ORLANDO, Fla. — The whispers had grown too loud. Hal Steinbrenner wants the payroll cut. The Yankees cannot afford to improve. Budget constraints will force Brian Cashman into settling for less.
The Yankees general manager walked into the Signia by Hilton Orlando Bonnet Creek on Sunday night with one message. Those whispers are wrong.
“The last time I spoke with you guys, I told you that Hal hadn’t given me a drop-dead number and that’s still the case,” Cashman said. “Hal’s exact words to me continue to be, ‘Take everything that’s out there to me,’ which I will continue to do.”
The speculation started weeks ago. Steinbrenner said it would be “ideal” to reduce the $319 million Yankees payroll from 2025. Fans panicked. Rival executives wondered if the Yankees were finally tightening their spending.
Cashman insists no hard Yankees payroll cap exists
The Yankees already have approximately $283 million committed for 2026. The highest luxury tax threshold sits at $304 million. Simple math suggests little wiggle room.
Cashman dismissed that notion. He claimed Steinbrenner has not instructed him to drop payroll from last season. The conversations between owner and general manager have not changed.
Asked if the Yankees realistically need to spend more to improve from 2025, Cashman offered a wry response. “There’s a lot of different ways to skin a cat.”
He also reminded reporters that New York increased its payroll at the trade deadline last summer despite already exceeding the highest luxury tax threshold.
“I think that’s every owner’s ideal,” Cashman said about reducing costs. “You’d love to win the whole thing at less of a cost if you possibly can.”
Bellinger remains the top target
Cody Bellinger opted out of his contract last month. The Yankees want him back. Cashman has been direct about that pursuit since the season ended.
“Cody Bellinger would be a great fit for us,” Cashman said. “I think he’d be a great fit for anybody. I think he’s a very talented player that can play multiple positions at a high level, and hits lefties, hits righties.”
He spoke with agent Scott Boras on Saturday. The talks are ongoing. Bellinger slashed .272/.334/.480 with 29 home runs and 98 RBIs in 2025.
“He’s still in play,” Cashman said. “We’re going to continue to have dialogue. At some point, something might materialize.”
The Dodgers, Mets, Blue Jays and Angels are among the teams competing for Bellinger’s services. Signing him would almost certainly push the Yankees past the $304 million tax threshold.
The lineup balance problem Cashman must solve
One word keeps popping up in Cashman’s conversations. Balance.
“I acknowledge that we are left-handed dominant throughout our lineup,” Cashman said. “So to get more choices for our manager would be a great thing for us to do.”
Austin Wells, Ben Rice, Jazz Chisholm Jr., Ryan McMahon and Trent Grisham all bat left-handed. Switch-hitter Jasson Dominguez owns a career .136 average from the right side with a .530 OPS against left-handed pitching.
Bellinger also swings from the left side. But he mashed lefty pitching in 2025. That makes him different from the other lefties on the roster.
If the Yankees miss on Bellinger, they could turn to Dominguez and Spencer Jones internally. Both are left-handed hitters. Neither has proven they can handle major league pitching.
Grisham’s return provides unexpected flexibility
Trent Grisham accepted the $22.025 million qualifying offer. Many fans were surprised. Cashman sees it differently.
“It gave us some reassurance,” he said. “We entered the winter down two highly productive, impactful players that led us to be tied with the best record in the American League. When Trent accepted the qualifying offer, now we’ve got our center-field situation locked down for the next year.”
The move gives Cashman options. He can pursue Bellinger without desperation. He can wait for prices to drop. He can go with younger players if the market does not cooperate.
“We believe the changes he made with his swing were real,” Cashman said about Grisham. “So instead of being down two, we’re down one and it gives us a little bit more flexibility.”
The bullpen needs immediate attention
Devin Williams signed a three-year, $51 million deal with the Mets. Luke Weaver remains unsigned. The Yankees bullpen that posted a 4.37 ERA in 2025 just got thinner.
Cashman acquired David Bednar and Camilo Doval at the trade deadline. Both remain under team control. But that might not be enough.
“We have Doval and Bednar now as we move into the 2026 season, but we’ve lost Devin and Weaver,” Cashman said. “A lot of the things we did at the deadline give us some protection, but we need to add to it.”
The starting rotation has its own concerns. Gerrit Cole is recovering from Tommy John surgery. Carlos Rodon had left elbow surgery in October. Clarke Schmidt required an internal brace procedure.
Cole could return by late May or June. Rodon might be ready by April or May. But the Yankees will open the season without their top two starters.
The Blue Jays loom as the team to beat
Toronto lost the World Series after falling to the Dodgers in the Fall Classic. They still made a major splash by signing Dylan Cease to a seven-year, $210 million contract. The division gap is real.
“We have to find our way to take that back from Toronto,” Cashman said. “And at the same time, be better than everyone else in the league.”
The Yankees tied Toronto for the best record in the American League at 94 wins. Then they lost to the Blue Jays in the ALDS.
Aaron Judge has won three of the last four AL MVP awards. He captured the 2025 batting title. He has been clear about one thing. He would trade all of it for a championship ring.
“First and foremost, let’s start with the premise that we have really good players on this roster,” Cashman said. “We are covered in most all areas that you need to be covered.”
Whether that is enough remains the question. The Winter Meetings officially begin Monday. Cashman has a history of making splashes when baseball’s decision makers gather in one place. The next four days will reveal if that Yankees history continues.
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