The Yankees’ offseason was largely focused on Juan Soto until he agreed to a new deal with the Mets, which has pushed the Yanks towards various backup plans. They now have agreements in place with Max Fried and Jonathan Loáisiga but there’s still plenty more work to be done. They are seemingly looking for an outfielder, a couple of infielders and more bullpen help. That could come from further free agent signings but they also have a rotation surplus that could help them on the trade market.
One name they have frequently been connected to is Cody Bellinger of the Cubs. He is capable of playing either the outfield or first base, two spots where the Yankees need help, though Mark Feinsand of MLB.com reports that the Yanks probably view Bellinger as a better fit in left field.
The Yanks are expected to move Aaron Judge back to right field, after he served as the club’s primary center fielder while sharing the roster with Soto. Now that Soto is gone, it seems the plan is to give Jasson Domínguez a chance to seize the center field job, with Trent Grisham around as a glove-first insurance option. They would still need a solution in left, since Alex Verdugo is now a free agent, though Bellinger is a possibility there. Bellinger has played left field far less than center or right but there’s no reason to think he couldn’t handle himself over there.
Lining up with the Cubs on value may be an issue, however. Jon Heyman of The New York Post reports that the Cubs are hoping for the Yankees to take on most of his remaining contract, while the Yanks think the Cubs should be eating some more money in the deal.
Bellinger had a chance to opt out of his deal last month and didn’t take it, which implies that he thinks his current contract is better than what he could get on the open market, at least for now. He is set to make $27.5MM in 2025, then with a choice between a $5MM buyout or a $25MM salary in 2026. If he were a free agent right now, he could perhaps secure a long-term deal with a guarantee larger than the $52.5MM he’s currently owed, but his current deal has short-term appeal. There is still a path towards him having a good season in 2025, banking $32.5MM this year and returning to the open market.
That would be the best case scenario for the Yankees or any acquiring team. If Bellinger produces at a level commensurate with that salary and leaves, that’s a nice scenario for the upcoming campaign. But there’s also the alternate reality where he disappoints, it overpaid this coming season and then sticks around for 2026 as well.
Bellinger’s inconsistent career makes either path possible to see and teams will have differing opinions about which is more likely or what they are willing to risk for the right to take a chance. At the moment, it seems the Yankees and Cubs aren’t in alignment on the calculations but Heyman says progress has been made this week.
Though he won an MVP award back in 2019, Bellinger struggled immensely in 2021 and 2022 while trying to get back in form after shoulder surgery. His past two seasons have both been good but to varying degrees. He hit .307/.356/.525 for a 136 wRC+ in 2023 while stealing 20 bases, but then hit .266/.325/.426 for a 109 wRC+ this year while swiping nine bags.
Another possible target area for the Yanks is third base. They do have Jazz Chisholm Jr. as an in-house possibility there, but he could move him to second base if they were to acquire someone like Nolan Arenado or Alex Bregman for the hot corner.
The Cardinals are exploring the market for Arenado, who has a full no-trade clause. It was reported earlier this week that Arenado is willing to approve trades to six teams. The Yankees weren’t on there but it’s possible that the list wasn’t exhaustive. Feinsand relays that it’s expected Arenado would approve a trade to the Bronx. That’s a logical conclusion since Arenado seems to want to play for a contender and there’s no doubting the Yanks qualify there. They just made it to the World Series and are clearly being aggressive in ramping up for another push next year.
Arenado hasn’t been his usual self over the past two years, however, and it’s fair to wonder if he can get back there now that he’s on the cusp of his 34th birthday. He hit .293/.358/.533 for a 149 wRC+ as recently as 2022 but has slashed a combined .269/.320/.426 for a 104 wRC+ over the past two years. His strong third base defense still makes him an attractive option but, like Bellinger, he’s making notable money. He is set to make $74MM over the next three years, though the Rockies are covering $10MM of that and there are also deferrals.
Bregman is likely viewed as a better option in the short term, but there are complications. He’s going into his age-31 season, making him notably younger than Arenado. He doesn’t quite have the same defensive reputation but is above average in the field. He hit .260/.315/.453 for a 118 wRC+ inf 2024 and was even better after an early-season slump. He hit .280/.329/.509 from May 9 through the end of the year for a 137 wRC+.
But as a free agent, he’s going to command a contract larger than what’s left on Arenado’s deal. MLBTR predicted him for a contract worth $182MM over seven years and the market has been hot so far this winter, so that might be selling him short at this point. There’s also the lingering resentment from the 2017 sign-stealing scandal that was eventually brought to light, creating enough bitterness that general manager Brian Cashman brought it up unprompted during a recent appearance on MLB Network. However, Bryan Hoch of MLB.com reports that Bregman’s involvement in that scandal would not stand in the way of the Yankees pursuing him.
In the bullpen, both Feinsand and Hoch mention that the Yankees are interested in left-hander Tanner Scott for their bullpen. He just wrapped up a season in which he posted a 1.75 earned run average, 28.6% strikeout rate, 12.2% walk rate and 50% ground ball rate. The Yankees have a longstanding affinity for ground ball guys and don’t really have a left-handed reliever on the roster at the moment, with Tim Hill and Tim Mayza now free agents.
Scott would be a great fit but should be popular and could earn a notable contract. MLBTR predicted him for $56MM over four years and the aforementioned hot market could make that estimate low at this point.
As the Yankees assess those possible acquisitions, they are also going to be fielding offers on their starting pitchers. They now have Fried, Gerrit Cole, Carlos Rodón, Luis Gil, Clarke Schmidt, Nestor Cortes and Marcus Stroman as established rotation options, plus depth pieces like JT Brubaker, Cody Poteet, Will Warren and others. Cortes and Stroman have been in trade rumors before but Hoch reports that Gil and Schmidt have drawn interest and Cashman tells him that the club will be “open-minded to all possibilities.”
It’s unsurprising that Gil and Schmidt would draw interest. Gil just won American League Rookie of the Year after posting a 3.50 ERA for the Yanks. Schmidt had a 2.85 ERA but was limited by injury to just 16 starts. Gil is still in his pre-arbitration years and can be controlled through 2028 while Schmidt is projected for a modest $3.5MM next year by MLBTR contributor Matt Swartz and can be controlled through 2027.
Storman and Cortes would have less trade value. Stroman is coming off a middling season in which he posted a 4.31 ERA and got bumped from the rotation by the end of the year. He’s going to make $18MM next year and could also unlock a player option of the same value for 2026 if he pitches 140 innings next year. Cortes is now one year away from free agency with a projected $7.7MM salary next year. He had a decent 3.77 ERA this past year but his strikeout rate fell for the third year in a row and he missed a lot of time due to injuries in 2023.
Though Gil or Schmidt would have more value to another club, that’s also true of the Yankees. Their competitive balance tax number is now estimated at $264MM, per RosterResource, meaning they are already over the second tax tier of $261MM and within striking distance of the $281MM third tier. Going over that third tier leads to escalating penalties and also the club’s top draft pick being pushed back ten spots. That is seen as a line for some clubs but the Yanks just finished 2024 with a CBT number of $313MM, so it may not be any kind of red line.
There are still various paths forward for the Yanks via free agency and trade. They’ve also been linked to Christian Walker, Kyle Tucker and plenty of others. Though it’s now the middle of December, their offseason is still very much in the early stages.