NEW YORK — The New York Yankees secured Cody Bellinger on a five-year, $162.5 million deal this week. Manager Aaron Boone believes the club is in good shape. Owner Hal Steinbrenner’s November call for payroll restraint? The numbers tell a different story.
The Yankees’ Competitive Balance Tax payroll has soared well past the highest threshold of $304 million. FanGraphs calculates their projected CBT figure at $317.8 million. Cot’s Contracts pegs it at $320.1 million. That ranks third in MLB behind only the Dodgers and Mets.
So much for reducing expenses.
Boone suggests contentment with current roster
Asked if Bellinger’s return would be enough to satisfy the offseason, Boone offered a revealing response.
“You’re always trying to improve your club and improve your team,” Boone said. “But also pause and say, ‘Hey, we’re pretty good here.’ And we’ve got a lot of really good players, and a lot of really good, young core players that emerged on different levels last year.”
That word keeps coming up. Pause. The Yankees appear positioned to largely run it back with the same group from 2025. They are banking on continued development and Gerrit Cole’s healthy return in May or June to improve upon a 94-win season that ended with an early playoff exit.
Top Yankees pitching targets slip away
With Freddy Peralta traded to the Mets and MacKenzie Gore now with the Rangers, another pair of Yankees targets have left the board. The club had been connected to both starters throughout the winter.
Also seemingly out of reach is Tarik Skubal. The Yankees checked in on the back-to-back AL Cy Young Award winner, but they were told by the Tigers that they don’t have the necessary trade chips. Talks with the Marlins about Sandy Alcantara have stalled as well.
The rotation will rely on Max Fried at the top. Ryan Weathers, acquired from Miami, provides depth. Cole and Rodon are expected to return before the All-Star break. That could push Weathers or Will Warren into a relief role, with Ryan Yarbrough and Paul Blackburn already slated for similar assignments.
Outfield logjam creates trade possibilities
Bellinger’s return solidifies the outfield alongside Trent Grisham and Aaron Judge. That configuration leaves Jasson Dominguez without a clear path to playing time. Spencer Jones faces a similar problem.
General manager Brian Cashman recently acknowledged he considered optioning Dominguez to the minors in the second half of last season.
“He provided the chance for us to run into something off the bench, especially with his speed to go along with Jose Caballero,” Cashman said. “But I still think there’s some upside there.”
Jones, 24, belted 35 home runs with a .933 OPS across Double-A and Triple-A last season. He struck out 179 times in 438 at-bats. Cashman acknowledged he would have been promoted in other organizations already.
“He’s an exciting young talent that’s, again, unproven at the Major League level,” Cashman said of Jones. “We’re going to find out at some point, or somebody else would find out at some point, if they pry him away from me.”
The Yankees could dangle either Dominguez or Jones if they aim to complete another trade before Opening Day. The bullpen, currently anchored by David Bednar, Camilo Doval, Fernando Cruz and Tim Hill, remains an area that could use reinforcement.
Roster balance remains a concern
Cashman acknowledged concern about the club being too left-handed. Bellinger and Grisham both bat from the left side. The team’s three top catching options, Austin Wells, J.C. Escarra and Ben Rice, are all lefties as well.
The Yankees have been connected to right-handed free agent outfielders Austin Hays and Harrison Bader. Cashman said adding a right-handed hitting catcher would be ideal, but called it “probably less of a realistic option” because of a thin marketplace.
It has been a lackluster winter for fans seeking shiny new toys. The only notable free agents the Yankees have signed are members of last year’s team. Bellinger joins a re-signee group that includes Grisham, who accepted the $22.025 million qualifying offer, along with Yarbrough, Blackburn and utilityman Amed Rosario.
The only newcomers to the 40-man roster have been Weathers, utilityman Marco Luciano claimed off waivers from the Orioles, reliever Kaleb Ort from the Astros and Rule 5 Draft pick Cade Winquest.
The Yankees won 94 games last season and boasted the best offense in baseball. They tied the Blue Jays for the American League’s best record but fell short of a division title and lost to Toronto in the ALDS. Sixteen years without a championship now weighs on the franchise.
Steinbrenner’s restraint rhetoric fades into background
Managing general partner Hal Steinbrenner said in November it would be “ideal” to reduce payroll after finishing last season at $319 million. The Yankees have not done so in any meaningful way.
“Would it be ideal if I went down with the payroll? Of course,” Steinbrenner said then. “But does that mean that’s going to happen? Of course not. We want to field a team we know could win a championship, or we believe could win a championship.”
Steinbrenner also noted he believes there is a “weak correlation” between spending the most money and winning championships. The Dodgers, who spent approximately $415 million last season, just won back-to-back World Series titles.
“I really love our starting rotation next year,” Steinbrenner said, noting that Cole and Carlos Rodon are expected back in the earlier parts of the season.
2026 MLB payroll rankings
| Team | Projected CBT Payroll |
| Los Angeles Dodgers | $402.5M |
| New York Mets | $375.9M |
| New York Yankees | $317.8M – $320.1M |
| Philadelphia Phillies | $316.3M |
| Toronto Blue Jays | $304.1M |
Source: FanGraphs, Cot’s Contracts (as of January 2026). 2026 CBT threshold: $304M
The Yankees have exceeded the CBT threshold for three consecutive years, placing them in the highest tax bracket. They will pay a 50% base tax plus additional surcharges for every dollar over the limit. Boone’s “pause” may be more about roster construction than financial restraint, but the numbers make clear that ownership has not pulled back on spending despite Steinbrenner’s November rhetoric.
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