The Holiday Blues: Is It Time for Yankees Fans to Hit the Panic Button This Offseason?

Once again, another MLB offseason is moving at a snail’s pace or, as Brian Cashman put it, at a “glacial speed.” The Yankees haven’t made any notable moves this winter outside of bringing Trent Grisham back on the qualifying offer, and the general mood online among Yankees fans has shifted toward pessimism and despair. That raises the obvious question: is this reaction warranted, or is everyone overreacting?

The answer, realistically, is a bit of both.

On one hand, the case for overreaction is simple: virtually every player the Yankees have been linked to, whether via free agency or the trade market is still available. Nothing has truly been taken off the board yet, which makes it hard to definitively say the Yankees have “missed out” on anything.

On the other hand, some of the reporting coming from Yankees insider Jack Curry has not exactly inspired confidence. Curry has repeatedly pushed back on the idea that the Yankees will be aggressive spenders this offseason, and that includes his comments regarding Tatsuya Imai, despite multiple national reports stating the Yankees were a “finalist” for the Japanese right-hander. On a recent episode of Yankees Hot Stove, Curry said he gets the vibe that a connection between the Yankees and Imai “does not exist.”

There are a few possible explanations for this.

Option one: the Yankees are intentionally downplaying their interest to avoid bidding against themselves and giving Scott Boras any leverage in negotiations.

Option two: Curry simply doesn’t have strong sourcing on Imai specifically—though it’s worth noting that when the Yankees truly aren’t interested in a player, Curry has historically been definitive (as he was earlier this offseason with names like Pete Alonso and Alex Bregman).

Option three: the Yankees genuinely aren’t interested and view Imai as more of a No. 3 or No. 4 starter seeking No. 2 starter money.

Curry also spoke optimistically about the Yankees’ internal pitching options, expressing confidence that Carlos Rodón will return by May 1 and noting the team’s comfort level in bringing back Ryan Yarbrough on a one-year, $2.5 million deal. As for Cody Bellinger, Curry described the Yankees as being in “wait-and-see” mode, neither overly optimistic nor pessimistic about a reunion. He added that if the Yankees miss out on Bellinger, they could pivot to Austin Hays and platoon him with Jasson Domínguez in left field.

As mentioned with Imai, it’s entirely possible the Yankees are using Curry to downplay their true intentions. This wouldn’t be the first time the organization has said one thing publicly and done another, see Brian Cashman labeling Caleb Durbin the starting third baseman for 2025 last offseason, only to trade him later in the Devin Williams deal. That said, the idea of essentially running back the same roster minus Cody Bellinger (4.9 WAR in 2025) with only marginal changes is a dangerous path and one that sets the team up for failure.

All FanGraphs visuals referenced below reflect projections as of December 26, 2025.

Rotation Outlook

Here is the current outlook of the rotation:

At this point, the Yankees are heavily relying on Gerrit Cole (Tommy John surgery), Carlos Rodón (bone spur), and Clarke Schmidt (Tommy John surgery) to return and be legitimate contributors. Beyond that, the team is banking on Max Fried, Cam Schlittler, and Will Warren staying healthy after all posted career highs in innings pitched. Add in Luis Gil, who missed most of 2025 with a high-grade lat strain, has an extensive injury history, and struggled when he did pitch last season, and the rotation suddenly looks far more fragile than stable.

Bullpen Concerns

The bullpen has its own issues. The Yankees lost both Luke Weaver and Devin Williams, two pitchers who, regardless of personal opinions, logged significant high-leverage innings and provided elite swing-and-miss stuff in 2025. Currently, only four arms feel like true locks: David Bednar, Camilo Doval, Fernando Cruz, and Tim Hill.

Here is the current Yankees bullpen:

Everyone else is a question mark. Jake Bird struggled badly after arriving from Colorado, though there’s reason to believe he can rebound. Brent Headrick flashed upside but was oddly underused despite the Yankees’ need for a second lefty most of the season. Paul Blackburn looked promising in a very small sample size, fewer than 15 innings, which makes it difficult to rely on him with confidence (Here is my article on what the Yankees see in Blackburn and why I think he could have success in 2026: The Yankees Are Betting on Paul Blackburn; Is it Worth the Risk?. Cade Winquest, selected in the Rule 5 Draft, has upside but has never pitched above Double-A and must remain on the MLB roster all season or be returned to St. Louis.

Lineup Evaluation

Now, here is the Yankees current starting lineup/bench:

The current lineup, as constructed, isn’t bad. The top six hitters all posted at least a 103 wRC+, with the top five clearing 126. Compared to the rotation and bullpen, the offense is far less concerning. While I’d prefer to bring back Cody Bellinger, and would much rather have Kyle Tucker, though that doesn’t seem realist, Bellinger isn’t a player you wildly overpay at all costs.

The Yankees had that player last offseason in Juan Soto, and they either couldn’t or wouldn’t go past the Mets’ offer. If I’m the Yankees, my hard stop on Bellinger is five years, $140 million ($28M AAV). If he exceeds that and given he’s still on the market, that seems unlikely, I’d let him walk and roll with a platoon of Jasson Domínguez and Spencer Jones against right-handed pitching, with Austin Hays handling lefties.

The issue with that approach is the farm system. It’s no longer deep enough to comfortably trade for a frontline starter without either Domínguez or Jones headlining a deal. If Bellinger walks, it becomes even harder to justify moving one of them. There are also bench upgrades to be made, particularly a right-handed-hitting catcher and outfielder, but overall this unit is the least of my concerns.

AL East Arms Race

Another major source of frustration is watching division rivals improve:

Orioles

• Signed Pete Alonso and Ryan Helsley

• Traded for Shane Baz and Taylor Ward

Red Sox

• Acquired Sonny Gray, Wilson Contreras, and Johan Oviedo

Blue Jays

• Signed Dylan Cease

The AL East has undeniably gotten stronger, and several teams, particularly Toronto, are still being linked to additional high-end talent.

Final Thoughts

If the Yankees simply run it back with minor downgrades and rely on multiple players repeating career years from 2025, they won’t project higher than third place in the AL East in any serious model. It’s not quite time to hit the panic button, but there is absolutely legitimate concern. The margin for error is thin, and the risks in both the rotation and bullpen are substantial.

What do you think? Is it time to panic, or do you trust the Yankees to replicate a 94-win season without making significant upgrades?

Subscribe below to stay updated when new articles go live, and follow me on X (@JosephEsposito0) for real-time thoughts on Yankees rumors and the state of the team.