The Cot's number of $227 mill appears to be the right one. Here are their numbers. I added a column for the running total to make it easy to confirm.
Tanaka, Masahiro 22,142,857
Stanton, Giancarlo 22,000,000 44,142,857
Ellsbury, Jacoby 21,857,143 66,000,000
Chapman, Aroldis 17,200,000 83,200,000
Happ, J.A. 17,000,000 100,200,000
Britton, Zack 13,000,000 113,200,000
LeMahieu, D.J. 12,000,000 125,200,000
Gregorius, Didi 11,750,000 136,950,000
Hicks, Aaron 10,000,000 146,950,000
Severino, Luis 10,000,000 156,950,000
Ottavino, Adam 9,000,000 165,950,000
Paxton, James 8,575,000 174,525,000
Sabathia, CC 8,000,000 182,525,000
Gardner, Brett 7,500,000 190,025,000
Betances, Dellin 7,250,000 197,275,000
Romine, Austin 1,800,000 199,075,000
Kahnle, Tommy 1,387,500 200,462,500
Bird, Greg 1,200,000 201,662,500
Judge, Aaron 684,300 202,346,800
Sanchez, Gary 669,800 203,016,600
Andujar, Miguel 617,600 203,634,200
Torres, Gleyber 605,200 204,239,400
Green, Chad 598,650 204,838,050
Montgomery, Jordan 596,600 205,434,650
Holder, Jonathan 580,300 206,014,950
Cessa, Luis 578,975 206,593,925
German, Domingo 577,500 207,171,425
Voit, Luke 573,200 207,744,625
Tarpley, Stephen 557,250 208,301,875
Tauchman, Mike 557,000 208,858,875
Tulowitzki, Troy 555,000 209,413,875
Heller, Ben 555,000 209,968,875
40-man players-minors 2,250,000 212,218,875
Est. Player Benefits 14,500,000 226,718,875