DALLAS — This very location became infamous in the baseball community, creating a seismic shift that left team executives furious, who claimed it would irreparably harm the game.

It triggered the dismissal of a well-respected general manager just a year later and led to an owner experiencing financial distress that would compel him to sell his team almost a decade thereafter.

This spot was also the origin of the opt-out clause.

And it instantly transformed a 25-year-old athlete into the wealthiest professional sports figure in history.

The date: Dec. 11, 2000.

The time: 1:30 a.m.

The venue: Room 633, Anatole Hotel, Dallas, Texas.

This is when the Texas Rangers secured a 10-year, $252 million contract with shortstop Alex Rodriguez.

“How could I possibly forget?” reflected former Rangers GM Doug Melvin. “How could anyone forget such a moment?”

Fast forward 24 years, and the cycle has repeated itself at the same hotel.

This time, it’s Juan Soto making headlines with a staggering 15-year, $765 million contract with the New York Mets.

And once again, voices from smaller and mid-sized markets echoed through the Texas night, lamenting the state of the sport and expressing concerns over a potential work stoppage in 2026.

Scott Boras, the agent who negotiated both A-Rod’s and Soto’s contracts, finds humor in the situation and argues it represents a savvy investment that will boost the team’s worth.

“I believe the process was largely misunderstood,” Boras told YSL News Sports regarding Rodriguez’s contract. “Even though the Rangers did not achieve victory on the field, it was economically advantageous for the franchise. It was definitely beneficial to the team.”

The Rangers, however, would beg to differ.

During the initial three years of Rodriguez’s contract, they finished last in their division, trailing a combined 99 games behind first place. Attendance jumped to 2.8 million in the first year but declined significantly in the subsequent two years, dropping to just 2.09 million fans.

Melvin, who was instrumental in achieving three division titles, was let go 10 months afterward. The Rangers traded Rodriguez to the New York Yankees three years later, and owner Tom Hicks sold the team in bankruptcy court nine years later.

“But look at how they leveraged that deal,” Boras stated. “The value of their franchise skyrocketed from $250 million to $600 million due to the branding. They secured a new television contract, naming rights for the stadium, and initiated land development projects.”

“It’s widely accepted that the surplus value of these types of contracts can reach billions.”

As Soto found himself amid fierce competition from the New York Mets, Yankees, Boston Red Sox, and Toronto Blue Jays with bids surpassing $700 million, similar frustrations were felt in 2000 with Hicks, who many believed was only competing against himself for Rodriguez.

The Mets, initially seen as the frontrunners when Rodriguez became a free agent, withdrew early, concerned that bringing him in would disrupt team dynamics after a World Series run. The Seattle Mariners, Rodriguez’s previous team, offered a five-year, $94 million contract before also stopping their pursuit. Meanwhile, Atlanta refused to grant Rodriguez a no-trade clause or opt-out options, while the Rangers continued to increase their offers.

“Scott kept pushing for opt-outs at three years, five years, and more. Tom refused, saying, ‘I can’t get the fans excited just for him to leave,’ which drove the price up,” Melvin recalled from his home in Florida last week.

The contract was finalized at 1:30 in the morning, following which the Fort Worth Star-Telegram, sensing a significant announcement was impending, went to press at 11:45 p.m. that night, reporting that Rodriguez was on the brink of signing the highest contract in sports history.

“I was extremely anxious,” said T.R. Sullivan, who covered the Rangers for 32 years and broke the news. “Later that night, I encountered Scott, who mentioned that there were still four or five teams in the running. I was so nervous I thought, ‘What if I got this wrong?’ I could very well end up covering high school football for the rest of my career.”

When Sullivan arrived at the Anatole Hotel, he had a conversation with the late Atlanta executive Jim Fregosi, who reassured him that they had withdrawn from the bidding, confirming that Rodriguez was heading to Texas.

“At that moment, I could finally breathe easily,” Sullivan recalled.

The news spread swiftly within the hotel, and executives were candid about their discontent, denouncing the contract and predicting disaster for the sport.

