Cody Bellinger and the Yankees at a Crossroads. Reunion or Divorce?

The Yankees’ offseason, or should I say the Cody Bellinger offseason, continues to drag on. Over the past few days, however, we have finally gained some clarity on where negotiations currently stand between Bellinger and the Yankees.

Over the weekend, ESPN’s Buster Olney provided an update on the situation, reporting, “The Yankees were hoping to re-sign the veteran outfielder, who played well for them last season, but are now operating under the assumption that Bellinger is going to sign elsewhere. The team is now seeking additions elsewhere, sources added.” Olney also noted that the Yankees have checked in on Kyle Tucker and Bo Bichette as potential Plan B options if they move on from Bellinger, while also exploring the trade market.

That report was somewhat rebuffed by Brendan Kuty of The Athletic, who offered more specific details about the contract talks and the current holdup. According to Kuty, the Yankees have offered Bellinger a five-year deal in the $155 to $160 million range, translating to a $31 to $32 million AAV. While there has not been concrete confirmation of what Bellinger and his agent, Scott Boras, are seeking, Bob Klapisch of NJ.com previously reported that their ask is closer to $36 to $37 million per year, along with a seven-year commitment.

The justification from Bellinger’s camp appears to be that players like Pete Alonso, Kyle Schwarber, and Alex Bregman all landed five-year deals this offseason, with Bellinger being one to two years younger than each of them. Beyond the contract parameters, Kuty also reported that the two sides continued talks through the weekend, which contradicts Olney’s reporting that the Yankees were already operating under the assumption that Bellinger would sign elsewhere.

The Yankees are clearly trying to get creative to make this deal work. Kuty noted that the latest offer includes no deferrals, and that the team is open to adding opt-outs to make the deal more appealing. Later in the article, he mentioned that it is still unclear whether any other team has made a formal offer to Bellinger. However, Jon Heyman of the New York Post has reported that the Dodgers, Giants, and Mets all have interest.

My Thoughts

As I have said before, anything beyond a five-year commitment for Cody Bellinger would be a major mistake (see tweet above). I am also not thrilled about going north of a $30 million AAV, but if the deal ultimately lands at $31 to $32 million, I can live with it. At that point, you are slightly overpaying to get the deal done, and that is acceptable.

What I will not accept, and what the Yankees cannot afford to accept, is this situation dragging on much longer. The Yankees have essentially been in a holding pattern since the start of the offseason, waiting on Bellinger’s decision. If they bring him back, they gain the flexibility to move one of Jasson Domínguez or Spencer Jones in a trade package to address pitching needs, whether that is a starter, a reliever, or both.

The steady stream of leaks over the past week is almost certainly coming from the Yankees’ side. They are using the media as leverage to apply pressure on Bellinger and Boras, hoping to reduce demands and speed up the process.

Are the Yankees better in 2026 with Cody Bellinger in left field compared to some combination of Domínguez, Jones, and or a right-handed outfielder? Yes. Are the Yankees the best fit for Bellinger based on ballpark factors and the structure of the deal they are offering? Also yes.

Ultimately, it still feels like these two sides are going to end up together, barring a last-minute monster offer from another team. That said, the Yankees cannot cave by adding more years or significantly increasing the AAV. They need to get creative, get this deal done quickly, or risk heading into Spring Training with roster holes that could cost them a lot of games in 2026.

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