The New York Mets' total spending for the 2023 season reached $420 million, setting a record with a $319.5 million payroll.

An additional $100.8 million was incurred as a luxury tax by the Mets.

Despite this financial outlay, the Mets finished fourth in the NL East, failing to make the playoffs.

The team's expenses could have been higher if not for strategic trades that shed some key players.

The Mets were among the top spenders in MLB, alongside the Yankees, Padres, and Phillies.

Overall, MLB team payrolls rose by 11% to a collective $5.07 billion, with an average player salary between $4.41 and $4.52 million.

Luxury tax calculations consider average annual values of contracts and include benefits in addition to salaries and bonuses.