This story was excerpted from Adam Berry’s Rays Beat newsletter. To read the full newsletter, click here. And subscribe to get it regularly in your inbox.

ST. PETERSBURG -- The Rays team that took the field for Thursday’s 8-2 Opening Day loss to the Blue Jays was missing a handful of familiar faces from last year’s 99-win club.

Tyler Glasnow was about to pitch a gem for the Dodgers. Wander Franco had just been placed back on administrative leave. Shane McClanahan, Drew Rasmussen and Jeffrey Springs joined their teammates on the first-base line for pregame introductions at Tropicana Field, but they’re recovering from injuries and unlikely to contribute anytime soon. Josh Lowe, Taj Bradley, Jonathan Aranda and Taylor Walls were also greeted with cheers, but they, too, started the season on the injured list.

The result? A less proven roster that nonetheless carries by far the highest payroll in franchise history. It’s a very modest figure compared to the Rays’ competition, but Cot’s Baseball Contracts projected Tampa Bay’s Opening Day payroll to be $97,689,112. It’s a nearly $25 million jump from last year’s season-opening figure ($73,184,812, according to Cot’s) and well past the franchise’s previous high mark of $83,857,113 (for a 28-man Opening Day roster) in 2022.

“Look, we weren't shy about our payroll. For us, it's a big deal,” principal owner Stuart Sternberg said. “Obviously, when you have good players, ‘no-name’ or becoming household names, they become more expensive as time goes on. And we're trying to keep that part of the band together.”

Sternberg said the Rays realized last summer they would cross the $90 million mark for the first time, even if they traded Glasnow and others. At that point, it became a question of how far past that number they would go. And when they had the opportunity to sign reliever Phil Maton and utility man Amed Rosario this spring, they took it in the interest of upgrading the team.

“Pitching is our strength, and relievers are our strength,” Sternberg said of the Maton signing. “We want to make sure we keep it that way.

“It's hard to be competitive even if you have a high payroll. There are teams that will spend two to three times, four times what we do, and they won't make the postseason. And some of them will spend two to three times and not get to even .500. So I feel very fortunate that we've been able to do it, hand in hand. But … it doesn't get easier every year, which means it gets a lot harder.”

The Rays have managed to remain remarkably competitive despite operating with a lower budget than most clubs. They are one of two American League teams (along with the Astros) and one of four teams in the Majors (also the Braves and Dodgers) to make the postseason the past five years in a row. Since their 2008 rebranding and worst-to-first turnaround, only the Dodgers (1,459) and Yankees (1,419) have won more games than the Rays (1,360) in the regular season.

“To be able to say we've got five consecutive postseason appearances -- and the season before, [90] wins -- is stunning in a lot of ways,” Sternberg said. “People just assume it happens, and it doesn't happen by magic. It happens because we've got some incredible people in this organization, and we put a lot of faith in them.”

The Rays also have a lot of confidence in their ongoing effort to secure a new ballpark for 2028 and beyond around the Tropicana Field site as part of the Historic Gas Plant District development. However, they are still awaiting approval from the St. Petersburg City Council and Pinellas County Commission regarding the $1.3 billion ballpark. The Rays have committed $700 million, plus any overrun, with the city and county responsible for the remaining $600 million.

Sternberg said he has been touring stadiums and arenas around the country while consistently meeting with Hines (their development partner) and other companies involved in the process, including Gensler (architecture/planning), Goldman Sachs (financing) and Populous (stadium design).

Acknowledging there is still work to be done, he struck an optimistic tone about the state of the stadium situation.

“Right now, I feel as good as I've felt at any point in time. The votes, plural, are huge hurdles. We are working feverishly as if we're going to be building the stadium and this project,” Sternberg said. “We're proceeding as if it's going to happen, and we're preparing for success. It doesn't mean it will, and there's obviously some hurdles to get over. But when that happens, we are going to be prepared for success.”