NEW YORK — The New York Yankees want Cody Bellinger back. That much is clear. But what the former MVP wants in return may force the Bronx Bombers into a corner they did not see coming.
MLB insider Barry M. Bloom of Forbes dropped a bombshell on Wednesday. According to Bloom, Bellinger is seeking an eight-year deal worth $400 million. That comes out to $50 million per season. The number stunned many around the league who expected his deal to land closer to $200 million.
The 30-year-old outfielder thrived in his lone season with the Yankees. He hit .272 with 29 home runs and 98 RBIs in 152 games. Those numbers represent his best production since winning NL MVP with the Dodgers in 2019. He also posted a 4.9 fWAR and struck out at a career-low rate of 13.7 percent.
So what happens now? That depends on how far the Yankees are willing to stretch.
Yankees still the favorites despite steep asking price
Former MLB general manager Jim Bowden of The Athletic provided some hope for fans in the Bronx. Bowden reported that the Yankees, Mets and Dodgers are the three most likely destinations for Bellinger. He listed them in that order.
“The market for Cody Bellinger is robust with the most likely result that he signs with a big market, contending team as expected,” Bowden wrote on X.
That puts New York in the driver’s seat. But the Mets present a real threat. Steve Cohen has deep pockets and a need for outfield help after trading Brandon Nimmo to the Rangers and losing Pete Alonso to the Orioles.
The Dodgers also loom in the background. They know Bellinger well from his first six seasons in Los Angeles. He won the 2017 NL Rookie of the Year and the 2019 NL MVP there. He also won a World Series ring in 2020.
Cashman and Boone make their case for Bellinger
Yankees general manager Brian Cashman has not been shy about his desire to bring Bellinger back. He spoke at the Winter Meetings in Orlando earlier this month.
“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’s a contact guy, and I think our environment was a great one for him.”
Manager Aaron Boone echoed those sentiments. He praised Bellinger’s impact both on the field and in the clubhouse.
“What Cody brought to us last year, in so many ways … who he was in the room, his performance in between the lines on both sides of the ball, his athleticism, his versatility, who wouldn’t want a player like that?” Boone said. “But he’s earned the right to get to this point of his career (with) free agency, (and) he’s still a relatively young man, so we’ll see what happens and we’ll see how it shakes out, but as far as the player and the person, he’s a good one.”
Contract projections paint a different picture
The $400 million ask may be ambitious. ESPN’s Kiley McDaniel initially projected Bellinger to sign a six-year, $165 million deal. That projection has since climbed to five years and $170 million or six years with a lower annual value.
Spotrac estimates his market value at six years and $182 million. That would make him the third-highest paid Yankee behind Aaron Judge and Gerrit Cole.
The gap between what Bellinger wants and what analysts expect is massive. It remains to be seen if any team will meet his demands.
Scott Boras working the market behind the scenes
Bellinger is represented by super agent Scott Boras. That matters. Boras has a history of landing massive contracts for his clients. He often lets the market develop before pushing for a final deal.
Reports suggest Boras may wait for Kyle Tucker to sign first. Tucker is also seeking around $400 million. If Tucker lands a deal in that range, it would give Boras leverage to push Bellinger’s price higher.
Boras has spoken publicly about his client’s value.
“Really, he’s the only five-tool free agent outfielder,” Boras told USA Today’s Bob Nightengale. “And when you look at the ’25 season, I’d say among all the free agent outfielders, he was the top gun of the class.”
Why Bellinger fits the Yankees so well
The numbers tell the story. Bellinger thrived at Yankee Stadium. In 80 games at home, he slashed .302/.365/.544 with an .909 OPS. He hit 18 home runs and drove in 55 runs in the Bronx.
His road numbers were less impressive. He posted a .715 OPS away from Yankee Stadium. That split shows how much the short porch in right field helps his left-handed swing.
Bellinger also excels against left-handed pitching. He slashed .353/.415/.601 against lefties in 2025. That kind of production is rare for a left-handed hitter.
His defensive versatility adds even more value. He logged time at all three outfield positions and first base last season. He finished with a plus-7 Outs Above Average and ranked third among all left fielders in fielding run value.
Yankees face pressure from multiple fronts
The longer this drags out, the more complicated it gets. The Yankees have been quiet this offseason. They have not made any major moves while the Mets signed former Yankees relievers Devin Williams and Luke Weaver.
Reports from the Winter Meetings suggested a gap between the two sides. The Yankees reportedly offered five years. Boras is pushing for seven or more.
USA Today’s Bob Nightengale predicted the Yankees will eventually get a deal done. “Hal Steinbrenner opens his checkbook and signs Bellinger, but nothing close to the pricetag Tucker is seeking,” Nightengale wrote.
The question remains: How much will the Yankees pay? And will Bellinger accept less than $400 million to stay in pinstripes?
The answers will shape the Yankees’ 2026 roster. They will also determine whether Bellinger continues his career in the Bronx or takes his talents elsewhere.
What do you think?
