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Harper's deal surpassed the MLB's previous record set by Giancarlo Stanton, who signed a contract worth $325 million with the Miami Marlins in 2014. Eight of the top 10 contract in sports history belong to baseball players.
Here are the world's top 10 highest-paid athletes by contract.
1) $365 million - Canelo Álvarez, boxing
The Mexican boxer signed an 11-fight contract with London-based video streaming service DAZN. Álvarez has the potential to make even more money if DAZN hits certain subscription benchmarks.
2) $330 million - Bryce Harper, MLB
Harper's 13-year contract with the Phillies includes a no-trade clause, according to reports. However, Harper can't opt out of the deal at any point, meaning he is locked in to the deal's financial terms for the duration.
3) $325 million - Giancarlo Stanton, MLB
Stanton, who was traded to the New York Yankees for the 2018 season, signed a 13-year contract with the Miami Marlins.
4) $300 million - Manny Machado, MLB
Machado's 10-year deal is the largest-ever agreement for a MLB player on the open market.
5) $275 million - Alex Rodriguez, MLB
Rodriguez signed a 10-year contract with the New York Yankees in 2008, receiving $23 million more than his previous contract with the Texas Rangers.
6) $252 million - Alex Rodriguez, MLB
Rodriguez's prior contract was with the Texas Rangers made headlines back in 2000 for its staggering size.
7) $248 million - Miguel Cabrera, MLB
The Detroit Tiger's first baseman signed an eight-year extension on top of his existing contract.
8) (tie) $240 million - Robinson Cano, MLB
The Seattle Mariner's Robinson Cano signed a 10-year contract, from 2014 to 2023.
8) (tie) $240 million - Albert Pujols, MLB
Los Angeles' Albert Pujols signed a 10-year contract with the Angels, from 2012 to 2021.
10) $228 million - James Harden, NBA
The NBA's most expensive contract is with James Harden, from 2017 to 2023.
Renwick Wilson contributed to this report.