According to Steve the Ump's numbers, the Sox were within about $15-16M of being the top spender in MLB from 1998 to 2000. In 2001, we were just about tied with NYY for the #1 spending team. It's not like JH, took over a cheap-spending team. We already had Manny on the books. The Yanks pulled ahead in 2002 and were over $50M ahead by 2003, as the Sox dipped to 5th.
In 2004, the Sox jumped to 2nd by adding $25M to the 2003 budget, but the Yanks added $30, and were still pulling away. We cut $4M going into 2005, while the Yansk added another $23M to their total. It was after this that the Yanks started cutting, while the Sox stayed about even. The Sox jumped up in 2007 by jumping $23M, while NYY cut $4M.
In 2008, the Sox cut the budget, again, and the Yanks jumped theirs. We cut another $11M into 2009, but retained our 4th place ranking. The Yanks barely added anything in 2010, while the Sox splurged by jumping $40M and into 2nd place. PHI passed us in 2011, as we stayed about even.
We dropped spending by $23M and ranking (3rd to 4th) in the 2013 championship season. That limited the complaining by fans, for a while. We added significantly in '14 and '15, but finished in last place. We were 3rd in spending in 2015 at $187M. We slowly added payroll, as the Dodgers passed us and NYY. We were at about $200M in 2017.
We jumped spending by $35M in 2018 and went to #1. We stayed #1 in 2019, but then started the big slash and burn plan. Despite the massive cut, we still stayed at #3 in 2020 and 2021.
Why we cut so much for 2022 remains a topic of angry debate, as we dropped to 6th, but in reality, we actually spent $15M more in '22 than '21 (tricked ya!) The difference was that many teams went nutty with spending, and that was the major factor in our srop in the rankings, that year. Cutting $20M for 2024 was the main reason we dropped 7 more slots, although we were still about $5M from being top 10.
I'm not as sure as others that a clear trend of continuing cuts is underway. It looks almost impossible to determine an trend, except that we have not jumped spending significantly in a long time, and other teams are spending way more.
What we decide to spend in 2025 is a total guess. Nobody knows, but maybe JH & Co. I'm not even sure they have decided, yet.