A return to the New York Yankees always felt inevitable for Cody Bellinger.
Despite the length of the negotiation, the gap in talks or the reports that the Yankees were “operating under the assumption that Bellinger would sign elsewhere,” a reunion between the two sides was always likely. And sure enough, on Wednesday Bellinger and the Yankees reached agreement on a five-year, $162.5 million contract.
Scott Boras used his playbook to perfection with Cody Bellinger deal
Let’s dive into the specifics of the contract, which includes opt-outs after years two and three (with those opt-outs being pushed back a year if the 2027 season is canceled by a lockout). It also includes a full no-trade clause.
- $20 million signing bonus
- 2026: $32.5 million
- 2027: $32.5 million
- 2028: $25.8 million
- 2029: $25.8 million
- 2030: $25.9 million
The move takes the top remaining bat off the market and ensures that the Yankees keep Bellinger, their top priority this winter. The salary structure is a continuation of the Bo Bichette and Kyle Tucker contracts in the sense that it pays a significant amount of money up front while also giving each player another bite at the apple in free agency — and underscoring that yes, while a lockout is a near certainty, players are optimistic that it will have little to no impact on future earnings.
It’s also a continuation of what Boras has done in years past with Alex Bregman and Pete Alonso, among others. Last winter, Bregman accepted a three-year, $120 million contract with the Boston Red Sox, opted out after the first year and spun it into a five-year, $175 million deal with the Chicago Cubs this offseason. Alonso, meanwhile, accepted a two-year, $54 million contract with the New York Mets, then opted out after the first year and turned it into a five-year, $155 million contract with the Baltimore Orioles.
In 2024, Bellinger signed a three-year, $80 million contract with the Cubs. He earned $60 million in the first two seasons before opting out this offseason. So, if Bellinger opts out after the second season of this new deal, he’d have earned a combined $145 million over four years. If he doesn’t opt out of this deal and plays all five seasons, he’d have earned a combined $205 million over seven seasons.
Cody Bellinger deal was necessary for New York — but not sufficient
For the Yankees, this was a deal that had to get done. New York held firm on five years throughout negotiations, despite Bellinger reportedly seeking seven. But Brian Cashman knew the importance of Bellinger and how his presence helps maximize Aaron Judge’s prime in the Bronx. After all, he’s coming off a season in which he hit 29 home runs with 98 RBI, and the team has every reason to believe that Bellinger, 30, and his contract will age well at Yankee Stadium.
So, what’s next for New York?
The obvious answer is starting pitching, and Freddy Peralta stands out as a potential solution. The Yankees have interest in the Milwaukee right-hander, and they can offer the Brewers a controllable pitching and/or a Major League-ready bat.
Yes, Peralta is signed for only one more year before becoming a free agent at the end of the 2026 season. He would be a potential rental. But at $8 million, it’s almost too good of an opportunity to pass up. And just imagine a playoff rotation that features Peralta, Gerrit Cole, Max Fried, Carlos Rodon and Cam Schlittler. It’s a matchup nightmare, and paired with an offense that features Judge and Bellinger, would make the Yankees a legitimate threat in the American League.
For the Yankees, signing Bellinger was the priority. By giving him $85 million in the first two seasons, they had to stretch to get him back in the Bronx. They should not be done – and if they are able to add Peralta or another high-end arm, that would be the cherry on top of Brian Cashman’s winter.