The New York Yankees have announced the official signing of outfielder Cody Bellinger on a five-year $162.5 million deal, a formality after the two sides reportedly reached a conclusion in negotiations last Wednesday.
With the contract finalized, all of its details are also now solidified including two opt-outs in the deal, the first being after his second season and the latter coming after his third season of that contract.
All offseason the noise around the Yankees was that Bellinger would be their top free-agent priority, and that sentiment finally materialized into a union between the two sides.
His return will add over $30 million in payroll towards the Luxury Tax, but the front-loading of the deal creates some intruiging scenarios for the left-handed hitting outfielder.
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The Yankees Announce Cody Bellinger Contract, Negotiation Officially Ends
Cody Bellinger was a key piece on the 2025 Yankees, hitting 29 home runs with a 125 OPS+ as he was primarily hitting next to Aaron Judge in the lineup.
His balance of power and contact was valuable in this lineup, but one could argue his most important skill was the threat he posted to left-handed pitching.
Not a single qualified left-handed hitter had a higher OPS versus their fellow southpaws than Bellinger during the 2025 season.
Defensively he was incredibly impactful in the corner outfield and can play centerfield or first base if needed, a large reason why other teams were eyeing his services in the scenario where Bellinger didn’t come back to the Yankees.
This deal is front-loaded, giving Bellinger $85 million over the first two years of the contract when you look at the contract’s structure, which further incentivizes him to opt-out after that second year.
When looking at the Luxury Tax, this deal comes out to about $32.5 million a year, which is the number that the Yankees will be charged for under the current CBA.
It pushes their payroll to over $317 million in the Luxury Tax, the highest number they’ve ran out pre-season in the franchise’s history.
New York seems to be eyeing less-expensive or impactful pitching additions, with the bullpen and maybe even the bench being where they do their mop-up work this winter.