Cody Bellinger remains one of the most intriguing names still on the board as we inch closer to spring training. The 30-year-old outfielder/first baseman is coming off a bounce-back season that reminded everyone why he was once one of the most feared hitters in the game.
With a 5.1 WAR campaign that included 29 home runs and a 125 wRC+, Bellinger proved he can still be a difference-maker - and he did it while playing solid defense at all three outfield spots and first base. Simply put: he fits just about anywhere.
But despite his versatility and strong 2025 season with the Yankees, Bellinger’s free agency has dragged on. The Yankees have made their intentions clear.
They’ve reportedly put a five-year, $160 million offer on the table - no deferrals, plus opt-outs after the second and third years, and a signing bonus to sweeten the deal. That’s a serious offer, and it shows the Yankees are committed to bringing Bellinger back.
But so far, it hasn’t been enough to get a deal done.
Bellinger’s camp, led by agent Scott Boras, is still holding out for a longer commitment - something in the seven-year range with a higher average annual value than the $31-32 million the Yankees are offering. And that’s where things get interesting.
The market has shifted in recent days. Kyle Tucker just signed a four-year, $240 million deal with the Dodgers, and Bo Bichette landed a three-year, $126 million contract with the Mets.
Both of those deals included two opt-outs, giving the players flexibility and the chance to hit the market again in their early 30s. That’s the kind of structure the Yankees are now offering Bellinger - shorter-term security with the ability to cash in again down the line.
So the question becomes: does Bellinger pivot? He’s been down the short-term road before, signing a three-year, $80 million deal with the Cubs back in 2024 to rebuild his value.
It worked. Now he’s in a position to cash in.
But does he chase the long-term security, or does he bet on himself again with a high-AAV, opt-out-laden deal?
There’s also the matter of who’s still in the mix. The Mets reportedly remain interested, but only on a shorter deal.
Toronto made a massive offer to Tucker - $350 million over 10 years - but it wasn’t enough to land him. The Blue Jays were one of at least eight teams Boras mentioned as having interest in Bellinger back at the Winter Meetings, but that was over a month ago, and a lot has changed since then.
The Phillies, who lost out on Bichette, could use a bat like Bellinger’s in their lineup. The Giants, Reds, and Angels have also been linked to him in the past, though there hasn’t been much recent buzz connecting those clubs to serious negotiations.
Meanwhile, the Yankees aren’t putting all their eggs in the Bellinger basket. They’ve been active in trade talks and have shown strong interest in Brewers starter Freddy Peralta - a clear sign they’re looking to shore up the rotation, regardless of how the Bellinger situation plays out.
Still, the Yankees have left the door wide open. Their offer is firm, and it’s competitive.
But as of now, Bellinger hasn’t taken it. And with less than a month until pitchers and catchers report, the clock is ticking.
Will Bellinger be patrolling the outfield in the Bronx alongside Aaron Judge and Trent Grisham on Opening Day? Or will he take a different path - one that could see him land in Queens, Toronto, or somewhere else entirely?
For now, the baseball world is watching and waiting. Because wherever Cody Bellinger signs, it’s going to make an impact - not just on that team’s lineup, but on the entire complexion of the 2026 season.