NEW YORK — The free agent market just shifted dramatically. Alex Bregman has reportedly agreed to terms with the Chicago Cubs on a five-year deal worth $175 million. That transaction sends ripples across baseball. For the Yankees, it changes everything in their pursuit of Cody Bellinger.
The Cubs were considered serious players in the Bellinger sweepstakes. Now they appear finished spending for the winter. This development leaves the Yankees in an interesting position as they try to retain the switch-hitting outfielder who delivered a strong 2025 campaign in the Bronx.
Cubs commit record money to land Bregman
Bregman’s contract carries a $35 million average annual value. That figure represents the highest AAV in Cubs franchise history. The deal includes $70 million in deferred money. This structure lowers the present-day value to roughly $150 million to $155 million.
Even with the deferrals, Chicago made a massive financial commitment. The signing pushes the Cubs’ projected 2026 payroll to approximately $231 million. That number is up $25 million from the 2025 figure. Their luxury tax calculation now sits around $243 million, just under the first threshold.
The bottom line is clear. Chicago has tapped out its available budget for another mega-deal. Agent Scott Boras reportedly sought $36 million to $37 million per year over seven years for Bellinger. One Chicago-based outlet noted that “it seems wildly unlikely that Chicago will match that price” given ownership’s recent budget-conscious approach. This creates an opening for the Yankees in their pursuit.
Chicago fills a key need and cools on Bellinger
Bregman addresses the Cubs’ third base situation. He joins an infield featuring Gold Glove-caliber defenders Dansby Swanson at shortstop and Nico Hoerner at second. The 32-year-old provides both offensive production and defensive stability at the hot corner.
This move lessens any pressure on Chicago to chase Bellinger. The Cubs have Pete Crow-Armstrong ready to handle center field. The young, defensively gifted outfielder represents their internal solution. Chicago had checked in on Bellinger earlier this winter. His steep asking price prompted the pivot toward Bregman instead.
One report described Bellinger as an “interesting and familiar name” on the Cubs’ radar. However, the same report noted Chicago’s interest would likely be “short-lived” if contract demands stayed sky-high. That prediction proved accurate.
Bellinger’s market narrows with Cubs exit
The Bregman signing represents one of the first major dominoes to fall this offseason. It directly affects the competition for Bellinger. With Chicago presumably out, Bellinger’s field of bidders shrinks. Fewer deep-pocketed teams means less competition driving up the price. The Yankees now face a narrower field of rivals.
The New York Mets and Los Angeles Dodgers now loom as primary big-market suitors alongside the Yankees. The Mets have money to spend after Pete Alonso departed. He signed elsewhere for five years and $155 million. However, GM David Stearns has shown reluctance to offer very long-term deals.
The Dodgers could consider a reunion with their former MVP. MLB.com insiders report Los Angeles has shown interest in bringing back Bellinger. The San Francisco Giants were mentioned as a possible suitor earlier in the offseason. MLB Network’s Jon Heyman speculated it would be surprising if Bellinger doesn’t stay in New York given how the market has shaped up.
Yankees gain leverage but face familiar impasse
For the Yankees, the Bregman news presents a mixed situation. On one hand, they gain some negotiating leverage. A major bidder has exited the race. The pool of competitors is now smaller. New York’s front office can reasonably hope Bellinger’s asking price might soften.
The Yankees reportedly offered Bellinger a five-year contract worth at least $150 million. That figures to roughly $30 million per year. This offer aligns with other top slugger deals this winter including Alonso’s contract and Kyle Schwarber’s five-year, $150 million pact.
However, Boras has insisted on seven years and a higher AAV than $30 million for Bellinger. That gap led the Yankees to assume their outfielder was likely signing elsewhere as of early January. MLB.com’s Mark Feinsand noted the Bregman deal “presumably takes the Cubs out of the race” for Bellinger, which leaves New York to contend mainly with other hesitant rivals.
The Athletic’s Ken Rosenthal reported the seven-year framework remains “an idea the Yankees continue to resist.” The club prefers something in the four-to-five year range to avoid a lengthy back-end commitment.
Bellinger delivered strong 2025 season in the Bronx
Re-signing Bellinger was the Yankees’ top priority entering the offseason. He was viewed as the big left-handed bat to anchor their outfield for years to come. Bellinger posted a .272 batting average with 29 home runs in 2025. His defense also graded out as stellar.
Yankee Stadium’s short porch proved a perfect fit. Bellinger hit 18 of his home runs at home. The switch-hitter’s ability to turn on inside pitches and drive them to right field created consistent production.
Despite this production, negotiations have dragged without finding common ground. ESPN’s Buster Olney reported the Yankees are now “operating under the assumption that Bellinger will not re-sign” and actively “looking to make additions elsewhere.”
Yankees explore alternatives as talks stall
The Yankees have ramped up pursuit of other targets. Free agent outfielder Kyle Tucker represents the top hitter available on the market. New York has been linked to him as a possible alternative. The club has also started looking more seriously at infielder Bo Bichette.
Trade scenarios are also being explored. The Yankees front office cannot afford to wait while Bellinger’s market sorts itself out. The Bregman signing doesn’t completely remove the risk of losing Bellinger to another team. The Mets or Dodgers could still step up with a bigger offer. The Yankees remain watchful.
This reality puts some pressure on the Yankees. They must decide whether to raise their offer or truly pivot. GM Brian Cashman may feel vindicated by Bregman’s outcome. The 32-year-old settled for five years. A five-year deal for the 30-year-old Bellinger seems reasonable by comparison.
Bregman’s deal sets contract benchmark
Bregman’s contract creates a reference point for negotiations. At $35 million AAV for a 32-year-old, it sets the bar higher for Bellinger’s expectations. Bellinger is two years younger and brings defensive versatility in center field. Boras can argue his client merits at least a similar annual salary or longer term.
Some insiders believe Bregman’s five-year deal “will factor into” the kind of contract Bellinger ultimately lands. The Cubs’ splurge might embolden Bellinger to hold out for a comparable payday. The Yankees must weigh this factor in their calculations.
The Yankees’ leverage improves marginally without the Cubs in play. Yet the fundamental gap on years and dollars remains. The free agent landscape still features competition from the Mets and Dodgers. Bellinger’s camp appears willing to wait out the market.
As of mid-January 2026, the Yankees have chosen to prepare as if Bellinger might slip away. However, if his market cools further with Chicago out, a window exists for New York to re-engage. The Bregman signing has reshaped the Bellinger sweepstakes. It benefits the Yankees slightly from a financial standpoint. Their ultimate chances depend on how far they’re willing to go and whether any remaining suitor delivers the blockbuster deal Bellinger seeks.
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