"There's a lot of money out there," Machado told reporters. "As a player about to opt out, it's pretty good to see."
Manny Machado of the San Diego Padres looks on prior to game five of the National League Championship Series against the Philadelphia Phillies at Citizens Bank Park in Philadelphia on Oct. 23, 2022. (Tim Nwachukwu/Getty Images)
The terms of the agreement gives Machado the ability to opt out next winter, but doing so would void the five years and $150 million remaining on the deal.
Machado is coming off a stellar 2022 campaign in which he was the runner-up in National League MVP voting.
BREWERS' CORBIN BURNES' RELATIONSHIP WITH TEAM ‘DEFINITELY HURT’ AFTER TALKS IN ARBITRATION HEARING
In his first four seasons in San Diego, he's batted .280/.352/.504 (136 OPS+) with 108 home runs. He also flashes with the glove and has continued to display strong defensive skills from his third base spot.
Last winter's free agency period saw a number of premiere players ink massive contracts, which makes Machado's decision to opt out somewhat unsurprising.
The San Diego Padres' Manny Machado hits a two-run home run during the first inning of a game against the Cincinnati Reds at Petco Park in San Diego on April 19, 2022. (AP Photo/Gregory Bull)
Machado's own team went out and signed a veteran infielder to a long-term deal this offseason, Xander Bogaerts. The shortstop agreed to the terms of an 11-year, $280 million deal with the Padres.
PIRATES’ BRYAN REYNOLDS CONTINUES PUSH FOR TRADE AMID EXTENSION NEGOTIATIONS WITH THE TEAM
Elsewhere, shortstop Trea Turner and slugger Aaron Judge landed lengthy contract this past winter. In December, Turner singed an 11-year, $300 million deal with the Philadelphia Phillies.
Judge, who set the record for home runs in a single season, inked a nine-year, $360 million contract to remain with the New York Yankees. Machado could be look for a new long-term deal somewhere in the neighborhood of at least $30 million guaranteed annually.
The San Diego Padres' Manny Machado, right, celebrates with Josh Bell after hitting a home run against the Colorado Rockies during the fifth inning of a game at Petco Park in San Diego on Aug. 3, 2022. (AP Photo/Gregory Bull)
The Padres are expected to discuss a long-term extension with Machado ahead of Opening Day, The Athletic reported.
San Diego did keep another key part of their roster in place by recently extending veteran starter Yu Darvish's contract through 2028.
Machado is not the only star player on which the team will soon have to make a decision, as outfielder Juan Soto is set to hit free agency in 2024.