The New York Yankees have officially held their most consequential meeting of the offseason so far.

A cadre from the team, including principal owner Hal Steinbrenner, visited free agent slugger Juan Soto and his agent in California to make their pitch for Soto remaining with the team long-term. Soto is projected to land a contract that could eclipse $600 million with a number of big-market suitors after him, so the Yankees have their work cut out for them if they hope to bring him back after a stellar 2024 season.

Following the meeting, Steinbrenner did not sound overly confident about pulling off a reunion.

"No idea," he said when asked about the chances of re-signing the superstar, per ESPN. "We'll be in the mix. I'll leave it at that."

With some of Major League Baseball's biggest spenders, including the New York Mets, Philadelphia Phillies and Los Angeles Dodgers, also making pitches to Soto, it's understandable if Steinbrenner feels like the Yankees aren't necessarily the favorite to land him. But Bob Klapisch, a columnist for the Newark Star-Ledger, took it a step further, writing that the owner is expecting to lose the sweepstakes.

"My gut says Hal Steinbrenner is already preparing for Soto's defection into the Mets' loving embrace," Klapisch projected. "The slugger will stay in New York, help a top-notch team and pull down a $600 million-plus contract. It just won't be in the Bronx."

Klapisch added that those preparations could be best for the Yankees as he expects the team to target four-time All-Star Corbin Burnes, two-time All-Star Alex Bregman, three-time Gold Glover Christian Walker and Silver Slugger Anthony Santandar in what could be a more well-rounded revamp for the roster in 2025.

"It's a heck of a wish list that would significantly improve the Yankees on offense, defense and those dreaded fundamentals that sunk them in the World Series," Klapisch added. "It'll be a huge disappointment to many fans. Soto was the fiercest player on the roster. ... He'll be missed, but the Yankees shouldn't cry. Plan B is the smart move."

Steinbrenner could feel the same way, though publicly he'd want to signal that the team is doing everything it can to lock the best free agent on the market into a long-term contract, no matter the cost. With the bidding for Soto poised to reach historic levels and the Yankees already on the hook with several high-caliber salaries, Steinbrenner could be ready to embrace a backup plan for next season and beyond.