three seasons. After the Mets failed to qualify for the 2023 playoffs and hosted and lost a three-game Wild Card Series to the San Diego Padres in 2022, veteran Buck Showalter was fired.

Mendoza must be on very thin ice because he has been in charge of a team that has played 35-52 ball since its June peak. With 215 home runs, Stearns' team has the fifth-highest total in the league, but its pitching staff is rated 17th with a 3.99 ERA. He must take responsibility as well.

Milwaukee's pitching staff boasts the second-best ERA in baseball at 3.61, while spending over $200 million less than the Mets' second-ranked payroll of $340.6 million. The Brewers hold the best record in Major League Baseball and have won 15 more games than the Mets.

Without a doubt, Cohen has thrown money at it. The Mets' payroll has ranked fourth, first, first, second, and second during his tenure. He outbid the New York Yankees in the offseason and signed Juan Soto to a 15-year, $765 million contract that would expire in 2040, when he turns 40.

Soto has had another MVP-caliber season after a rough start acclimating to a new team. He has hit 42 home runs and 104 RBIs.931 OPS, 163 OPS+, and a WAR of 6.3, which is the final figure in the Shohei Ohtani area. Tuesday night, he snatched his 36th bag, which is an unlikely accomplishment for a player with limited agility.

However, the Mets' five anticipated starters—Clay Holmes, Tylor Megill, David Peterson, Griffin Canning, and Kodai Senga—were making a total of $38.7 million this season when they started spring camp in Port St. Lucie, Florida, this past March. Compared to the $51 million paid to Soto alone, that is $12.3 million less.

That was effective until June, when the pitchers began to decline; at this point, only Peterson and Holmes remain healthy. Jonah Tong and Nolan McLean, two new starters, are helping the Mets finish strong.

After losing Jose Quintana and Luis Severino from the previous season, the Mets did not retool their rotation in the offseason. They converted the Yankees closer Holmes, a free agent, into a starter. Due to a right oblique strain he suffered during camp, Sean Manaea began the season on the injured list and didn't return until July 13. He has only won two games and hasn't been able to duplicate last year's 12-win campaign.

The Mets did not add any starting pitchers at the July 31 trade deadline, despite that situation. By adding relievers Gregory Soto, Taylor Rogers, and Ryan Helsley, they bolstered their bullpen. However, that hasn't stopped a recent meltdown and 27 missed saves. With an 8.47 ERA in 20 games, Helsley, the former St. Louis Cardinals All-Star closer, has been terrible. Was Stearns supposed to have taken further action?

"What if I knew the outcome of our season? "Of course," Stearns responded.

Stearns is compensated to make those choices. You can bet that the owner is assessing Cohen as he continues to work through his own learning curve.