For the better part of two decades, St. Louis Cardinals fans wore a specific badge of honor. We weren’t the Yankees or the Dodgers, but we weren’t the Pirates or the A’s, either. We were baseball’s “Goldilocks” franchise: just right. We had the deep-pocketed owner (the late Drew Baur, then Bill DeWitt Jr.), the best fan attendance in the National League, and a front office that turned every dollar into a division title.
But that was then.
As we look ahead to the 2025 season—a season many hoped would be a rebound from the 71-win disaster of 2023 and the mediocrity of 2024—the numbers are finally out. And they tell a devastating story.
The St. Louis Cardinals’ payroll is dropping. Again.
Not just staying flat. Not just adjusting for inflation. Dropping. According to the latest projections from Cot’s Baseball Contracts and RosterResource, the Cardinals’ Opening Day payroll is slated to land somewhere between $165 million and $170 million. That is a significant haircut from the $185 million range we saw just two years ago.
So, where did the money go? And more importantly—who is pocketing the difference?
Let’s run the math. And brace yourselves, Redbird nation.
The Great Payroll Shrinkage
To understand the anger, you have to understand the context. In 2023, the Cardinals had a franchise-record payroll just shy of $190 million. The justification was simple: Busch Stadium was full, TV ratings were high, and the team was coming off a 93-win season. Ownership claimed they were “going for it.”
Then the bottom fell out. The Cardinals lost 91 games in 2023. In response, did ownership double down to fix a broken pitching staff? No. They punted.
By 2024, the payroll had already been trimmed to roughly $175 million. The big names? Gone. Paul Goldschmidt played out his walk year. Jordan Montgomery was traded at the deadline. And the front office refused to extend its young core.
Now, for 2025, we are looking at another $5 million to $10 million shaved off the top. If you’re keeping score at home: That is nearly $25 million in payroll reduction over two seasons.
But the revenues? Those have not dropped. Not even close.
Counting the Cash: What DeWitt Is Actually Pocketing
Let’s talk about the elephant in the room: Bill DeWitt Jr. is a brilliant businessman. He bought the Cardinals for $150 million in 1995. The franchise is now valued by Forbes at over $2.5 billion. That is a 1,500% return on investment. But valuation isn’t cash flow. The cash flow is where fans get sick.
According to the Forbes MLB valuations (2024), the St. Louis Cardinals generated $389 million in revenue in 2023. Their operating income (profit before interest, taxes, and debt payments) was $49.7 million. That ranks in the top 10 in baseball.
Now take that $49.7 million and add the $25 million in payroll cuts from 2023 to 2025.
Do the math. The Cardinals are likely sitting on an annual operating profit well north of $70 million right now. That is money that could have bought a frontline starter (Blake Snell money). That could have extended Nolan Arenado’s window. That could have signed a legitimate DH.
Instead, that money is going directly into the ownership group’s pocket.
The “Cardinals Way” Excuse is Dead
For years, DeWitt has hidden behind a comfortable narrative: “We reinvest everything back into the team.” But the numbers don’t lie. When your payroll is dropping while revenues are rising due to inflation, new local TV deals, and MLB’s national broadcasting money (which just increased with the new ESPN/Apple/Turner deals), something has to give.
Either the money is going toward debt service (doubtful—the team is long since paid off), or it is going toward distributions to the limited partners.
In plain English: The DeWitt family is taking a dividend. A massive one.
And they are doing it while asking fans to pay $12 for a beer and $45 for a bleacher seat.
What Are We Getting For Our Money?
Here is the part that truly stings. It’s not just that DeWitt is pocketing the difference. It’s that the product on the field is getting worse.
In 2024, the Cardinals finished with a losing record again. The pitching staff had one reliable arm (Sonny Gray) and a collection of reclamation projects. The farm system, once the envy of baseball, is now ranked in the bottom third of the league by Baseball America.
And what was the big offseason acquisition to fix this? A low-risk flier on a veteran bat. No ace. No shutdown closer. No blockbuster trade.
It feels an awful lot like the ownership group has decided that as long as 3.5 million people show up to watch a .500 team, they have no incentive to spend.
The Fear: DeWitt is Cashing Out
The conspiracy theory making the rounds among Cardinals Twitter isn’t just that DeWitt is cheap. It’s that he is preparing the franchise for sale.
Think about it: Slash payroll to maximize short-term profit. Let the luxury tax threshold become irrelevant. Stop extending homegrown stars (Tommy Edman was traded; Tyler O’Neill was traded; Paul DeJong was let go). Gut the analytics department. Run the team like a PE firm runs a distressed asset.
Then, in two or three years, sell the franchise for $3 billion. The new owner gets a clean books, low obligations, and a fanbase starving for a spender.
It’s a brilliant strategy. For DeWitt. For the fans, it’s a nightmare.
What Fans Can Do About It
You can’t force an owner to spend. But you can stop pretending.
Stop buying the “small market” excuse. St. Louis is the 22nd largest media market in the country, but it has the 7th highest attendance. That is not a small market—that is a passionate market being taken for granted.
If you want DeWitt to stop pocketing the payroll, stop showing up. Stop buying City Connect jerseys. Stop subscribing to Bally Sports Midwest.
The only language ownership understands is revenue. When that $389 million number starts to dip, suddenly the “pocketed” money will find its way back into the rotation.
Until then, enjoy the math. Bill DeWitt Jr. is making $70 million a year off your loyalty. And the payroll is dropping. Again.
