NEW YORK — The New York Yankees are once again staring down a tough offseason decision. For the second straight winter, the franchise risks losing a star outfielder to free agency. After watching Juan Soto leave for Queens last year, the Yankees now face the possibility of Cody Bellinger following the same path.
Bellinger officially opted out of his contract on Monday, declining the final year and $25 million on his deal. Instead, the 30-year-old accepted a $5 million buyout, making himself one of the most sought-after names in this winter’s free-agent market. Early projections suggest the former MVP could command between $180 million and $200 million on a deal spanning six or seven years.
Yankees want him back but face Scott Boras hurdle
The Yankees have made it known that they would like Bellinger to return. General manager Brian Cashman publicly expressed the organization’s desire to re-sign him after his strong 2025 campaign. Bellinger delivered his best numbers since his 2019 MVP season, batting .272 with 29 home runs and 98 RBIs while posting a 5.0 WAR.
Bellinger himself seemed open to coming back. “I had an unbelievable time putting on this uniform,” he said Monday. His words reflected the mutual admiration between the player and the team. His agent, Scott Boras, even admitted last year that Bellinger was “driving me crazy” about becoming a Yankee before his trade from Chicago.
Still, the Boras factor looms large. NJ.com columnist Bob Klapisch said he doesn’t expect Bellinger to stay in New York. “I believe Bellinger will sign with another club and so do a lot of people around the big leagues. Remember, he’s represented by Scott Boras. We know what that means,” Klapisch said.
Soto situation creates wariness in Bronx
The Yankees’ front office remains cautious after its experience with Juan Soto last offseason. New York believed it made a strong offer, but the Mets outbid them at the final moment with a record-setting contract. That high-profile loss still lingers in the organization’s mind as it evaluates another Boras client.
“The Yankees learned their lesson from their pursuit of Juan Soto last year,” Klapisch noted. “My sense is that Yankees are wary of Boras using the same playbook with Bellinger: use Hal Steinbrenner to jack up the price and move him elsewhere. I don’t think the Yankees want to be party to that for a second year in a row.”
According to NJ.com’s Randy Miller, Bellinger could earn $180 million over six years, with some estimates reaching $200 million over seven.
Klapisch added, “People hire Boras for one reason only, and that’s to make the last-possible dollar regardless of what uniform you end up wearing.”
Competition emerges from multiple directions
The Yankees won’t be the only team pursuing Bellinger. ESPN’s David Schoenfield identified the Mets as the most logical destination for the slugger. The crosstown rivals already proved their financial willingness by signing Soto and could try a similar approach with Bellinger.
The Athletic’s Jim Bowden named several other possible suitors, including the Kansas City Royals, Houston Astros, San Diego Padres, Cleveland Guardians, Los Angeles Angels, and Seattle Mariners. Each club offers unique appeal, from playoff-ready rosters to hitter-friendly parks that could benefit Bellinger’s pull-heavy power style.
The Los Angeles Dodgers could also re-enter the picture. Jon Heyman reported that some Dodgers executives remain interested in a reunion. Cody Bellinger began his career in Los Angeles, where he won Rookie of the Year in 2017 and the National League MVP Award in 2019.
Spencer Jones waits in wings as Plan B
While the Yankees want Bellinger back, they’re not unprepared if he departs. Top prospect Spencer Jones has emerged as the organization’s internal backup plan. The 23-year-old outfielder has shown flashes of major league readiness and could step into a larger role in 2026.
“I’ve been told by people familiar with Cashman’s thinking that the Yankees are ready to commit to Jones if Bellinger doesn’t come back,” Klapisch reported. The young slugger still strikes out too often, but scouts believe his other tools are developing quickly. “He has the power. He has the size. He has the defensive skill. He has the charisma and personality for New York,” Klapisch said.
Jones also gives the Yankees a cost-controlled option at a time when payroll flexibility matters. His emergence would allow the front office to address other needs, such as bullpen depth and infield stability. With nine free agents this winter, New York must be strategic about where it allocates resources.
Financial realities shape Yankees strategy
The Yankees carried a payroll of $318 million last season, the second-highest in baseball. For 2026, they already have roughly $204 million committed before any offseason moves. Adding Bellinger’s projected salary would push the club deeper into luxury tax territory, something ownership has been cautious about in recent years.
There’s no denying Bellinger’s value on the field. He appeared in 152 games last season, providing both offense and elite defense. His 12 defensive runs saved and six outs above average ranked among the best in baseball. Manager Aaron Boone frequently relied on him in center field and at first base, using his versatility to balance the lineup.
Even so, the Yankees must weigh that production against the long-term cost. Young talents such as Jasson Domínguez and Spencer Jones need opportunities to grow. A six- or seven-year deal for Bellinger could block their development paths and limit roster flexibility for future seasons.
At the same time, the Yankees understand that losing Bellinger would create an immediate hole in both the lineup and the clubhouse. His left-handed bat helped balance the order, and his veteran presence stabilized a team dealing with injuries and inconsistency in 2025.
Free agency officially opened Monday, leaving time for negotiations to play out. However, Boras clients are known for taking their time, often signing late in the offseason once the market sets itself. The Yankees are familiar with that strategy. Whether they decide to engage in another drawn-out bidding war or shift focus elsewhere will define their offseason.
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