NEW YORK — Both sides want to make this work. That much is clear. The Yankees want Cody Bellinger back. Bellinger enjoyed his time in the Bronx. The fit could not be more obvious.
So what is holding up the deal? Money and years. The same thing that always holds up deals when Scott Boras is involved.
The Yankees and Bellinger remain far apart in contract negotiations despite weeks of talks. Brendan Kuty of The Athletic reported Wednesday that the two sides do not appear close to an agreement. The holdup centers on contract length. Bellinger wants six or seven years. The Yankees prefer four or five.
The gap may be too wide to close
New York has made at least two formal offers to the 30-year-old outfielder. Neither has been accepted. SNY’s Emmanuel Berbari reported this week that the Yankees have held firm at five years throughout the process.
“The latest on Bellinger is that the Yankees are still the frontrunners,” Berbari said. “Their offer has stayed consistent over recent times. Five years, they’re comfortable going five years for Cody Bellinger, and they’ve remained at five years. Will another team swoop in and go six or seven, and force the Yankees’ hand to up the offer? So far, that hasn’t happened, but the Yankees are not going to bet against themselves.”
ESPN’s Buster Olney described the situation bluntly. “There is apparently a sizable gap between what his side wants and what the team is willing to pay,” Olney wrote.
Bellinger made his case in 2025
The former NL MVP delivered his best season since winning that award in 2019. He slashed .272/.334/.480 with 29 home runs and 98 RBI in 152 games. His 5.1 WAR made him the team’s second most valuable player behind Aaron Judge.
The left-handed bat thrived at Yankee Stadium. He hit .302/.365/.544 with 18 home runs at home. His road numbers were far less impressive at .241/.301/.414. That split matters when projecting his value on a long-term deal.
His defense was elite. Bellinger posted plus-12 defensive runs saved and plus-9 fielding run value. He locked down left field while providing occasional work in center and at first base.
The Yankees remember what happened before
Just one year ago, Bellinger had almost no trade value. The Dodgers non-tendered him after the 2022 season. The Cubs gave him a three-year, $80 million deal with opt-outs after he won NL Comeback Player of the Year in 2023. He opted into the second year rather than testing free agency after a solid but unspectacular 2024.
Chicago then dumped his contract. The Yankees took on all but $5 million of the remaining money for journeyman pitcher Cody Poteet. Teams were not willing to commit to even two years at $25 million annually. Now Bellinger wants six or seven years at a similar rate.
The Yankees also carry the ghost of the DJ LeMahieu contract. That six-year, $90 million deal ended with a midseason release in 2025. Bellinger reportedly wants more than double that commitment.
The front office has been clear about wanting him back
General manager Brian Cashman made his feelings known 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.”
Manager Aaron Boone echoed the sentiment.
“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.
The market has not materialized for Bellinger
The Mets, Dodgers, and Cubs have all been linked to the outfielder at various points. None have made aggressive moves. That silence has shifted leverage toward the Yankees. They can afford to wait. Bellinger apparently cannot force a bidding war.
Boras listed as many as eight teams with interest at the Winter Meetings. Yet no rival offer has pushed the Yankees to increase their bid. MLB Trade Rumors projected Bellinger for a five-year, $140 million contract. Three of their four writers predict he will return to New York.
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.”
The Yankees have other options if talks collapse
Left field is not without alternatives. Jasson Dominguez played there in 2025 and remains just 22 years old. He struggled defensively but hit well from the left side against right-handed pitching. The switch-hitter still has two minor league options remaining.
Top prospect Spencer Jones crushed 35 home runs in the minors last season between Double A and Triple A. The 6-foot-7 slugger was added to the 40-man roster in November. He could compete for the starting job in spring training.
“If Spring Training started today, he’d be our left fielder,” Cashman said of Dominguez. “He’d be a competition. Spencer Jones would try to take his shot at the title. But I think it’s easy to think that by default, since Dominguez was here last year, where he’s at in his progression, he would be the odds-on favorite.”
Spring training opens in about five weeks. The stalemate continues. Both sides agree on the fit. The valuation remains the obstacle.
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