The New York Yankees officially landed the plane with Cody Bellinger on Wednesday, signing the 30-year-old outfielder to a five-year, $162.5 million contract. It includes multiple potential opt-outs and a full no-trade clause, with zero deferred money.
Other teams poked around Bellinger, but his return to New York always felt inevitable. The Yankees couldn't afford to let him walk, and Bellinger simply was not valued to the extent that Kyle Tucker, Bo Bichette and other top free agent bats were. So what's next in the Bronx?
Is the Yankees offseason complete after re-signing Bellinger?
Almost certainly not. New York's patience paid off with Bellinger, but the Yankees already left too many points on the board earlier in the offseason. No organization has more cachet, nor a more profitable domestic fanbase, than the Yankees. Why weren't they serious players for Kyle Tucker? Alex Bregman? What happened to the Yankees of old?
GM Brian Cashman has a World Series-caliber team on his hands, but New York cannot afford to take its foot off the gas pedal now. The Bellinger signing solidifies an elite outfield; can New York flip ex-top prospects Jasson Domínguez and Spencer Jones for value elsewhere? The pitching market is still ripe for picking, too. The Ryan Weathers trade was a reasonable roll of the dice, but New York needs bodies right now. Freddy Peralta, MacKenzie Gore and maybe even Tarik Skubal remain available. Framber Valdez and Zac Gallen highlight the free agent pool.
The Yankees need to remain aggressive. Will they? With how often Hal Steinbrenner likes to tout his financial limitations, maybe not. But re-signing Bellinger, while essential, is not enough to vault the Yankees above their competition. Not yet.
Let's compare and contrast the offseason dealings of New York and other contenders around MLB.
These teams need to do more, including the Yankees
Milwaukee Brewers
In fairness, Milwaukee is basically returning the winningest team in baseball from a year ago. But the Brewers predictably fell short in October, where the talent disparity became too much to ignore. Milwaukee's front office has done precious little so far this offseason. That probably won't change, as the Brewers almost never spend major money on external (or even internal) free agents.
Milwaukee has a developmental pipeline and a coaching staff that allows them to circumvent the typical steps to upper-echelon contention. This is a very, very good team. But at the end of the day, you'd like to see a bit more urgency, especially with their division rivals in Chicago on the up and up.
New York Yankees
We can be honest about New York's situation. The Yankees' offense is elite. Their pitching staff requires immediate attention, but once Gerrit Cole returns — if the Yankees can just get healthy — even that will stabilize. But with an opportunity to meaningfully raise their stock, ideally with a more potent bat at third base or a real heavyweight in the rotation, New York has mostly done the bare minimum, at least by the standards of such a prestigious organization. The Yankees aren't acting like the Yankees ought to act.
Philadelphia Phillies
It's probably unfair to say the Phillies did nothing, but re-signing Kyle Schwarber was akin to New York re-signing Bellinger: the bare minimum. Philadelphia made a serious push for Bo Bichette, which would've flipped this whole narrative on its head. In the end, however, Bichette chose the Mets at the last second and the Phillies responded by re-signing JT Realmuto, a mid-30s catcher in decline, to a gaudy contract.
Adolis García is better than Nick Castallanos in right. Potential call-ups like Justin Crawford and Andrew Painter can add a spark. But the Phils lost Ranger Suárez, Zack Wheeler is still hurt, Alec Bohm is still the everyday third baseman, and replacing Matt Strahm with Brad Keller is not enough to placate an anxious fanbase.
Boston Red Sox
Boston let Alex Bregman slip away because the front office was too stubborn to offer a no-trade clause, which is a completely avoidable misstep. But even so, Boston has made progress. Willson Contreras addresses their void at first base. He's a machine year-to-year, with a sometimes helpful competitive edge. Ranger Suárez, Sonny Gray and Johan Oviedo could all prove meaningful in the rotation next season.
Here's the rub, though: Boston threw a ton of resources at the pitching staff, which has left the infield sorely lacking. Are Marcelo Mayer and Kristian Campbell ready to anchor a big-league offense? Is rotating Ceddanne Rafaela over to second base, rather than trading Jarren Duran for a better-fitting piece really the best path forward? The answer to both questions: probably not.
Blue Jays among contenders who won the offseason
Toronto Blue Jays
The narrative around this Blue Jays offseason will be one of disappointment — again. Toronto went after the big fish (Kyle Tucker) and fell short. Like with Juan Soto. Like with Shohei Ohtani. Losing Bo Bichette does not help. But the reigning AL champs should not hang their heads too much. This is still one of the most airtight, well-rounded offensive units in MLB. Dylan Cease and Cody Ponce add real firepower to the rotation. Tyler Rogers is Steady Eddie out of the bullpen. And while the whiffs on Tucker and Bichette will leave Toronto fans dreaming about what could have been, do not sleep on Kazuma Okamoto, who should replace a decent chunk of Bichette's production in the infield.
Chicago Cubs
Chicago appeared destined for a cold and bitter winter, both literally and figuratively. But the front office came through in the wake of Kyle Tucker's departure, inking Alex Bregman to a five-year, $175 million contract. He joins what is now the deepest offense in the National League outside of L.A. The Cubs could use a bit more star-power on the mound, but newcomer Edward Cabrera packs a ton of potential.
The Cubs were never going to re-sign Kyle Tucker. We can litigate whether or not that should be the case, but Jed Hoyer delivered important upgrades and still landed one of the offseason's most prominent free agent bats. The Cubs spent money. The team looks great on paper. There's a lot for Chicago fans to be excited about.
New York Mets
This has been an emotional roller coaster of an offseason for Mets fans. David Stearns basically overhauled all nonessential pieces, trading Brandon Nimmo and Jeff McNeil. He let Pete Alonso walk. The Mets weren't, under any circumstances, going to run it back.
There was a point during this teardown where it felt like the Mets might be letting a little bit too much talent leak. But Steve Cohen sprung into action late and New York has the look of a proper contender. Letting the Dodgers outspend them for Kyle Tucker was a gut-punch, but their move to seize Bo Bichette from Philadelphia's grasp was a genuine power move. The Mets also flipped assets of little value for Luis Robert Jr., a high-upside gamble in centerfield (and a great defender, if the bat fails). And we can't forget Jorge Polanco, who solidifies the heart of New York's lineup.
Questions about the defense and the pitching staff remain, but the Mets successfully elevated their offensive ceiling and delivered a critical blow to their division rivals, which is a cherry on top.
Only the Dodgers were perfect this offseason
1. Los Angeles Dodgers
The Dodgers will return their two-time World Series winning core, while also adding Kyle Tucker (on a historic $60 million AAV contract) and Edwin Díaz. By signing the best outfielder and the best closer, L.A. addressed its two discernable weaknesses from last season. This team is not perfect, but it's as close as it gets. Even if Freddie Freeman and Mookie Betts are entering their post-prime windows, L.A. has more than enough firepower to blow past the rest of MLB. The Mets not outbidding L.A. despite Steve Cohen's well-documented spending power could be 2026's biggest what-if.