The Dodgers are not only the betting favorites … they’re outspending the Yankees.

Championship Series – New York Yankees v Cleveland Guardians – Game 5 / Jason Miller/GettyImages

The 12th edition of a Yankees versus Dodgers World Series is upon us, but with the last chapter happening all the way back in 1981 — before any of the current players were even born — it’s time for younger fans to take part in this historical rivalry that goes back almost as far as baseball itself.

Sure the Dodgers are the betting favorites, and yes the Yankees have won eight of the 11 previous head-to-head championships. The series will feature the likely AL and NL MVPs going head-to-head. That much we’ve heard this week. But with apologies to Tigers and Mets fans, it’s actually these Yankees who’ve take on a gritty underdog persona.

That’s right: with their #RepBX hastag on social media and Playoff G crushing home runs, the Yankees are your gritty underdog in the 2024 World Series, outspent by their rival.

Indeed, it’s true that New York is an underdog when it comes to payroll. The Dodgers have a 2024 competitive balance (“luxury”) tax payroll of $340 million when you use the average annual value (AAV) of their contracts to adjust for the huge deferred salary of one Shohei Ohtani. The Yankees are relative paupers with their luxury tax payroll of only $315 million.

And while both teams trail the $350 million CBT payroll of the 2024 New York Mets (remember much of that is dead money owed to Max Scherzer and Justin Verlander, whose contracts both drop off after this season), owner Steve Cohen is obviously wealthy enough to absorb that hit, which sets them up well for a busy offseason.

The Mets will, in fact, be well under the 2025 luxury tax threshold of $241 million as soon as November. That makes the following sentence hard to believe, but true: most baseball fans are likely more sorry for Phillies fans — and their team, which spent only $262 million — than for Mets fans at the moment. The Amazins made it to the NLCS after eliminating Philadelphia in the NLDS.

Dodgers vs Yankees 2024 payrolls: A battle of the behemoths

Recall the Dodgers doled out over a billion dollars worth of contracts last offseason to stars including Shohei Ohtani (10 years, $700 million), starter Yoshinobu Yamamoto (12 years, $325 million), and Teoscar Hernández (one year, $23.5 million). They also traded for Game 1 starter Jack Flaherty at this year’s deadline and swung an offseason trade last December to land 2024 All-Star Tyler Glasnow.

The Yankees obviously acquired their own All-Star — and possible MVP finalist behind teammate Aaron Judge — in a December trade for Juan Soto. But Judge’s nine-year, $360 million deal, and Gerrit Cole’s nine-year, $324 million contract actually look kind of quaint now given they don’t even add up to Ohtani’s guaranteed earnings over the next 10 years (plus deferrals).

Let’s hope a return to his home state and the California air helps Judge break out of his relative funk in the playoffs. And hopefully we see Postseason Stanton’s impression of Playoff Babe Ruth. The underdog Yankees are counting on it.

The recent passing of Dodgers legend Fernando Valenzuela might also make Los Angeles a sentimental favorite in some parts of the country. It was a 20-year-old rookie version of Valenzuela who started Game 3 on three days’ rest and threw 147 pitches in a complete game 5-4 win to turn the tide in the 1981 World Series. After the Yankees went up 2-0 that fall, the Dodgers would sweep the rest of the series to win 4-2.

It turns out that a Game 6, if necessary in this year’s Fall Classic, will be played at Dodger Stadium on what would have been Valenzuela’s 64th birthday. Whether that gives the Dodgers an emotional edge remains to be seen, but it certainly fits with the underdog narrative surrounding the Yankees.

First pitch is set for 8:08 p.m. ET Friday night at Dodger Stadium in Los Angeles.