NEW YORK — The Yankees have put their cards on the table with a formal offer to Cody Bellinger heading into 2026.
What happens next could define the entire offseason in the Bronx. The two sides remain locked in a stalemate that has stretched for months. Neither appears willing to blink first.
Jon Heyman of the New York Post reported that the Yankees handed their formal proposal for a deal to Bellinger last week. No details about the offer have emerged. That silence tells its own story.
Yankees refuse to move off their position
Senior MLB insider Jeff Passan delivered a blunt assessment of the situation on Threads this week. The Yankees want Bellinger back. They just want him on their terms.
“This is a great encapsulation of the 2025-26 offseason: teams want guys but on their terms,” Passan wrote. “With [Spencer] Jones (and Jasson Dominguez), the Yankees have enough to field a representative outfield. And yet nobody would argue that they are a demonstrably better team with Cody Bellinger in pinstripes.”
Passan added a key detail about the negotiations.
“Until his price drops, the Yankees don’t seem inclined to budge,” he wrote.
Mark Feinsand of MLB.com confirmed the posture. He reported that the Yankees are remaining firm on their price. They refuse to bid against themselves unnecessarily.
Bellinger thrived in Yankee Stadium
The numbers support the Yankees’ interest. Bellinger posted his best season since his 2019 NL MVP campaign. He batted .272/.334/.480 with 29 home runs and 98 RBI in 152 games. His 125 OPS+ ranked among the best on the team.
His home splits tell an even better story. At Yankee Stadium he slashed .302/.365/.554 with 18 home runs. The short right field porch played perfectly for his left-handed swing. He pulled balls in the air to right field at a 24.7 percent rate.
Baseball Reference valued him at 5.1 wins above replacement. FanGraphs measured 4.9 WAR. Both marks represented the second-best player on the roster behind MVP Aaron Judge.
He also provided elite defense. Bellinger earned 12 defensive runs saved and nine fielding run value in 2025. He sits in the 93rd percentile among defenders with seven outs above average.
Boras wants a massive deal
Agent Scott Boras represents Bellinger. Boras clients rarely settle for less than market value. The Athletic projects Bellinger at seven years and $182 million. ESPN’s Kiley McDaniel raised his projection to six years and $180 million.
MLB Trade Rumors predicts five years and $140 million. FanGraphs crowdsources at five years and $135 million.
The DJ LeMahieu contract haunts the organization. That six-year, $90 million deal resulted in a midseason release in 2025. Bellinger reportedly wants more than double that commitment.
Former Mets general manager Jim Duquette offered a prediction on MLB Network Radio.
“I think he’s getting six years,” Duquette said. “I still think the Yankees, even though there’s other teams that jumped in, I still cannot imagine that the Yankees will not be the final suitor on him.”
Judge wants Bellinger back
The franchise player has made his feelings known. Heyman reported last week that Aaron Judge is a big advocate for the team to re-sign Bellinger.
Manager Aaron Boone spoke about the fit during the winter.
“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.
General manager Brian Cashman echoed the sentiment at the Winter Meetings.
“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.”
Competition remains limited
The market has not materialized as expected. The Mets, Dodgers and Blue Jays have been linked to Bellinger. None have made aggressive moves.
Heyman reported in December that the Yankees were not overly concerned about Bellinger bolting to the Mets. That confidence appears justified by the lack of serious rival interest.
The silence from other teams has shifted leverage toward the Yankees. They can afford to wait. Bellinger apparently cannot force a bidding war.
Feinsand noted that despite the standoff, the two sides are expected to eventually reach an agreement. But all it takes is one phone call from any team to change the equation.
Yankees have alternatives if talks collapse
The Yankees retained Trent Grisham on a qualifying offer worth $22.025 million. They could start Jasson Dominguez in left field. Spencer Jones is knocking on the door from the minors. Ben Rice provides first base depth.
None of those options replicate what Bellinger brings. But they give the Yankees leverage in negotiations. They do not have to sign him at any cost.
The AL East arms race adds pressure. The Blue Jays won the World Series. The Orioles added Pete Alonso. The Yankees need to respond. Bringing back Bellinger would be their statement.
The formal offer is on the table. The clock is ticking. Somewhere between the Yankees’ firm stance and Bellinger’s asking price lies an agreement. The question is whether either side will budge first.
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