Five years, $162.5 million. A $20 million signing bonus with no money deferred. Opt-outs after the second and third seasons (which move back to the third and fourth if there is a lockout in 2027). A full no-trade clause.
That is ultimately what it took for the New York Yankees to re-sign Cody Bellinger after plenty of back and forth between the two sides. While the “New York had to do this” sentiment is fully understandable, this contract is one that Yankees’ general manager Brian Cashman may come to regret down the road (unless Bellinger has a pair of standout seasons before opting out AND the return for whichever of Jasson Dominguez or Spencer Jones gets traded, as one will surely be moved now, ends up making a difference).
The Yankees and Cody Bellinger Only Know Eachother From One Season
Bellinger was, without question, a great pickup for the Yankees in 2025. He played almost every game (152 out of 162) while handling all three outfield positions and hitting .272/.334/.480 in 656 PA with 25 2B, 29 HR, 98 RBI, and 13 SB. Baseball Reference totaled his season at 5.1 WAR, a figure he bettered only once in his nine-year career (8.7 WAR during his MVP-winning 2019 season).
Bellinger bet on himself after that campaign, declining a $25 million player option to head into free agency. Reports throughout the offseason suggested that his agent, Scott Boras, has been pushing for a seven-year deal worth at least $30 million per season. Bellinger “settled” for five, but gets a bump to a $32.5 million AAV (average annual value).
Is Bellinger’s contract excessive? Not at all, no, especially when compared against the four-year, $240 million (a, cough, $60M AAV) contract that the Los Angeles Dodgers just gave Kyle Tucker, who slashed .266/.377/.464 in 597 PA with 25 2B, 23 HR, 73 RBI, and 23 SB last season. Tucker may be 18 months younger than Bellinger, but is that difference enough to justify such a disparity between the contracts?
The Yankees’ Offseason So Far
New York’s offseason has been somewhat uninspiring. Center fielder Trent Grisham somewhat surprisingly accepted the qualifying offer to return for another season. Left-hander Ryan Yarbrough, right-hander Paul Blackburn, and infielder Amed Rosario all re-signed on affordable one-year contracts. Now, Bellinger comes back.
The only external additions that the club has made have been right-hander Cade Winquist in December’s Rule 5 Draft and left-hander Ryan Weathers in a trade with the Miami Marlins.
That’s it.
New York is Behind the Rest of the Division
Meanwhile, the rest of the AL East division has been busy.
The Orioles signed first baseman Pete Alonso and right-hander Ryan Helsley in free agency, while trading for outfielder Taylor Ward and right-hander Shane Baz.
The Red Sox have traded for right-handers Johan Oviedo and Sonny Gray, plus first baseman Willson Contreras, while signing Ranger Suarez as a free agent.
The Rays added left-hander Steven Matz in free agency, while adding outfielder Jacob Melton and several prospects via trade.
The Blue Jays, last year’s AL East winner before ultimately losing the World Series to the Dodgers, have been the most aggressive of the group. Toronto signed right-handers Dylan Cease, Cody Ponce, and Tyler Rogers, plus third baseman Kazuma Okamoto, in free agency. The club has given little indication that they’re done, too.
For a Yankees franchise that believes it can reach the World Series this year, what the team has done this offseason simply isn’t enough.
Yankees Haven’t Done Enough this Offseason