The Padres had previously been reported to have aggressively pursued shortstop Trea Turner — offering him a bigger deal than what he ended up taking from the Philadelphia Phillies — as well as reportedly being willing to go $400 million for Aaron Judge, who took less to return to the New York Yankees. They were able to land Bogaerts, however, who reportedly drew interest from many teams.
Bogaerts opted out of the final three years of his deal with the Boston Red Sox at the end of the 2022 season, foregoing the $20 million per year he was slated to receive for those three seasons. Prior to the season, there were discussions between the Red Sox and Bogaerts on a new deal, but Boston was only willing to add an additional year at $30 million to the existing deal. That set the stage for Bogaerts to hit the market this offseason.
Boston clearly miscalculated, and ended up offering substantially more to try to re-sign him this offseason, but per Pete Abraham, were still outbid by numerous teams.
The deal locks Bogaerts up for his age 30 through age 40 seasons. Bogaerts put up a 5.8 bWAR in 2022, slashing .307/.377/.458, and has averaged 4.5 bWAR per 162 games over the course of his career.