NEW YORK — The Yankees have put their cards on the table. A multiyear contract worth more than $30 million per year sits in front of Cody Bellinger. Yet the 2019 NL MVP has not signed.
Weeks have passed since the initial offer arrived. Multiple proposals have followed. The gap between the two sides remains the same: contract length.
The Yankees want to bring Bellinger back to the Bronx. General manager Brian Cashman has made that clear. But Scott Boras and his client want something the front office is reluctant to provide.
The sticking point comes down to years, not dollars
Brendan Kuty of The Athletic reported Thursday that the Yankees’ most recent offer featured an average annual value north of $30 million. That would place Bellinger among the highest-paid outfielders in baseball.
Only Juan Soto, Aaron Judge and Mike Trout currently make more per season among outfielders. The money is significant. The problem lies elsewhere.
Bellinger’s camp has continued to push for seven years. Jon Morosi of MLB Network reported earlier this week that the Yankees prefer a four or five year commitment. Neither side has budged from their position.
Bellinger delivered exactly what the Yankees needed in 2025
The former MVP slashed .272/.334/.480 with 29 home runs in his first season with the Yankees. He drove in 98 runs and added 13 stolen bases across 152 games. Those were his highest home run numbers since his MVP campaign in 2019.
His bat played especially well at Yankee Stadium. The left-handed hitter posted a .302/.365/.544 line with 18 home runs at home. The short porch in right field suits his swing perfectly.
The defense was equally impressive. Bellinger recorded plus-11 Defensive Runs Saved and plus-7 Outs Above Average in 2025. He logged more than 300 innings at all three outfield positions while also spelling Paul Goldschmidt at first base.
The market for Bellinger includes several familiar teams
The Yankees are not negotiating in a vacuum. All three of Bellinger’s former teams have been linked to his market. The Dodgers, Cubs and Yankees have each shown interest at various points this offseason.
The Mets, Giants, Angels, Blue Jays and Phillies have also reportedly checked in. However, no team appears willing to meet the seven-year demand. That leaves Bellinger and Boras waiting for someone to blink.
Comparable deals this offseason have fallen in the five-year range. Pete Alonso signed for five years and $155 million with the Orioles. Kyle Schwarber returned to the Phillies on a five-year, $150 million contract. MLB Trade Rumors projected Bellinger for five years and $140 million before the winter began.
The Yankees have started looking at alternatives
Jon Heyman of the New York Post reported that the Yankees have started looking “more seriously” at free agent shortstop Bo Bichette while negotiations with Bellinger drag on. Bellinger remains their top target. But the front office is not putting all its eggs in one basket.
Bichette hit .311 with 18 home runs and 44 doubles in 2025. He provides a different skill set than Bellinger but would fill a significant need in the lineup. The two-time All-Star could play second base alongside Anthony Volpe if the Yankees pursue that route.
The team also has internal options. Jasson Dominguez and Spencer Jones could compete for playing time in left field. Jones is expected to make his MLB debut at some point in 2026. Both prospects have trade value if the Yankees decide to use them as chips.
Bellinger’s underlying numbers raise some questions
The counting stats look great. The advanced metrics tell a more complicated story. Bellinger’s hard-hit rate of 37.9 percent ranked just above league average in 2025. His expected batting average of .254 and expected slugging of .416 were both middle of the pack.
His road splits were even more concerning. Bellinger hit .241/.301/.414 away from Yankee Stadium last season. Teams bidding on a seven-year contract are looking at those numbers carefully.
The 30-year-old did improve his contact skills. His 13.7 percent strikeout rate was a career best. So was his 7.6 percent swinging-strike rate. Those improvements suggest Bellinger has made real adjustments to his approach.
Spring training is five weeks away
The clock is ticking. Pitchers and catchers report next month. The Yankees need to finalize their outfield situation before camp opens in Tampa.
Trent Grisham accepted the qualifying offer and will patrol center field. Aaron Judge owns right field. Left field belongs to Bellinger if he returns. If he does not, the Yankees will need a Plan B.
The offer is on the table. More than $30 million per year. A multiyear commitment. Whether that is enough to bring Bellinger back to the Bronx remains to be seen.
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