The New York Yankees and free-agent outfielder Cody Bellinger still don’t appear close to reaching an agreement on a new contract, league sources told The Athletic. That’s despite many public statements from general manager Brian Cashman and manager Aaron Boone that the club would like to re-sign the 30-year-old, and despite ongoing conversations between the sides, which seem to indicate that Bellinger also likes the idea of returning.
So what’s the hold up? With just a month until spring training, let’s go through what each side may be thinking.
Bellinger’s case
Recent history: Bellinger is coming off his best performance since he was the National League MVP in 2019, locking down left field for the Yankees while delivering strong offense (.272, 29 home runs, 98 RBIs, .813 OPS) and fitting into Aaron Judge’s clubhouse seamlessly. The Arizona native became a fan favorite for his willingness to play all three outfield spots and his baseball IQ, further endearing himself with perhaps the Yankees’ play of the year: a game-saving double play versus the New York Mets in July. It was enough for Bellinger to decide to decline his $25 million option for 2026.
Current fit: Who makes more sense for the 2026 Yankees than Bellinger? Especially considering how the club seems prepared to go into the season with much of last year’s roster, considering the returns of Trent Grisham, Tim Hill, Ryan Yarbrough, Amed Rosario and Paul Blackburn. Bellinger hit behind Judge much of last season, and it’s easy to envision the lineup starting with Grisham, Judge, Bellinger, Giancarlo Stanton and Ben Rice to begin this year. Re-signing Bellinger would serve as the path of least resistance for the Yankees, who could then turn their attention to improving the starting rotation. Otherwise they may have to pivot to the trade market or another free-agent bat, such as Bo Bichette, who wouldn’t be an obvious fit as a shortstop, or Kyle Tucker, who hasn’t appeared to be on the Yankees’ radar all offseason.
The market: Bellinger and his agent, Scott Boras, might argue recent history shows that the outfielder should receive what he wants, which is believed to be a deal around six or seven years. He’s about a year younger than first baseman Pete Alonso, who got five years and $155 million from the Baltimore Orioles. He’s two years younger than designated hitter Kyle Schwarber, who received five years and $150 million to re-sign with the Philadelphia Phillies. While Bellinger is lacking in offense compared to Alonso and Schwarber, he does excel in defense. Left-field defense has been a problem for the Yankees since the Brett Gardner era, and Bellinger likely has a few more years of solid glove work at the position. It’s unclear which other teams may still be in the market for Bellinger, though during the Winter Meetings last month, Boras used coded language to say that as many as eight clubs were in on him.
The Yankees’ case
Cody Bellinger posted a 125 WRC+ last season with the Yankees. (Daniel Shirey / MLB Photos via Getty Images)
Recent history: The Yankees may argue, why should Bellinger net a longer-term contract now when he couldn’t secure one at a younger age? The Los Angeles Dodgers non-tendered Bellinger after the 2022 season. After winning NL Comeback Player of the Year with the Chicago Cubs at age 28 in 2023, he secured a three-year, $80-million deal that included an opt out after each season. In 2024, he had a solid season, posting a 108 wRC+ and 2.1 WAR, according to FanGraphs, and he opted into the second year of his deal rather than testing the market. That led to the Cubs trading Bellinger to the Yankees in December 2024 in what amounted to a salary dump, as New York agreed to take on all but $5 million of his remaining contract while also sending pitcher Cody Poteet to Chicago in the deal.
Current fit: Bellinger would be the Yankees’ starting left fielder for years to come, but many in the organization still believe in switch-hitter Jasson Domínguez, who struggled defensively in left in his first major-league season but hit well from the left side against righty pitchers and is still just 22 years old. The club also has 25-year-old prospect Spencer Jones, who excelled at Double A and Triple A last season (combined 36 home runs, 80 RBIs, .932 OPS) though his swing-and-miss issues were still a major concern. The Yankees don’t have an obvious reserve outfielder on the active roster, though utilityman Oswaldo Cabrera seemed a capable occasional option in the corners before a broken ankle ended his season in June. He’s expected to be fully healthy by spring training.
The market: Austin Hays remains a free agent, and could potentially platoon with Domínguez. Last season, Hays hit .319 with two home runs but a .949 OPS (nine doubles, three triples) in 105 plate appearances versus lefties. For his career, he has a .819 OPS versus lefties. Tommy Pham is also a free agent, and he owns an .802 career OPS versus lefties. There has been speculation that the Cleveland Guardians could seek to trade Steven Kwan and that the St. Louis Cardinals could trade Brendan Donovan. In the absence of Bellinger, the Yankees could look toward Bichette and worry about his fit on the roster after Anthony Volpe (shoulder surgery) returns in May or June.