Mets' Steve Cohen on 2023 Spending Spree: 'Clearly' Money Doesn't Buy Wins in MLB

New York Mets owner Steve Cohen knows firsthand that money doesn't buy winning in Major League Baseball.

The Mets have had the highest luxury tax payroll in baseball over the last two seasons, but they have also struggled mightily despite spending on talent, and Cohen now realizes that spending money doesn't mean the team will be successful.

"Clearly not. We tried that," Cohen said on CNBC. "The real problem is if you're trying to build a team through free agency, it's such a tough place to be because you're fighting the aging curve. You're buying players based on their previous history but they're getting older. As they get older, performance over time declines and so it's a tough place to be."

During the 2023 season, the Mets had a luxury tax payroll worth $374.7 million, per Spotrac.

Cohen signed the likes of Kodai Senga, Max Scherzer and Justin Verlander ahead of the 2023 season, but that put the franchise no closer to being a legitimate title contender.

Both Scherzer and Verlander were eventually traded, and the Mets finished the season fourth in the National League East with a 75-87 record, missing the playoffs for the sixth time in seven seasons.

This season, the Mets still boast the highest luxury tax payroll in baseball at $339.4 million, and they still have retained money on the deals of Scherzer and Verlander despite both players suiting up elsewhere.

New York's struggles have continued into the beginning of the 2024 season as the Mets are off to an 0-4 start, dropping three games to the Milwaukee Brewers and one game to the Detroit Tigers.

To Cohen's comment about players aging, the Mets have just five players under the age of 30 on their roster—Pete Alonso (29), Harrison Bader (29), Zack Short (28), Brett Baty (24) and Francisco Alvarez (22).

The Mets, at least, have a decent prospect pool, ranking No. 13 in MLB.com's farm system rankings. Jett Williams, Drew Gilbert, Luisangel Acuña and Ryan Clifford rank within MLB.com's top 100 prospect rankings.

With the Mets continuing to struggle, it's likely the franchise will begin to look to the future and developing talent in-house in order to build a successful team moving forward.