Two-way superstar Shohei Ohtani is signing with the Los Angeles Dodgers, he announced on Instagram.

The deal is worth $700 million over 10 years, his agent Nez Balelo of CAA announced.

The Dodgers were the clear favorites to land Ohtani heading into the offseason. The Toronto Blue Jays emerged as interesting finalists in recent days. Ken Rosenthal of The Athletic reported during the Winter Meetings that Ohtani and his camp visited the Blue Jays’ training facility in Dunedin, Florida. Some reports on Friday suggested that Ohtani was signing with Toronto, but those turned out to be premature. The Giants, Cubs, and his former team, the Angels, were also reportedly in the mix.

Multiple MLB insiders, including Rosenthal, report that the deal includes “unprecedented deferrals” to offset some of the cost associated with Ohtani’s record-breaking $70 million-a-year salary and the luxury tax penalties that come with it.

Ohtani signing with the Dodgers should lead to more activity in the free agent market. The $700 million deal permanently sets the bar for superstar salaries in baseball. Much of that value is tied to Ohtani’s ability to pitch and hit at an elite level, but he’s also the most famous person in Japan and one of the most marketable stars in sports history. Ohtani will bring in tens of millions in marketing-related revenue for the Dodgers on a yearly basis.

Even if Ohtani never pitches again, the high price tag is justifiable considering Ohtani’s value to the Dodgers as a business.

The Phillies will be seeing a lot more of Ohtani over the next decade. They face the Los Angeles Dodgers at home from July 9-11 and on the road from Aug. 5-7.

The Phillies have avoided seeing the Dodgers in the postseason over the last two seasons, but it’s quite possible we will one day see the Phillies face off against Ohtani during Red October.