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Who’s Overpaying
Imagine signing a contract your league has never seen before. Eleven years. Your future sorted. Then, months later, you put your hand up and say "thanks, but I'd rather try somewhere harder." That's what Korean baseball star Noh Si-hwan has just done. So who is overpaying?
The Deal
In February 2026 Noh signed an 11-year, 30.7bn won contract with the Hanwha Eagles, according to STARNEWS. MLB Trade Rumors says that's slightly over US$23m. It was a deal unlike any other in Korean baseball history.
It came with an escape hatch. Hanwha agreed to respect his wish if he wanted to go to America. On 31 October the KBO, Korea's top league, asked Major League Baseball to make him available to all 30 MLB clubs (Chosun Biz). They now have 30 days to sign him. If he moves, the Hanwha contract is cancelled. If nobody signs him, he goes back to Hanwha and can't try again until 1 November next year.
He has earned the attention. In 2026 he hit 29 home runs with 96 runs batted in from 127 games, and got a hit in about 28% of his at bats (Chosun Biz). Over the last four seasons he hit 116 home runs with 387 runs batted in, and in 2023 he topped the league for both (STARNEWS). He has been Hanwha's everyday third baseman for four seasons.
The Price Tag
Here are the Sports Edge calculations, all rounded.
30.7bn won over 11 years is about 2.8bn won a year. Using the same exchange rate as MLB Trade Rumors, that's roughly US$2.1m a year.
Compare that with Park Chan-ho, who signed with Doosan for 8bn won over four years (STARNEWS). That's 2bn won, or about US$1.5m, a year. Noh's deal pays about 40% more each year.
Park Chan-ho isn't alone. LG gave Park Hae-min 6.5bn won over four years (about US$1.2m a year), and Hanwha gave Sim Woo-jun up to 5bn won over four years (up to about US$0.9m a year), according to STARNEWS. Its columnist, former club executive Ryu Sun-gyu, says players in the free agent market are expecting big money.
Under the posting rules, the MLB club pays Hanwha 20% of the first US$25m of his contract, then 17.5% of the next US$25m (STARNEWS). A US$23m MLB deal would earn Hanwha about US$4.6m. A US$40m deal would earn about US$7.6m. Above US$50m, the rate drops to 15%.
If he leaves, his Hanwha contract is cancelled, so Hanwha also stops paying him about US$2.1m a year.
Noh's Hanwha deal pays about 40% more a year than Park Chan-ho's at Doosan. Sports Edge Insight. Sports Edge calculation, using about 1,335 won to US$1. Sources STARNEWS and MLB Trade Rumors.
"He gave up 11 years of security for 30 days of phone calls."
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The Case For Paying Up
Power is expensive in America. MLB Trade Rumors says there's a shortage of reliable third basemen in this year's market (STARNEWS).
He's cheap by MLB standards. MLB Trade Rumors suggests a US club might offer less than US$23m, over fewer years. It also says his Hanwha deal gives him an advantage, because he doesn't need to accept a poor offer.
Smaller clubs can afford to bid. The fee is a share of the contract, not a big upfront payment, so clubs without huge budgets can join in, says Al Bat, quoted by Chosun Biz.
Big names are being mentioned. Al Bat suggests he could suit the Yankees, Red Sox, Dodgers and Mets. That's speculation. No club has been reported as making an offer.
He's young and has no major injury history, according to Al Bat, quoted by Chosun Biz.
Hanwha can't really lose. If he goes, it collects a fee. If he stays, it keeps its star.
The Case Against
Korea to America is a big jump. MLB Trade Rumors says the KBO is generally seen as one level below Japan's league, and few hitters have gone straight from Korea to MLB and succeeded.
MLB pitchers throw harder. STARNEWS says adapting to fastballs and his defence at third base are the key questions. On defence there is a good sign. He was one of only eight players in the league's top 10 for innings in the field in both 2025 and 2026 (STARNEWS).
The clock is tight. A possible MLB lockout on 1 December could freeze his move (Chosun Biz).
Hanwha's 11-year deal now looks like a very long promise to a player who, according to his agent, had long dreamed of MLB.
The Verdict: Bargain
For an MLB club, a proven power hitter at third base for under US$23m is cheap. Al Bat, quoted by Chosun Biz, says he could suit clubs that want an upgrade without paying superstar money. The risk is real, because Korean hitters don't always make the jump. But at this price, the downside is small and the upside is big.
Nobody here is overpaying. Hanwha gets paid if he leaves. The MLB club gets a discount. The only person taking a real risk is Noh, and he's doing it on purpose.
STARNEWS compared his contract to winning the lottery. He just handed back the ticket to buy a bigger one.
Jasmine’s Take:
"In finance, a guaranteed income for 11 years is worth a lot. Noh has swapped it for 30 days of phone calls. That isn't reckless. It's a bet on himself, and those are the bets I respect most."
What to Watch Next
The 30-day window. MLB clubs can talk to him from the day after MLB tells them he's available, until 5pm US Eastern time on the 30th day (Chosun Biz). The exact deadline hasn't been published.
1 December. A possible MLB lockout on that date could freeze talks if no deal is done.
If nobody signs him, he goes back to Hanwha and can't try again until 1 November next year.
Korea's own spending spree. The KBO publishes its free agent list within five days of the Korean Series ending, and defensive outfielders Choi Ji-hoon, Kim Ho-ryeong and Jung Su-bin are expected to enter the market (STARNEWS). STARNEWS asks whether they'll land 5bn to 8bn won deals too. The answer will show whether Korean clubs are still spending big.
