New York also re-signed injured reliever Drew Smith to a one-year deal with a club option for 2026. Smith is expected to miss all or most of the upcoming season while recovering from his second Tommy John surgery, but the right-hander should be ready for 2026.

Alonso and the Mets agreed to financial terms last week, subject to a successful physical. The four-time All-Star first baseman gets a $10 million signing bonus and salaries of $20 million this year and $24 million in 2026. He can opt out after the 2025 season to become a free agent again.

“We´re excited to welcome Pete back to Queens,” Mets owners Steve and Alex Cohen said in a news release. “He is a homegrown talent who is adored by our fanbase.”

Alonso, who turned 30 on Dec. 7, lingered on the open market longer than many other top players. Among other free agent first basemen, Christian Walker agreed to a $60 million, three-year contract with Houston, and Paul Goldschmidt (New York Yankees) and Carlos Santana (Cleveland) accepted one-year agreements.

Alonso has spent his entire professional career with the Mets organization and ranks third in franchise annals with 226 home runs, trailing David Wright (242) and Darryl Strawberry (252).

The slugger leads the majors with 586 RBIs since his debut in 2019, and only New York Yankees star Aaron Judge has more home runs (232).

Alonso, nicknamed the Polar Bear, is the lone player in Mets history with five seasons of at least 30 home runs. Last year, he was one of just four players in the majors to play in 162 regular-season games.

“Pete is a great Met and one of the league´s elite power threats,” Mets President of Baseball Operations David Stearns said. “I´m thrilled that we reached an agreement, and I´m looking forward to watching Pete help anchor our lineup.”

Alonso would get a $200,000 bonus for winning an MVP award, $150,000 for finishing second and $50,000 for third. He would get $150,000 for World Series MVP, $100,000 for League Championship Series MVP and $100,000 each for a Gold Glove, Silver Slugger, making the All-Star team or earning a spot on the first or second All-MLB team.

Alonso batted .240 with 34 homers, 88 RBIs and a career-worst .788 OPS last season. He struck out 172 times but played in every game, helping the Mets reach the National League Championship Series. His three-run, ninth-inning homer off closer Devin Williams lifted the Mets over Milwaukee in the decisive third game of their Wild Card Series.

Alonso was NL Rookie of the Year in 2019, when he hit .260 with a major league-high 53 homers – a rookie record – and 120 RBIs. He had a career-best 131 RBIs in 2022.

The 31-year-old Smith was 1-1 with a 3.06 ERA and two saves in 19 appearances last year before having elbow surgery in July. He has spent his entire big league career with the Mets, going 12-13 with a 3.48 ERA and five saves in six seasons.

Smith and right-hander Christian Scott were placed on the 60-day injured list Wednesday. Scott also is recovering from Tommy John surgery and is not expected back until 2026.