How the Cody Bellinger contract news hurts the Yankees in free agency

Cody Bellinger has been a hot topic in the MLB rumor mill of late, but the Chicago Cubs outfielder opted against another free agency run by picking up his $27.5 million player option for next season. Bellinger is due $25 million in 2026, with another option giving him total control over his immediate future.

Many speculated that Bellinger might try to secure more long-term security in free agency, but the 29-year-old clearly enjoys the Windy City. Also of note, Bellinger wasn't able to land a lengthy contract last winter, and that was after a much more productive campaign. Bellinger's slugging numbers cratered in 2024 and he dealt with a few injuries. Picking up the guaranteed $27.5 million was a much safer bet, especially with the flexibility to potentially test the market next offseason.

This is a positive development for the Cubs, who couldn't really afford to lose Bellinger's bat. It's a less positive development for the New York Yankees, who could've made something of a Bellinger free agency bid.

Not only was Bellinger floated as a potential Yankees target in the outfield (or at first base, with Anthony Rizzo out the door), but Bellinger was also connected to the Toronto Blue Jays. On the surface, that was a negative potential outcome for New York. Bellinger going to a division rival would've made the Yankees' path more difficult.

That said, a deeper dive unveils a potentially catastrophic side effect of Bellinger sticking with Chicago and leaving the Blue Jays hanging. It could doubly motivate Toronto to shell out the necessary capital to sign Juan Soto.

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Cody Bellinger opt-in with Cubs could doom Yankees on Juan Soto front

It's clear the Yankees are motivated to re-sign Juan Soto, but it's equally clear that Hal Steinbrenner, Brian Cashman, and the New York front office will have their hands full trying to retain the four-time All-Star. Soto, whose next contract could eclipse Shohei Ohtani's historic $700 million benchmark, has flatly said that his door is open to all 30 teams. Several are expected to mount a concerted effort, including the cross-town Mets. The Phillies are a contender with deep personal inroads to Soto. The Dodgers are, well, the Dodgers. And now New York can't forget about Toronto.

The Blue Jays were connected to Soto last offseason, but the Yankees beat them to the punch with a trade. Now Toronto has a chance to get the last laugh, luring Soto with considerable financial resources and the singular opportunity to be the face of an international franchise — the baseball avatar for an entire country.

A middling 2024 campaign shouldn't overshadow the talent on the Blue Jays roster. Vladimir Guerrero Jr. is one of the best all-around hitters in the MLB. Bo Bichette is due for a bounce-back, as is half of Toronto's lineup. Chris Bassitt is an ace. The Blue Jays could be one Juan Soto away from contending at the highest level in a wide-open American League.

Most of us who aren't beholden to the Yankees fandom would enjoy Soto landing with an unexpected, "smaller" market like Toronto. There's something to the idea of parity in this league. Toronto fans are long overdue for a real World Series contender. Elevating to that level at the expense of Yankees fans would be even sweeter.