“I’m quite astonished by these figures,” mentioned Sandy Alderson, the former GM who was employed by MLB at that time. “It’s deeply concerning. Clearly, we’ve found ourselves in a crisis. Every team will feel the repercussions.”

Seattle Mariners CEO Howard Lincoln exclaimed: “Clearly, someone foolishly decided to offer him a sum that he couldn’t refuse.”

Houston Astros GM Gerry Hunsicker asserted: “The sooner we bring this to light, the quicker we’ll face the inevitable fallout.”

Criticism echoed throughout the hotel until the meetings concluded, and Rodriguez made his way to town for a press conference at the Ballpark in Arlington.

“I distinctly remember entering a GM meeting later that day,” Melvin remarked, “and oh, the icy stares I received. I responded, ‘Hold on a second’

“It wasn’t my money,” he said, reflecting on the situation. People were quite frustrated with him. What could he do? Tom was eager to make a significant move; he wanted Alex and was determined to do everything within his power to acquire him.

“It’s tough to dispute that he wasn’t the best player in the league.”

The agreement included a stipulation that required the Rangers to ensure Rodriguez stayed the highest-paid player after the eighth and ninth years of his contract, which ultimately backfired. Quite simply, the Rangers lacked sufficient funds to support a team around Rodriguez. Their pitching staff routinely struggled, recording the worst ERA in the major leagues at 5.52 from 2000 to 2003, leaving them with no chance of competing.

Nonetheless, the Rangers’ struggles were not due to Rodriguez’s performance. He topped the American League in home runs for three straight years, averaging 52 homers and 132 RBIs each season. He claimed the MVP award, finished second and sixth in voting, and earned All-Star honors three times, in addition to three Silver Slugger awards and two Gold Gloves.

“If the contract was so detrimental,” Boras remarked, “then why were three or four teams eager to trade for him despite that contract?”

Indeed, after the Boston Red Sox almost secured Rodriguez—only for the players’ association to nullify the trade due to salary concerns—the Yankees swooped in and traded for him in exchange for Alfonso Soriano.

Fast forward four years to the eighth inning of Game 4 of the 2007 World Series between the Boston Red Sox and Colorado Rockies, when Boras announced that Rodriguez was opting out of the last three years of his contract. Six weeks later, he landed a new ten-year deal worth $275 million and went on to win a World Series in 2009.

The Rodriguez deal was a product of a unique convergence of circumstances in Dallas. Hicks had just become the new owner, and his hockey team, the Dallas Stars, had won the Stanley Cup the previous year. The Winter Meetings were hosted in his hometown, and he aimed not just to make a splash but to create a tidal wave.

“He wanted to be one of the premier successful owners in baseball,” Boras explained, “and he sought the best player in the game. It was that straightforward.”

Now, a similar perfect storm is brewing in Dallas for Soto, who is 26—just six months older than Rodriguez was when he inked his groundbreaking deal. Both players share similar achievements and career paths. It’s undeniable that baseball is thriving, amassing over $11 billion in revenue.

With the largest and most lucrative markets in baseball vying for a player like Soto, it’s no surprise to see another record-breaking contract on the horizon.

“One must create a legacy before turning 25 to be in line for a contract like this,” Boras noted. “Juan is a generational talent, just as Alex was, and teams covet talents like this because of the immense surplus value they bring. Juan has the potential to generate over a billion dollars in value for a franchise.”

“Much like Alex, Juan’s best years are still ahead of him.”

And similarly to Rodriguez’s experience, Boras is preparing for the backlash from within the industry. Rodriguez’s contract held more value than 18 MLB teams, 25 NBA franchises, and 27 NHL teams combined. While Soto’s contract may not surpass the value of a single MLB team, the uproar accompanying it is likely to be substantial.

“It happens every time,” Boras stated. “And it will continue to happen.”

Twenty-four years later, in the same city, at the same hotel, represented by the same agent—only with a different player, a new team, and significantly more money.