Every offseason brings at least one surprise market surge, and this winter, the New York Yankees may be staring straight at theirs. Cody Bellinger, who felt like a strong but manageable re-signing candidate at the start of the winter, is rapidly becoming one of the hottest names available. His value is climbing at the exact moment rival stars like Kyle Tucker seem to be losing momentum, and the league is noticing.
The Yankees know Bellinger fits. They also know what he means to their roster versatility, clubhouse energy, and the shape of their outfield heading into 2026. But the longer his market escalates, the more this decision shifts from “should they bring him back?” to “can they afford not to?”
Bellinger delivered everything the Yankees hoped for
The Yankees didn’t just get a bounce-back season from Bellinger in 2025. They got the most complete version of him since his MVP campaign.
Across 152 games, he hit .272/.334/.480 with 29 homers, 98 RBIs, and a 4.9 WAR — his highest total since the 7.8 WAR explosion he posted with the Dodgers in 2019. Even more impressive, Bellinger posted a career-low 13.7% strikeout rate while maintaining his trademark defensive versatility.
He moved fluidly between all three outfield spots, played strong defense, and even stepped in at first base when the Yankees needed coverage. The combination of athleticism, maturity, and a refined approach at the plate made him one of the quiet anchors of the team.
Teams across the league value exactly that profile, and the Yankees may now be paying the price for his resurgence — literally.
Multiple contenders are bidding, and the list is growing
According to Jeff Passan of ESPN, more than a few teams want a real shot at Bellinger. In Passan’s words:
“Beyond the Yankees, who would like a return engagement with Bellinger — particularly if Trent Grisham rejects a qualifying offer — the Blue Jays see him as a perfectly good alternative to Tucker. And the Dodgers, who nontendered Bellinger three years ago, have expressed interest as they peruse the outfield market.”
The Dodgers wanting a reunion adds intrigue. The Blue Jays, who are actively hunting middle-of-the-order impact, add pressure. And the Yankees, who love Bellinger’s fit, are staring at a market that now looks far less predictable than it did a month ago.
Tucker vs. Bellinger — the calculus has shifted
The Yankees have done their homework on Kyle Tucker, but Tucker’s expected price tag remains monstrous. Even with his value slipping a bit, he’s still projected to command a deal in the $300 million neighborhood. The Yankees have about $70 million in salary space before they hit the $300 million luxury tax threshold, which they’re trying to avoid.
Bellinger is cheaper, more versatile, and already comfortable in New York. There’s also a real argument that his style of play fits the stadium better, especially with the ability to roam between multiple outfield spots.
That said, “cheaper” is relative. If Bellinger’s market keeps climbing — and it seems to be — the Yankees could be walking straight into a bidding war.
Waiting on Trent Grisham’s decision adds another wrinkle
The Yankees also need clarity on Trent Grisham’s future. He’s sitting on a $22 million qualifying offer. If he rejects it, the Yankees get breathing room to pursue Bellinger more aggressively. If he accepts, the payroll picture tightens, and roster decisions become more complicated.
Grisham’s bat is valuable, but his defensive regression makes the one-year gamble tough to work around.
A rising price, but a familiar certainty
Here’s the reality for the Yankees: Bellinger fits their present and future more cleanly than almost anyone else on the market. They know the player. They trust the approach. They watched him thrive in their environment. And he liked being a Yankee.
There’s comfort in that familiarity — a rare thing in free agency.
The price may sting, and the market may force the Yankees deeper into their flexibility than they expected, but Bellinger is the kind of player you regret letting walk. If the Yankees are serious about maximizing this current window, bringing him back shouldn’t just be a priority. It should be the expectation.
The only question now is how far they’re willing to go before another contender outbids them.