ESPN's Buster Olney reported on Saturday that the New York Yankees expect Cody Bellinger to sign elsewhere after negotiations with the outfielder and his agent, Scott Boras, had reached an impasse. This stance makes sense, as we've reached mid-January, the Yankees have not done anything of note, and Bellinger's asking price is one that no team is comfortable coming close to right now.
The Yankees' negotiations with Cody Bellinger are at an impasse and the team now believes he will sign elsewhere, per @Buster_ESPN
— Talkin' Yanks (@TalkinYanks) January 10, 2026
Olney reports that the Yankees are now seeking additions elsewhere pic.twitter.com/dbRnlgiISZ
This report makes it seem as if he's a lock to sign elsewhere, but what if I told you it was all a negotiating ploy? We saw this exact script play out last season with the other New York team involving the same agent and a star position player.
Mets showed the Yankees how to deal with Scott Boras
It was reported that the New York Mets were ready for Pete Alonso, a Boras client, to sign elsewhere around this time last offseason, only for him to re-sign with them just a couple of weeks later. The Mets, like the Yankees with Bellinger, were always willing to let Alonso walk if a team offered him a deal they were uncomfortable with. Heck, we saw that play out this winter. They were also willing to bring him back on their terms. The Yankees are hoping Bellinger will come crawling back to them, much like Alonso did with the Mets.
Last offseason, the Mets knew Alonso had no realistic suitors, so they had no reason to budge from their asking price. Boras tried his best to get the Mets to go out of their comfort zone, but David Stearns and Co. refused, knowing the huge offer Boras wanted wasn't out there, and ultimately got him back on their terms. There's a good chance this will play out the same way with Bellinger.
The question we all have to ask is which team will offer Bellinger the kind of deal he's looking for to make the Yankees think they can't follow the Mets' playbook? The answer is hard to find.
Yankees have all the leverage in Cody Bellinger negotiations and are acting like it
The Los Angeles Dodgers could use an outfielder, but they're more focused on Kyle Tucker and are pretty clearly uncomfortable doing anything other than a short-term, high-AAV deal for a big-name free agent. The New York Mets are in a similar spot as the Dodgers and are unlikely to go all-out for Bellinger. The Toronto Blue Jays are all-in on Tucker and have rarely, if ever, been linked to Bellinger. The Philadelphia Phillies have some wiggle room to add a big bat, but Bo Bichette sure seems to be their guy, particularly after the Phillies already added Adolis Garcia, an outfielder, in free agency. The Chicago Cubs are another team unlikely to spend much on Bellinger, especially after they just salary dumped him last offseason.
Which team other than the Yankees is going to give Bellinger even a five-year deal? The lack of a market for Bellinger's services gives the Yankees all the leverage. If Bellinger had offers that were even close to his reported asking price, he'd probably be off the board right now.
The Yankees know those offers aren't there, though, and know they have no reason to give in to Boras, especially when, worst-case, they can pivot to a player like Tucker or Bichette themselves.
Scott Boras has to adjust to Cody Bellinger reality before it's too late
Boras has to know that the Yankees are drawing a line in the sand here with the Bellinger negotiations. They'll bring him back, but only on their terms. The Yankees know there's a good chance they can get Bellinger to crawl back to them, so why bother extending themselves?
In terms of what's been publicly reported, the Yankees are the only team that's made concrete offers, and are likely the only team willing to go to five years for Bellinger. By turning down that reported five-year offer, Boras is banking on an offer that has not yet presented itself suddenly doing just that. This would be fine in November or December, but we're in mid-January.
As of now, the Yankees are probably just waiting for Bellinger to come back to them. If he does not do so sooner rather than later, the Yankees will likely move on, thus making it more likely than not that Bellinger will have to settle for yet another short-term, high-AAV deal, which is the last thing he or Boras wants.
We've seen what holding out for a big offer when the path to one isn't out there can do with Alonso, and Boras is dangerously close to following the exact same path one year later with Bellinger.
More MLB news and analysis: