ON THE DAY the San Diego Padres' new ownership group was introduced, Manny Machado did some quick math. When the team was sold in 2012, the purchase price was $800 million. Fourteen years later, the franchise had sold for $3.9 billion -- nearly five times the amount.

At a time when Major League Baseball is attempting to upend its economic model by instituting a salary cap, the Padres have emerged as a beacon for players and union officials who believe a level playing field can exist without one. The Padres' late owner, Peter Seidler, provided the blueprint -- by pouring money into a small-market franchise. To others, particularly those who pine for a cap-and-floor system, the Padres are a cautionary tale. Their sale price was inflated as a Southern California franchise in a one-sport town.

"You can say it's unique, you can say it's not," said Padres infielder Jake Cronenworth. "But every club has the ability to do what we did -- invest in a good product on the field, invest in the community, and see what happens."

The payroll jumped from $180 million to more than $250 million by 2023, trailing only the New York Yankees and New York Mets. The Padres now set franchise attendance records on a near-annual basis, surpassing 3 million fans every year since 2023.