The New York Yankees are having a rough offseason. They are missing out on plenty of free agents, and talks with the biggest names on the market have not led to anything. Cody Bellinger is the current free-agent target for New York, but their negotiations have not led to a contract just yet. Spring training is right around the corner, and time is running out for the Yankees to make the signing.
As of now, Bellinger and the Yankees remain far apart on a deal. Bellinger, represented by Scott Boras, is looking for a long-term deal. The 2019 NL MVP would like to have a seven-year contract in front of him. However, the Yankees offered a contract with a couple fewer years.
Per Bob Nightengale of USA Today, New York offered Bellinger a five-year contract worth between $155 and $160 million with nothing deferred. That would give him an AAV between $31 and $32 million.
Cody Bellinger’s Market Value
GettyCody Bellinger is looking for a seven-year contract.
Bellinger is coming off a season in which he slashed .272/.334/.480 with 29 home runs and 98 RBI. It is his most home runs, RBI, and games played since his MVP season in 2019. He is also still in his prime at 30 years old.
Spotrac lists his market value AAV at $30.4 million. That would be more than $10 million more than what the highest-paid outfielder has signed for. Now, that “outfielder” is Josh Naylor, who will play first base, but the sentiment remains the same. Bellinger believes he is worth double, maybe triple, the value of other outfielders on the market.
The question of whether or not he is worth that value seems to be irrelevant. The Yankees are willing to go that high, and they are even willing to forego any deferrals that would make the contract cheaper on the books.
The problem is the years he is searching for. Having a player like Bellinger until he is 37 is the reason teams are balking at the chance to sign him. As players get into their upper-30’s, they begin to regress a little bit (with an exception for certain players). Instead, the Yankees want Bellinger for five seasons, which would keep Bellinger in the Bronx for what they expect to be successful years.
Missing Out On Bellinger Would Be a Massive Blow
GettyThe Yankees’ offseason has been a disappointment.
The Yankees have been missing out on multiple players this offseason. They were never close on a trade for Edward Cabrera, and Kyle Tucker seems to be a pipe dream. Not landing Bellinger would be the cherry on top of a disappointing offseason.
The American League East as a division has only gotten stronger this offseason. The Baltimore Orioles have made plenty of moves to wash away their poor 2025, while the Toronto Blue Jays have hopes of returning to the World Series. The Boston Red Sox are in the same boat as the Yankees, but a few key trades should have Boston excited for 2026.
Looking at the Yankees, they still have a talented team. They will be missing some pitchers to begin the season, and they lost a few more to free agency. But their lineup has remained largely unchanged. Bellinger and Paul Goldschmidt are the two regulars not returning to the lineup.
If New York can retain Bellinger, the attitude at Yankee Stadium will shift positively. But it looks like the Yankees will have to meet his demands for that to happen.
Yankees, Cody Bellinger Contract Differences Revealed