MLB Rumors: Cubs get litany of bad news on Cody Bellinger chase

The Chicago Cubs' offseason priority has shifted to re-signing Cody Bellinger in lieu of Shohei Ohtani, who inked his record-breaking $700 million deal with the Los Angeles Dodgers a week ago. Bellinger spent 2023 with the Cubs on a one-year contract, which couldn't have gone any better for both sides.

After successive seasons hitting .195 and .210 with the Dodgers, Bellinger slashed .307/.356/.525 with 26 home runs and 97 RBIs in 499 ABs in his first season with the Cubs. Now, it's a question of whether or not it will be his only season with the Cubs.

Jon Heyman of the New York Post recently reported a two-horse race for Bellinger's services between the Cubs and the Toronto Blue Jays. The Jays were a prominent Ohtani suitor, so Toronto has money to burn and a clear mandate to improve the roster — ideally with a power-hitting lefty. Bellinger is the perfect fallback plan.

While Bellinger could prefer to re-team with Chicago after his success last season, money talks. His agent, Scott Boras, is a notorious proponent of taking the best offer available, and the Blue Jays could be willing to pay a steeper price for Bellinger's services. The latest report from Heyman suggests that Bellinger's contract could exceed $200 million.

The Cubs don't traditionally spend top dollar for big-ticket free agents. Jed Hoyer's willingness to engage with Shohei Ohtani and Yoshinobu Yamamoto could mean a departure from that strategy, but $200 million (or more) for Bellinger is a significant chunk of cash — especially considering how recently he struggled to provide even replacement-level value at the plate.

Now, according to Bob Nightengale of USA Today, the Blue Jays have "emerged as the favorite" for Bellinger, with the Cubs "still in the hunt." Not the best news for Chicago fans keen on keeping Bellinger around.

Blue Jays surpass Cubs as favorite to land Cody Bellinger

This shouldn't come as a surprise. The Blue Jays' front office has taken an aggressive approach to improving the roster for 2024. With Ohtani and Juan Soto off the market, the next-best lefty bat is Bellinger. He struggled from 2021-22, but Bellinger is also the 2019 National League MVP — not to mention a two-time All-Star and 2020 World Series champ.

There is absolutely a precedent for Bellinger's 2023 success. It didn't come out of nowhere. Now that's he is fully healthy and his confidence is restored, Bellinger could build on his success with another MVP-worthy campaign in 2024 — whether he's with the Cubs or the Blue Jays.

A few worrisome indicators continue to plague the Bellinger discourse. His 31.4 hard-hit percentage landed in the MLB's 10th percentile, while his expected batting average of .268 (74th percentile) doesn't measure up to Bellinger's actual success. There's a narrative of luck and happenstance around Bellinger's 2023 bounce-back. Whether or not that narrative has any legs will depend entirely upon his follow-up campaign.

Right now, the Blue Jays, driven by a strong desire to plant a power-hitting lefty alongside Bo Bichette and Vladimir Guerrero Jr. in the lineup, are the favorite. We will see if Chicago steps up to the plate and re-takes the lead, or if Jed Hoyer will soon be searching for Bellinger's replacement.