The New York Yankees don't have the same sort of unlimited buying power in free agency that they used to enjoy under George Steinbrenner. Now, GM Brian Cashman and his front office are required to show some measure of fiscal restraint in the offseason.
That does not mean that the Yankees will not be major players when the next round of MLB free agency begins. Barring a miraculous reversal of fortune, manager Aaron Boone will be unable to end the franchise's World Series drought this year. As such, Cashman will be charged with making a few big moves to correct the team's biggest weaknesses on the open market.
The real question is which free agents the Yankees might choose to go after. Pitching is always a need and that's only amplified with the injury uncertainty surrounding both Gerrit Cole and Clarke Schmidt. Third base remains a weakness even after the acquisition of Ryan McMahon. Scores of Yankee fans are unhappy with what Anthony Volpe gives them at shortstop. Major changes to Boone's bullpen are coming after that group's uneven performance in 2025.
Add it al up and the following three free agents should rise to the top of the team's shopping list. The Yankees likely don't have the payroll flexibility required to land all three but any one of them can give Boone's squad a major boost heading into their 2026 campaign.
1. Bo Bichette
There are legitimate questions over whether or not Bo Bichette's infield future lies at shortstop or third base. Fortunately for the Yankees, they can accommodate his offensive talents at either defensive position.
The current Blue Jays' star comes in at No. 6 on The Athletic's ranking of projected 2026 MLB free agents. He's hitting the market at a good time after enjoying a nice bounce-back season after his struggles in 2024. Bichette also happens to be the top potential shortstop hitting free agency by a wide margin.
He might not be the pure power hitter that some Yankee fans want to see signed in free agency, but he's a doubles machine who can help create traffic on the basepaths ahead of Aaron Judge and Giancarlo Stanton. He projects as an excellent leadoff option for a Yankees team that's struggled to find a consistent player to fill that role over the past two years.
The clear implication here is that Bichette would likely put Volpe on the bench. One year of lower pressure for the young shortstop could be just what he needs to rejuvenate his career. The long-term plan could see Bichette move to third once he loses another step due to age-related regression.
Bichette may not be a perfect fit for the Yankees from a positional sense, but the team needs more All-Star talent to deploy every day. That should be enough to convince Cashman to offer him a big, long-term deal in free agency.
2. Michael King
The Yankees have missed Michael King ever since he was sent to San Diego in the trade that brough Juan Soto to the Bronx. This offseason they will have a unique chance to bring him back into the fold with a good offer in free agency.
Unlike Bichette, King is hitting free agency at a bad time. He was a dominant starter in 2024, but he's suffered through this season with several troubling injuries. Questions about his durability moving forward might scare off some teams who are looking for a front line starter.
The Yankees should know his body better than anyone since he grew up in their system. If they are comfortable with his health they should be at the front of the line to bring him back via free agency. They know he can handle the pressure of pitching in the Bronx which sets him apart from the competition.
3. Edwin Diaz
The Mets have made a number of big offseason moves over the past several seasons. Some might even say they'd overshadowed the Yankees in this regard. That only adds to the potential intrigue of the Yankees going hard after Mets' closer Edwin Diaz in free agency.
New York hoped that trading for Devin Williams would solve their issues in the ninth-inning but he's been a major disappointment. Both he and Luke Weaver are hitting the open market which opens up a major void at closer for Boone and his coaching staff.
Landing a 31-year-old who has the sort of dominant stuff Diaz possesses could be the perfect solution. He has the sort of strikeout arsenal the Yankees need to deploy in the postseason. Stealing him away from their crosstown rival would only be an added bonus for Cashman and his front office. Diaz is the best closer available in free agency not named Aroldis Chapman which makes him an obvious target for the Yankees.