Major League Baseball (MLB) rookie salary 2003-2024

Major League Baseball has a minimum player salary in place to ensure that its athletes are fairly compensated for the work they do. The MLB minimum salary in 2024 stood at 740 thousand U.S. dollars annually, representing a steady increase each year over the last 15 years. 

Money to be made in the MLB

MLB players are known to receive generous yearly salaries, in addition to performance incentives, such as prizes for games won. The average player salary in 2024 was over six times higher than the minimum salary, at around five million U.S. dollars. This also represents almost double the average player salary from 2005, illustrating the rapid boom of money in baseball.

MLB's biggest earners

Certain positions in the MLB, such as first base or starting pitcher, are usually better paid due to the important roles they are considered to have in the game. The highest paid players in the MLB in the 2023 season include Los Angeles Dodgers pitcher Shohei Ohtani and Texas Rangers pitcher Max Scherzer. In 2024, the New York Mets were the best-paid baseball team in the MLB, with an opening day payroll of 305.62 million U.S. dollars. The Oakland Athletics, on the other hand, were the most thrifty franchise, with an opening day payroll of just over 60 million U.S. dollars.