The Yankees didn’t land Freddy Peralta. That much is official now.
The right-hander is headed across town to the Mets, who paid a steep price in the form of two top prospects to bring him to Queens. For fans in the Bronx, it’s a tough pill-especially after an offseason filled with speculation that Peralta could be the rotation upgrade the Yankees needed.
But let’s be honest: despite all the buzz, Peralta-to-the-Yankees always felt like more smoke than fire. Now that the door is officially closed, the natural question becomes: are the Yankees done making big moves?
Not necessarily.
Yes, the Cody Bellinger deal was the headline grabber. Bringing him back added a major bat and a familiar face to the lineup.
But it also added a hefty $32.5 million to the payroll, pushing the Yankees’ projected Competitive Balance Tax (CBT) number to around $317.8 million, per FanGraphs’ roster resource. That’s well above the $300 million line that’s been floated as the organization’s soft cap-and it’s even higher than the top luxury tax threshold, often dubbed the “Cohen Tax,” where the financial penalties for spending get steep.
So while the Yankees may be done adding big names, they might not be done dealing. In fact, the numbers suggest they can’t afford to be.
Let’s break it down: the CBT threshold penalties don’t just apply to the Opening Day payroll. It’s the end-of-season number that counts.
That means every midseason call-up, waiver claim, or trade adds to the total. If the Yankees want to stay financially flexible through the year-especially if they’re eyeing reinforcements at the deadline-they’ll need to carve out some room.
And that likely means moving some major league contracts off the books.
No, this isn’t a rebuild. Far from it. But it could be a rebalancing act-offloading some of the more bloated short-term deals in exchange for payroll space and maybe even a few prospect fliers to restock the farm system.
Three names stand out as potential trade candidates: Giancarlo Stanton, Ryan McMahon, and Trent Grisham.
Let’s start with Stanton. He’s coming off a strong 2025 season that saw him post a 158 wRC+, reminding everyone that when healthy, he’s still a force at the plate.
The Yankees would likely have to eat a chunk of his salary to make a deal work, but there’s a market out there for power bats. Just look at the Reds-they reportedly offered five years and $125 million to Kyle Schwarber to fill their DH spot.
If they’re that desperate for pop, why not take a swing on Stanton at a discount?
Then there’s McMahon, a solid glove at third base with some pop of his own. The Pirates, of all teams, have been spending this offseason and are in clear need of help at the hot corner.
Their defense has been shaky, and the options at third are thinning out. McMahon could be a stabilizing presence, and the Yankees could use that opportunity to clear some salary while filling a need elsewhere.
Grisham is a bit more complicated. Due to the qualifying offer rules, he can’t be traded until after June 15.
But once that date passes, he becomes another potential chip. Even a prorated savings from a midseason move could help the Yankees stay under the CBT line.
None of these trades would bring back a haul. That’s not the point.
The goal here is financial flexibility-creating space to maneuver during the season, whether that’s absorbing a contract in a deadline deal or simply avoiding the stiffest tax penalties. If the Yankees can get a few lower-level prospects in the process, all the better.
Depth in the minors never hurts, especially for a team that’s had to dip into its farm system more than it would like in recent years.
This isn’t the offseason Yankees fans dreamed of when the winter began. But it’s not over yet.
The Bellinger signing was a win, but it came at a cost. Now, the front office has to make the math work-and that could mean saying goodbye to a few familiar faces before Opening Day.
One thing’s clear: if the Yankees want to contend in 2026 without breaking the bank, the next move might not be about who they bring in-but who they’re willing to let go.