NEW YORK — There was plenty of celebrating at Yankee Stadium on Wednesday. High-fives at the executive level. Sighs of relief in the front office. The Yankees had just forced Scott Boras to blink first.
Cody Bellinger is back in pinstripes on a five-year, $162.5 million contract. The super agent who pushed for seven years and $266 million walked away with neither. Owner Hal Steinbrenner held his ground. General manager Brian Cashman refused to budge.
But here is the uncomfortable question no one in the Bronx wants to answer: Did the Yankees actually fix enough to beat Toronto?
Boras overplayed a weak hand
Boras boasted in December that eight teams were looking to do business with Bellinger. He demanded a seven-year deal at an estimated $37 million per season. It was an over-the-top ask, typical of his negotiating style.
This time it backfired badly.
One MLB executive went as far as to say when Boras hints at eight interested buyers, “It means he has none.” The executive was smiling, but not entirely kidding.
The Dodgers signed Kyle Tucker instead. They committed four years and $240 million to the former Astros star. The Mets traded for Luis Robert Jr. from the White Sox on Tuesday night. The Blue Jays dropped out over the weekend. By Wednesday, Bellinger had only one path remaining. That path led back to the Bronx.
The Yankees were waiting with open arms. As a show of good faith, they upped their final offer by $2.5 million. They added $500,000 to each of the five years. It was a symbolic gesture. There was no doubt who won and who lost.
Steinbrenner learned from the Soto disaster
The new Boss hadn’t forgiven himself for getting carried away in the Juan Soto talks in December 2024. Despite his brain trust advising against it, Steinbrenner went as high as $760 million for 16 years. The Mets topped that with a 15-year, $765 million blockbuster.
Steinbrenner vowed not to get played a second time in a row. The Yankees stuck to an initial offer of five years and approximately $150 million. There would be wiggle room, but not much.
Steinbrenner, along with Cashman and team president Randy Levine, took turns explaining to Boras that a seventh year, or even a sixth, was a pipe dream. Bellinger, after all, turns 31 in July. He is not the superstar he was with the Dodgers in 2019. He is certainly not close to Aaron Judge’s level today.
One club official put it bluntly: “Cody is a better home run hitter for us than any other team he’s thinking about.” The short porch in right field makes all the difference.
Yankees deal that brought Bellinger home
The five-year, $162.5 million contract includes a $20 million signing bonus. Bellinger receives opt-outs after the second and third seasons. A full no-trade clause gives him roster control. No money is deferred.
The salary breakdown tells the story. Bellinger earns $32.5 million annually in 2026 and 2027. That drops to $25.8 million in 2028 and 2029, then $25.9 million in the final year. If a work stoppage cancels the 2027 campaign, the opt-outs shift to after the third and fourth years.
Bellinger will pocket $85 million over the first two years when factoring in the signing bonus and front-loaded salaries. That is solid money for a player who batted .272 with 29 home runs, 98 RBI, and an .813 OPS in 2025.
“I had an unbelievable time putting on this uniform,” Bellinger said after the Yankees’ ALDS loss to Toronto in October. “Yankee Stadium, the fans, the organization, the culture that these guys have created in this locker room. It really is special.”
The rotation remains a serious problem
Bellinger secures the lineup. The expected returns from Gerrit Cole, Carlos Rodon, and Clarke Schmidt could strengthen the rotation later. But the Yankees open the season with all three on the injured list.
Cole remains sidelined following Tommy John surgery performed in March 2025. Cashman recently pushed the ace’s return timeline to late May or early June. Rodon underwent an elbow cleanup procedure after the postseason and should return in late April or May. Schmidt could miss most of 2026 after his own Tommy John surgery in July.
That leaves Max Fried as the clear ace for Opening Day. He went 19-5 with a 2.86 ERA in his stellar 2025 debut season in pinstripes. Cam Schlittler, Will Warren, and Luis Gil round out the current options. Ryan Yarbrough provides depth.
“I just think the more, the better,” Cashman said in December. “I would love to add a starter.”
The Yankees maintain heavy interest in Brewers right-hander Freddy Peralta. He finished 2025 with a 17-6 record and 2.70 ERA. His $8 million salary makes him an attractive target. But Milwaukee has set a high asking price. The Dodgers, Mets, Giants, and Braves are also circling.
Dominguez and Jones become trade chips
Bellinger’s return pushes Jasson Dominguez into a fourth-outfielder role. The 22-year-old “Martian” produced a .248/.327/.397 slash line in 149 games last season. His defense in left field drew criticism. He struggled against right-handed pitching.
Spencer Jones, the Yankees’ No. 4 prospect, crushed 35 homers with a .932 OPS in the minors. Cashman acknowledged some other organizations probably would have already promoted him. Both players could headline trade packages for pitching help.
Pairing Dominguez with expendable arms like Luis Gil could create a package strong enough to land an impact starter. The ultimate goal is a “super rotation” where Fried and Peralta anchor the staff until Cole returns.
The Blue Jays problem remains unsolved
The Yankees and Blue Jays finished 2025 with identical 94-68 records. Toronto won the AL East via the head-to-head tiebreaker. They went 8-5 against the Yankees in the regular season. Then they eliminated New York in four games in the ALDS.
Toronto has since added pitchers Dylan Cease and Cody Ponce, infielder Kazuma Okamoto, and bullpen depth with Tyler Rogers. The Blue Jays lost Bo Bichette to the Mets and missed on Kyle Tucker. But they remain the team the Yankees could not solve.
Bellinger struggled against Toronto in October. He went 6-for-28 in the postseason with one homer and four RBI. A bruised heel limited his effectiveness. The Yankees need him healthy and productive when October arrives again.
George would be proud, but is it enough?
The loss of Bellinger would have left Judge without meaningful protection. The lineup would have suffered. The offense would have regressed. From that standpoint, the Yankees won this standoff.
George Steinbrenner would have been proud of his kid today. Hal stood firm. He refused to let Boras run up the price. He learned from the Soto disaster.
But fans want championships, not moral victories in contract negotiations. The rotation remains thin. The division rivals have improved. The championship drought has stretched to 16 years.
Bellinger is back. Boras was outmaneuvered. Another 94-win season is a realistic possibility. But realistic isn’t the same as good enough. The Yankees still have work to do before spring training opens in three weeks.
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