The biggest free-agent contract in American sports history, Manny Machado and the San Diego Padres have agreed to a 10-year, $300 million deal. The result is the second-largest total value contract in MLB history, behind Giancarlo Stanton's $325M extension with the Marlins in the 2014-15 offseason The deal, which is pending a physical, includes an opt-out after the fifth season, according to sources that told ESPN’s Jeff Passan. Padres owners Ron Fowler and Peter Seidler wouldn’t confirm the deal yet, and said that discussions are “continuing.” "Ron and I, we love the city of San Diego, we love sports in San Diego, we're also well aware of the history," Seidler said. "There's never been a championship. ... We as an organization, we want to completely change that. We want our franchise to win year after year after year. And we're going to do whatever we can rationally do to make that happen.” The 26-year old Machado is coming off a career-high .905 OPS last season and finished with a .297/.367/.538 slash line, with 37 home runs, and 107 RBIs. Machado has hit at least 30 home runs and 30 doubles in each of the past four seasons. He and Colorado Rockies’ Nolan Arenado are the only two players to reach both of those marks every season since 2015. Machado's 175 career home runs are 12 more than the Padres' all-time franchise leader, Nate Colbert (163), which is the lowest total for any active franchise. The Padres have missed the playoffs for 12 consecutive seasons and ranked 28th in the league last season with just 3.8 runs per game. Over the past two seasons, the Padres have spent more money in free agency than any other club in the majors, $474 million. $144 million of that went to Eric Hosmer as part of an eight-year deal last offseason. The Padres signed Machado on February 19, 2019 -- exactly one year to the date after they inked Hosmer last winter. The Padres have only spent $309 million in free agency (27th in the MLB) over the 25 years prior to 2018, a number that Machado’s contract nearly passed on its own. Vegas has already taken note of the mega-deal. The Padres’ chances of winning the World Series improved from 80-1 to 50-1 at the Westgate Las Vegas SuperBook on Tuesday. Their chances of winning the NL West improved from 30-1 to12-1. The Philadelphia Phillies, Chicago White Sox and New York Yankees were also in the running to sign Machado. White Sox executive vice president Kenny Williams told reporters that he was shocked that Machado chose the Padres. "I'm wearing my shades so you can't see the shock in my eyes," Williams told reporters at White Sox spring training in Glendale, Arizona. "Very surprised. There are a few other words you could put on that, but still in a little bit of disbelief. ... I honestly believe we had the best offer on the table." Last season Machado spent most of his time at shortstop, his preferred position, and produced the third-worst Defensive Runs Saved total (-13) among the 22 qualified players with enough innings. The Los Angeles Dodgers gave up five minor leaguers to acquire Machado from the Baltimore Orioles last July. His brief 15-week stint in L.A. helped the Dodgers to a World Series appearance, where Machado hit just .182 and recorded the final out that gave the Boston Red Sox the championship. Machado spent more time on the free agent market (113 days) than he did as a Dodger (102 days). With Machado signed, all focus will now point to Bryce Harper.