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San Diego Padres third baseman Manny Machado, who finished second in National League Most Valuable Player Award voting last year, confirmed on Friday that he intends to opt out of his contract after this season. "There's a lot of money out there," he told reporters (including Chelsea Janes of the Washington Post). "As a player about to opt out, it's pretty good to see."

Machado's declaration came a day after his self-imposed deadline passed on extension talks. The Padres reportedly offered to add another five years and $105 million to the end of his current contract, according to Kevin Acee of the San Diego Union-Tribune. Factor in the voidable part of Machado's deal -- five years, $150 million -- and San Diego would have owed him $255 million over 10 years. Clearly that wasn't enough to get his name on a new contract.

Machado, 31 come July, originally signed a 10-year pact worth $300 million with the Padres prior to the 2019 season. As per that agreement, he has the ability to opt out this winter.

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Machado has been an excellent addition to the Padres lineup. In his first four seasons with the Friars, he's batted .280/.352/.504 (136 OPS+) with 108 home runs. Factor in his defensive contributions at the hot corner and he's accumulated 17.6 Wins Above Replacement, according to Baseball Reference. Machado's WAR total ranks 12th among position players during his Padres tenure, nearly tied with Mike Trout and Carlos Correa. He ranks fifth in that statistic during the Pandemic Era.

Between Machado's performance and last winter's flush free-agent market, his intent to opt out should come as no surprise. Consider that the Padres signed veteran shortstop Xander Bogaerts this winter to an 11-year deal worth $280 million -- Bogaerts is set to enter his age-30 season, making him only slightly younger than Machado. Elsewhere, the lengthy contracts signed by Trea Turner (11 years, $300 million) and Aaron Judge (nine years, $360 million) suggest that Machado should be able to find another long-term deal to his liking, one that will guarantee him more than $30 million annually. 

The Padres, for their part, will still have exclusive negotating rights with Machado from the end of their season (or the World Series) until the start of free agency. General manager A.J. Preller recently extended veteran starter Yu Darvish's contract, suggesting that owner Peter Seidler is willing to pony up to keep San Diego's core in place. Of course, the Padres do have other considerations to weigh, like outfielder Juan Soto's free agency after the 2024 campaign. 

If Machado does reach free agency, he'll be one of the top players available alongside two-way phenom Shohei Ohtani. The Los Angeles Dodgers and New York Mets seem likely to be among the interested parties.