The Yankees stopped short of Juan Soto's asking price and watched him sign with the Mets last offseason. Fans in the Bronx might not be so understanding to watch their favorite team show financial restraint for the second year in a row.
Thankfully for New York, they should have some money to spend if they so choose.
Yankees still have Juan Soto's money to spend if they so choose
Rumors abound that New York's American League franchise would like to keep their payroll under the $300 million threshold. The challenge with that idea is that GM Brian Cashman's team already projects to have a payroll of over $283 million. There aren't many salaries on the roster for Cashman to trade out to cut that number significantly.
The most likely course of action for the AL East power will be to make a big move or two in the coming weeks to upgrade the team's World Series credentials. That will push the payroll above the $300 million mark but Cashman is not operating with a blank check. Here are some players New York could realistically add to spend some of that cash they saved on Soto just a season ago.
Do the New York Yankees have possible payroll limits moving forward?
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The Yankees still need a big-time corner outfielder
The team's front office is saying all the right things about being willing to head into Opening Day with Jasson Dominguez and Spencer Jones as their prime left field options. That's a recipe for disaster. The Yankees desperately need to bring back Cody Bellinger or spend big on Kyle Tucker if they are serious about competing in 2026.
Bringing back Bellinger is the more likely move. He's already proven he fits in well with the team and is a favorite of manager Aaron Boone. It's hard to envision him signing elsewhere if the Yankees match the money other teams offer.
Kyle Tucker would be a riskier move, but he does have higher upside. He's slightly younger than Bellinger and his offensive numbers are stronger across the board. Those facts will also make him the highest paid outfielder in free agency. Expect the Yankees to go with the slightly cheaper move to keep Bellinger in pinstripes.
Rotation insurance is a must add for the Yankees
Gerrit Cole will not be ready for Opening Day. Clarke Schmidt will miss even more time as he recovers from Tommy John surgery. Carlos Rodon will also start the campaign on the Injured List as he recovers from a comparatively minor elbow procedure.
That trio of injuries should push the Yankees into the free agent market for a starter who can provide them with meaningful insurance. Ironically, the player the franchise moved to acquire Soto could end up with some of the free agent cash they originally earmarked to keep the slugger. Michael King has a lot of fans in the front office and would give New York another pitcher who could start a meaningful playoff game.
Japanese import Tatsuya Imai is another option for Cashman and the front office. He's a bigger risk than King, but the team would like to get back into the Japanese market after a surprisingly long period of staying on the sidelines. It's unclear how his market is going to materialize but the Yankees should be a factor to land him if they make him their top pitching priority.
A pitching trade for someone not named Tarik Skubal could be prudent
Swinging a massive trade for Tarik Skubal would have been a classic Yankees move during George Steinbrenner's time at the helm. The massive contract he'll be expecting from his next club could rule New York out of the running for his services.
Instead, look for Cashman to make serious calls on Brewers star Freddy Peralta. He's not the generational star that Skubal is, but he pitched like an All-Star for Milwaukee last season. The Yankees would be more than happy to see him repeat that performance and add 5.5 WAR to their rotation in 2026. The Brewers could be open for business to avoid giving Peralta his next contract in a year's time.
Nationals' southpaw Mackenzie Gore could be a dark-horse trade candidate for the Yankees. He's not the level of star as either Skubal or Peralta, but he's a 26-year-old with serious upside. It's easy to envision a scenario where New York moves for him with the belief that they can help him reach his full potential.
What will the Yankees actually do?
Yankees fans looking for some sort of seismic transactions are primed for disappointment. Cashman is going to keep things simple in the coming weeks. Step one will be to bring Bellinger back into the fold. That's a move Aaron Judge will support and it's always good to keep your superstar happy.
The pitching addition is a bit more difficult to project. Signing King looks like the most appetizing move for Cashman. He'll be looking for a high salary, but he won't command a lengthy deal. A three-year deal for something around $25 per season would be good value for all parties.
An under-the-radar trade can't be ruled out, but Cashman and his staff keep those ideas close to the vest. Signing Bellinger, King and adding a versatile bench piece via trade would be a good, but not great haul for the Yankees.