The Yankees made a formal contract offer to Cody Bellinger this week, reports Jon Heyman of The New York Post. Specifics of the proposal aren’t known.
General manager Brian Cashman has made no secret of the team’s desire to keep Bellinger. The former MVP’s first year in the Bronx was excellent. He hit .272/.334/.480 with 29 home runs, his most in a season since 2019. Bellinger’s bat played very well at Yankee Stadium, where he put up a .302/.365/.544 line with 18 longballs.
New York acquired Bellinger from the Cubs last winter in what amounted to a salary dump. They parted with journeyman righty Cody Poteet while assuming all but $5MM of the remaining two years and $52.5MM on Bellinger’s contract. As he ended up opting out, the Yankees paid $27.5MM for that excellent year. It might require a five- or six-year commitment to bring him back as he enters his age-30 season.
The Yankees have had a quiet first couple months of the offseason. Their only move of significance was issuing the qualifying offer to Trent Grisham. He surprisingly accepted and is back in center field on a one-year deal at $22.025MM. Bellinger was ineligible to receive the QO after getting one from the Cubs over the 2023-24 offseason.
Grisham’s salary accounts for the majority of the $29.025MM they’ve spent in free agency so far. The remaining $7MM has been divided among a trio of one-year deals to bring back Paul Blackburn, Amed Rosario and Ryan Yarbrough. Their only MLB acquisition from outside the organization has been Rule 5 pick Cade Winquest.
That certainly won’t be the Yankees’ entire offseason. They presumably expected Bellinger’s free agency to carry well into the winter. The top two free agent hitters, Kyle Tucker and Bo Bichette, each make sense on paper if Bellinger heads elsewhere. Signing one of Tucker or Bellinger would allow them to rotate their outfielders through the designated hitter spot if Giancarlo Stanton spends any time on the injured list. Bellinger could spell Ben Rice at first base and/or take playing time in left field from Jasson Domínguez, who still has a pair of options remaining.
An outfielder isn’t an absolute necessity, but it’s probably the cleanest path to adding an impact position player. Shortstop would be the primary alternative. Bichette is the only real solution there and faces questions about his defensive fit. He could be an option to handle shortstop for a season and move over to second base once Jazz Chisholm Jr. hits free agency a year from now. The Yankees have reportedly made Chisholm available in trade conversations, but that’d swap out one of their better all-around position players in the process.
The other option would be to make a rotation splash with Gerrit Cole, Carlos Rodón and Clarke Schmidt opening the season on the injured list. Framber Valdez, Ranger Suárez and Zac Gallen are the best remaining free agent starters now that NPB righty Tatsuya Imai is off the board on a three-year deal with Houston. The Yankees were one of the teams linked to Imai when he was a free agent, but both Heyman and Mark Feinsand of MLB.com wrote after the signing that the Yanks were not seriously involved in the bidding.
RosterResource projects the Yankees for a $286MM luxury tax number. Owner Hal Steinbrenner has spoken generally about a desire to stay below the $300MM mark in the past, though Cashman suggested in November that’s not a firm limit this offseason. The Yankees had a $320MM luxury tax payroll at the end of the 2025 season.