Money in baseball is getting weird. You've probably seen the headlines about Shohei Ohtani’s $700 million contract and thought, well, that's it. He's the guy. But if you're looking at who is actually taking home the biggest paycheck as a highest paid mlb pitcher in 2026, the answer depends entirely on how you define "paid."
Honestly, the gap between a player's "luxury tax hit" and the actual cash hitting their bank account has never been wider.
The Cash King: Zack Wheeler and the Philadelphia Payday
If we are talking about cold, hard cash being handed over in the 2026 season, Zack Wheeler is the man at the top of the mountain. Most fans didn't realize how massive his extension was when he inked it. Before the 2024 season, the Phillies handed him a three-year, $126 million extension.
Basically, Wheeler is set to earn $42,000,000 in 2026.
That is $42 million for one year of work. It’s the highest annual average salary for an extension in the history of the game. While other guys might have longer deals or flashier total numbers, Wheeler's contract is structured to pay him right now. No deferrals. No waiting until he's 50 to see the money. Just a straight-up, massive salary for one of the most consistent arms in the National League.
The Phillies knew what they were doing. They wanted to keep their window open, and you don't do that by being cheap with your ace. Wheeler’s $42 million is actually $14 million more than anyone else on the Phillies' roster is making this year.
The Ohtani Illusion: $700 Million vs. $2 Million
Now, we have to talk about the elephant in the room. Or the Dodger in the room. Shohei Ohtani is technically the highest paid mlb pitcher if you look at the total value of his contract. $700 million is a number that feels like it belongs in a different currency.
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But here is the catch that most people get wrong.
Ohtani is only taking home $2,000,000 in cash this year.
Because he deferred $680 million of his contract to be paid out between 2034 and 2043, his actual "salary" for the 2026 season is lower than most middle-relief pitchers. He did this so the Dodgers could keep spending on guys like Tyler Glasnow and Yoshinobu Yamamoto. It’s a bit of a loophole, or at least a very aggressive use of the current collective bargaining agreement.
For the "Average Annual Value" (AAV) used for luxury tax purposes, Ohtani’s hit is about $46 million. But in terms of who is winning the "most money in a single year" contest right now? It isn't Shohei.
The $30 Million Club: Who Else is Breaking the Bank?
Beyond Wheeler, the 2026 list of top earners is a mix of veteran staples and recent free-agent splashes.
- Jacob deGrom (Texas Rangers): Even with the injury history, deGrom is scheduled to make $38,000,000 this year. When he’s on the mound, he’s arguably the best in the world, but Texas is definitely paying a premium for that "when."
- Gerrit Cole (New York Yankees): The "Cole Train" is still chugging along with a $36,000,000 salary. He's been the gold standard for a big-money pitcher actually living up to the contract.
- Dylan Cease (Toronto Blue Jays): A newer entry to the elite pay scale. Toronto went big with a seven-year, $210 million deal, putting his 2026 take-home at roughly $35,000,000.
- Tyler Glasnow (Los Angeles Dodgers): He’s sitting comfortably with a $30,000,000 cash payout this season.
It's sort of wild to think that $30 million is now the "standard" for a top-tier starter. Just a few years ago, that was reserved for the absolute upper crust of the league. Now, if you want a guy who can miss bats and give you 180 innings, that's the entry fee.
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Why Pitcher Salaries Are Skyrocketing (and the Risks)
You've gotta wonder why teams keep handing out these $200 million-plus deals when pitchers are more fragile than ever. The logic is pretty simple: you can't win in October without an ace.
But the risks are terrifying.
Look at Garrett Crochet. He signed a massive six-year, $170 million deal with the Red Sox recently. He's making over $28 million this year. If his elbow pops tomorrow, the Red Sox are still on the hook for every cent. Unlike the NFL, MLB contracts are fully guaranteed.
Teams are now using "present value" calculations to try and mitigate this. That’s why you see so many deferrals. If you pay a guy $30 million today, it costs you more than paying him $30 million in ten years because of inflation and the time value of money.
Yoshinobu Yamamoto: The Record Breaker
We can't talk about the highest paid mlb pitcher without mentioning Yoshinobu Yamamoto. His $325 million deal with the Dodgers broke the record for the most guaranteed money ever given to a pitcher.
While his 2026 salary is around $27 million, the total commitment is what changed the market. He came over from Japan without ever throwing a pitch in MLB and immediately became one of the wealthiest athletes on the planet.
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Real Insights for the Modern Fan
If you're trying to keep track of who is actually the "highest paid," stop looking at the total contract number. That's for agents to brag about.
Look at the annual cash flow.
Zack Wheeler is the 2026 cash king. If you want to see who is impacting their team's "Luxury Tax" the most, that's still Shohei Ohtani (at $46M) and Max Scherzer or Justin Verlander depending on their remaining vesting options.
The trend is moving toward shorter, higher-AAV deals for older stars (like Wheeler) and massive, decade-long commitments for younger "sure things" (like Yamamoto).
Next time someone tells you Ohtani is making $70 million this year, you can tell them he's actually making less than the guy selling hot dogs in the front row—sort of.
To really understand the value of these players, you should look at their "Salary per Inning" at the end of the year. That's where you see the real cost of doing business in modern baseball. Start tracking the injury reports alongside the payrolls on sites like Spotrac or FanGraphs to see which teams are actually getting a return on their massive investments.
The era of the $50 million-a-year pitcher isn't just coming; for some, it's already here.