Top MLB Salaries for the 2024 Season
Data:
Pitchers: $43,333,334 $43,333,333 $40,000,000 $36,000,000 $35,416,670 $35,000,000
$27,833,333 $25,000,000 $24,571,428 $24,150,000 $24,000,000 $23,500,000
$23,500,000 $23,000,000 $22,000,000
Hitters: $40,000,000 $38,571,428 $37,116,666 $35,000,000 $35,000,000 $34,100,000
$33,333,333 $32,000,000 $31,500,000 $31,000,000 $30,500,000 $30,000,000
$29,318,181 $28,000,000 $27,538,462
[Link]
Introduction:
The data set we are examining focuses on the top MLB salaries for the 2024 season,
specifically looking at the highest-paid Pitchers and Hitters. This information provides a glimpse
into the financial rewards of being among the elite in Major League Baseball and highlights the
differences in earnings between these two key roles. You can find the full salary details on
Spotrac MLB Salaries with the link [Link] Our goal is to analyze and
compare these salary distributions, exploring metrics like the mean, median, and variability to
see how salaries are distributed among top Pitchers and Hitters. We are interested in
understanding if there is a significant difference in earnings between these positions and if the
salary distributions show any unusual patterns. This analysis not only reveals how much top
players earn but also gives insight into the broader economic dynamics of baseball, showing how
teams value different player roles.
Part 1:
A
A) A histogram showing the top 15 salaries for MLB pitchers and MLB hitters is shown above.
B) The Summary Statistics for the salaries of MLB players are shown above. This includes the 5
number summary, mean, standard deviation, and number of individuals.
C) There are no outliers in the MLB salaries. The minimum and maximum salaries for the
players included are within 1.5xIQR of the middle 50 percent of the salaries included. The
interquartile range is $10,416,670 (3rd quartile – 1st quartile). 1.5 x 10,416,670 = $15,625,005.
Any outliers in the data would have to be less than $9,374,995 or greater than $51,041,675.
D) There are 17 salaries within one standard deviation of the mean. The salaries within this
standard deviation can lie between $25,213,206.55 and $37,694,537.99. This is because adding
one standard deviation to the mean is $37,694,537.99 and subtracting one standard deviation
from the mean is $25,213,206.55. 17/30 = 56.67%
E) The distribution of the salaries of the top 15 MLB hitters and top 15 MLB pitchers is roughly
symmetric with two peaks between $22,500,000-$25,000,000 and $35,000,000-$37,500,000.
There are no outlier salaries with all salaries being fairly close to the middle 50% of the salaries.
The median salary is $31,250,000, and the salaries vary from $22,000,000 to $43,333,334.
Part 2:
A) The histogram for the highest MLB salaries split between pitchers and hitters is shown above.
B) The numerical summaries for the data for hitters and pitchers are shown above and below
respectively. The five number summary for hitters is $27,538,462, $31,000,000, $32,000,000,
$35,000,000, $40,000,000. The five number summary for pitchers is $22,000,000, $23,500,000,
$25,000,000, $35,000,000, $43,333,333.
C) To identify outliers in the Pitchers and Hitters data sets, we used the Interquartile Range
(IQR) method with the formula Q1-1.5(IQR) or Q3+1.5(IQR). For the Pitchers data, which has a
minimum of $22,000,000, a first quartile (Q1) of $23,500,000, a median of $25,000,000, a third
quartile (Q3) of $35,000,000, and a maximum of $43,333,334, the IQR is calculated as
$11,500,000. Then, we perform the operation Q1-11,500,000(1.5), to get the lower bound for
outliers as $6,250,000. To find the upper bound for outliers, we do Q3+11,500,00(1.5) to get the
upper bound of $52,250,000. All pitcher's data points fall within these bounds, so there are no
outliers in this set. Similarly, for the hitter's data, which has a minimum of $27,538,462, Q1 of
$31,000,000, a median of $32,000,000, Q3 of $35,000,000, and a maximum of $40,000,000, the
IQR is $4,000,000. After solving Q1-1.5(IQR) and Q3+1.5(IQR), we find that the lower bound
for outliers is $25,000,000, and the upper bound is $41,000,000. All hitter's data points also fall
within these bounds, indicating no outliers in this set as well. Thus, neither data set contains
outliers.
D) When comparing the pitchers and hitters' data distributions for the 2024 MLB season, several
notable characteristics emerge. The mean salary for the top pitchers is about $32,225,582,
slightly lower than the top hitters' mean of approximately $32,543,764, suggesting that the best
hitters, on average, earn more than the best pitchers. The median salary for the top pitchers is
$25,000,000, compared to $32,000,000 for the top hitters, indicating that hitters' salaries are
generally higher at the center of the distribution. In terms of shape, both distributions are right-
skewed, with pitchers' data exhibiting a more pronounced skew due to a wider range and higher
maximum values. Both distributions are unimodal, each having a single peak. For pitchers, the
peak occurs around the median salary of $25,000,000, while hitters' peak is around the median of
$32,000,000, reflecting their respective centers. Regarding variability, pitchers have a broader
range from $22,000,000 to $43,333,334 and a higher standard deviation of approximately
$6,655,448, indicating greater dispersion from the mean. In contrast, hitters' salaries range from
$27,538,462 to $40,000,000, with a narrower range of $12,461,538 and a standard deviation of
about $3,502,594, showing less variability. The Interquartile Range (IQR) supports these
observations: Pitchers have an IQR of $11,500,000 (35,000,000 - 23,500,000), reflecting a wider
spread between the 25th and 75th percentiles. The hitters' IQR is $4,000,000 (35,000,000 -
31,000,000), indicating a more concentrated distribution. Additionally, neither data set contains
outliers, as all data points fall within the calculated bounds. Overall, while pitchers' data displays
greater variability and a wider spread, both distributions are centered around their respective
medians and do not include any outliers.