The will they/won't they narrative playing out in the Bronx between the New York Yankees and Cody Bellinger is political theatre. The media has been used as a negotiating tactic in a way that, in the end, won't really benefit either side.
Bellinger's camp has hinted the Yankees offer isn't good enough, while the Yankees are reportedly moving on assuming his price tag doesn't come down. Per NJ.com's Bob Klapisch, Boras is seeking a seven-year deal that'd pay Bellinger roughly $37 million. That was never going to happen, though Bellinger certainly has a better argument after seeing the contract Bregman signed on Saturday night.
Scott Boras won Alex Bregman's free agency. Can he do the same with Cody Bellinger?
Alex Bregman was a free agent two straight winters. In the first, Bregman waited out his market and signed a high-AAV deal with the Boston Red Sox. That contract, as we know now, contained several opt outs, which Bregman used to his advantage. After a 3.5-WAR season, Bregman signed his five-year, $175 million contract with the Chicago Cubs on Saturday night. The Boras playbook worked. By waiting out his suitors and not balking at the first offer, Bregman has earned $215 million.
Player | Age | Games | WAR | OPS+ |
|---|---|---|---|---|
Alex Bregman | 32 | 114 | 3.5 | 128 |
Cody Bellinger | 30 | 152 | 5.1 | 125 |
Boras' involvement with the Bregman deal should showcase why Bellinger is asking for more money. Bregman is 32, while Bellinger is 30. Bellinger played more games than Bregman in 2025, had a higher bWAR, offers more defensive flexibility and power than his former rival at a younger age. Boras would be unwise to advise his client to sign for less, though there is something Bellinger isn't taking into account.
Cody Bellinger isn't Alex Bregman...or Aaron Judge
Where Bregman and Bellinger differ is their markets. Bregman was connected to the Red Sox, Blue Jays and Cubs just to name a few. The Red Sox and Cubs both offered him five-year deals, per reports, with Chicago's offer coming in at a higher AAV.
Bellinger's market is far different. So far, only the Yankees and Mets have stood out as potential suitors. Perhaps the Angels and Dodgers could get involved if Bellinger is interested in a move back west. A return to the Yankees has seemed inevitable all winter long. It still does, even though both sides claim they've hit an impasse. As FanSided's Zach Rotman wrote in his article about Bellinger's asking price on Saturday afternoon, the Yankees are stuck between a rock and a hard place. While they want to keep Bellinger around, they also know he isn't worth Aaron Judge money.
"I understand that Bellinger is a really good player, and Boras would be doing his client a disservice not asking for the moon. But we've reached mid-January, and there's no end in sight to Bellinger's free agency. At a certain point, Boras has to concede the fact that Bellinger is not worth Aaron Judge money. For reference, Judge signed a nine-year, $360 million deal to remain with theNew York Yankees; he got two additional years and a slightly higher AAV, but those offers are too similar for it to make sense for Bellinger to get what Boras is asking for," Rotman wrote.
A seven-year deal worth $37 million annually would add up to $259 million, but do Rotman's point, Judge earns just $40 million AAV. Appearances matter with an organization as storied as the Yankees. Bellinger hasn't made an All-Star team since 2019. He's only three years removed from falling off a cliff offensively. There's plenty of risk involved in a deal like this, but all Boras sees are dollar signs.
Will the Yankees really let Cody Bellinger walk?
Even with the recent rhetoric, Bellinger and the Yankees need each other for a multitude of reasons. Bellinger has no real market on a long-term deal besides New York, as outlined above. Assuming he and Boras are unwilling to take a short-term, high-AAV deal that brings much less risk with it, then that market isn't going to suddenly open up.
As for the Yankees, they've shown a surprising unwillingness to spend on the top of this free agent class despite falling behind the Toronto Blue Jays in the American League pecking order last season. Given Toronto's move, one would expect New York to have an answer. So far, Brian Cashman has remained silent. Thus, losing Bellinger isn't really an option. It's not like they have a backup plan in mind.
Kyle Tucker is too expensive, at least for now. Bo Bichette has been linked to the Yankees lately, but his market is moving quickly and there's no guarantee Cashman and Steinbrenner can afford him on a budget, either.
Don't be surprised if Bellinger and Boras stop playing hard to get shortly. Spring training is right around the corner, after all.