Now that their offseason is no longer being held hostage by Cody Bellinger and his agent, Scott Boras, it’s time for the New York Yankees to launch their winter plans into overdrive.
After agreeing to a five-year, $162.5 million contract with Bellinger on Wednesday afternoon that includes a $20 million signing bonus, a full no-trade clause and an opt-out after Years 2 and 3, the Yankees’ next move should be to call the Milwaukee Brewers and trade for Freddy Peralta, whom New York continues to show interest in, according to league sources.
We wrote last week that Peralta is the perfect trade candidate for the Yankees, and that remains the case. With Bellinger returning, the Yankees can potentially sweeten a trade for Peralta by including a major-league-ready bat, along with the young, controllable pitching the Brewers seek.
Jasson Domínguez is now a man without a position for the foreseeable future. The organization does not view him as a center fielder, and that’s the only spot in the Yankees’ outfield that could have a vacancy at the end of the season, with Trent Grisham on a one-year contract. Giancarlo Stanton is under contract for two more seasons as the team’s designated hitter, but he hasn’t played close to a full season since his first in the Bronx eight years ago. So plenty of at-bats will likely be available if the Yankees choose to keep Domínguez.
The Brewers don’t particularly need a corner outfielder, but Jake Bauers, their current left fielder, will be a free agent after this season. Milwaukee’s modus operandi is to add as many cost-controlled players as possible, and Domínguez won’t begin his first year of arbitration until 2028. He may not be the featured player needed to get a deal done with Milwaukee, but the former top prospect likely just became expendable with Bellinger’s return — and the same can be said about Spencer Jones. It’s hard to see both players being part of the Yankees’ long-term plans now.
There may be some fans who gripe about the Yankees’ insistence on running back the same offense as last season, but that outcome shouldn’t be viewed as a bad thing. The Yankees finished the 2025 season with a league-best 119 wRC+, 6 percentage points higher than the Los Angeles Dodgers and Seattle Mariners.
Offense wasn’t their issue; pitching was a much bigger problem.
That’s why trying to land Peralta should be a priority. It would give the Yankees more cushion to allow Cam Schlittler to develop without outsized expectations. Schlittler’s sensational start in the Wild Card Series against the Boston Red Sox will be remembered for years, but it’s not a given he will become an ace. His underlying metrics from 2025 suggest he would be better-suited as a back-of-the-rotation starter to begin next season and not as a No. 2, which he might be right now given the injuries to the staff. Schlittler may continue ascending, but the Yankees should have insurance in case that doesn’t happen right away.
Freddy Peralta posted a 154 ERA+ and 204 strikeouts in 176 2/3 innings last season. (Patrick McDermott / Getty Images)
Peralta would also help a Yankees rotation that needs more strikeouts. It ranked ninth in strikeout percentage last season. Only seven starters had a higher strikeout percentage last season than Peralta. His slider, curveball and changeup had a whiff percentage over 34 percent. The fastball is his most-used pitch, and there’s room for him to rely on it less, to better highlight his special breaking and off-speed pitches.
The main drawback in trading for Peralta, who will make $8 million in 2026, is he will become a free agent at season’s end. That hasn’t stopped the Yankees from making trades for rentals the past two offseasons. Yankees general manager Brian Cashman said at the Winter Meetings that his club operates in “short-term mode.” That means if he believes someone like Peralta could help the club win a World Series, he would recommend such a trade to owner Hal Steinbrenner.
The Yankees have several arms the Brewers could be interested in, such as Luis Gil, Will Warren, Elmer Rodriguez and Carlos Lagrange. Their pitching depth is an organizational strength. They should use that to their advantage here.
Just last season, the Dodgers showed what having excellent starting pitching depth can mean for a team’s chances of winning it all. The Yankees should take note. And it’s no surprise the Dodgers are one of the teams with interest in trading for Peralta, despite their immense depth.
If the Yankees could land Peralta, it could set up their rotation — if everyone can stay healthy — to include Max Fried, Gerrit Cole, Peralta, Carlos Rodón and Schlittler. That group could rival any rotation in the sport.
With Bellinger back in the fold, the Yankees should now remind the baseball world that — like the Dodgers and Mets — they, too, can land top-of-the-line talent on the market.