The New York Yankees and outfielder/first baseman Cody Bellinger have reached a definitive agreement on a five-year contract valued at $162.5 million. The deal includes a $20 million signing bonus, no deferred payments, a full no-trade clause, and provisions for Bellinger to opt out after the second and third seasons.
Contract Details
The specifics of Bellinger's new agreement with the Yankees are as follows:
- Term: Five years
- Total Guaranteed Value: $162.5 million
- Signing Bonus: $20 million
- Annual Salaries:
- Years 1 and 2: $32.5 million each
- Years 3 and 4: $25.8 million each
- Year 5: $25.9 million
- Deferred Payments: None
- Opt-Out Clauses: Bellinger possesses opt-out opportunities following the second and third seasons of the contract. A specific clause stipulates that these opt-out rights would be deferred by one year if the 2027 season is canceled due to a lockout. Should Bellinger choose to opt out after the second season, three years and $77.5 million would remain on the agreement.
- No-Trade Clause: A full no-trade clause is included.
This agreement, when combined with his previous contract with the Chicago Cubs, positions Bellinger to earn a total of $222.5 million if he completes the full term without activating further opt-out provisions. Bellinger, who is scheduled to turn 31 in July and will be 32 by the conclusion of the 2027 season, has previously signed contracts structured with shorter terms and embedded opt-out opportunities.
Negotiation Background
Negotiations between Bellinger's representatives and the Yankees had been characterized by a reported disparity in initial terms. Reports indicated that the Yankees' initial offer included a five-year deal exceeding $150 million, which included two opt-out clauses, a significant signing bonus, and no deferred payments. Bellinger's camp, however, had sought a seven-year agreement and had submitted a counter-offer. These differing expectations reportedly led to a temporary pause in discussions, with both parties exploring alternative options. During this period, the Yankees reportedly showed interest in players such as Luis Robert Jr., while Bellinger was linked to organizations including the Dodgers and Mets.
Recent shifts in the player market influenced the negotiation landscape. The Dodgers acquired Kyle Tucker, and the Mets signed Bo Bichette before trading Luisangel Acuña to acquire Luis Robert. These developments reduced the pool of alternative paths for both the Yankees and Bellinger. While other teams, including the Blue Jays, Giants, and Phillies, had been associated with Bellinger, they did not appear as strong contenders in the final stages. Despite Bellinger not securing the seven-year deal initially targeted, the final contract terms align with some pre-offseason market projections, such as MLBTR's forecast of a five-year, $140 million guarantee.
Player History and Performance
Cody Bellinger's professional career includes notable fluctuations in performance:
- MVP Season: In 2019, while with the Los Angeles Dodgers, Bellinger earned the National League MVP award. His statistics included 47 home runs, a .305/.406/.629 slash line, a 161 wRC+, 15 stolen bases, and 7.8 fWAR.
- Post-Injury Decline: Following a shoulder injury sustained during the 2020 NLCS and subsequent surgery, Bellinger's performance saw a decline in the 2021 and 2022 seasons, during which he posted a .193/.256/.355 slash line. The Dodgers opted not to tender him a contract after the 2022 season.
- Cubs Tenure: He then signed a one-year, $17.5 million deal with the Chicago Cubs for the 2023 season, where he recorded 26 home runs and a .307/.356/.525 slash line, achieving a 135 wRC+. Entering 2024, Bellinger sought a long-term contract, with some initial expectations from sources suggesting a deal over $200 million. However, concerns related to batted-ball data and his injury history meant the market for Bellinger and other prominent free agents did not develop as widely anticipated. He subsequently returned to the Cubs on a three-year, $80 million deal that included annual opt-out opportunities. In 2024 with the Cubs, he hit 18 home runs with a .266/.325/.426 slash line, for a 108 wRC+. He opted to remain with the Cubs for the 2025 season.
- Trade to Yankees and 2025 Season: The Cubs later traded Bellinger to the Yankees for Cody Poteet, with the Cubs absorbing $5 million of Bellinger's contract. During the 2025 season with the Yankees, Bellinger hit 29 home runs, achieved a .272/.334/.480 slash line (125 wRC+), and recorded 13 stolen bases. His performance at Yankee Stadium was particularly strong, marked by a .302/.365/.544 slash line. He also maintained positive defensive metrics, contributing 4.9 fWAR.
- New Yankees Contract: Following the 2025 season, Bellinger exercised an opt-out clause in his previous contract, leading directly to the current five-year agreement with the Yankees.
Impact on the New York Yankees
This signing solidifies the Yankees' projected 2025 outfield alignment, with Bellinger joining Trent Grisham (who also recently re-signed), Aaron Judge, and Giancarlo Stanton (expected to primarily serve as designated hitter). Bellinger's versatility, including his ability to play first base, offers additional roster flexibility, particularly with Ben Rice also an option at that position. The Yankees may consider trading some of their existing outfield depth players, such as Jasson Domínguez or Spencer Jones, both of whom are optionable.
With this agreement, the Yankees' team payroll is now projected to exceed $300 million, and their Competitive Balance Tax (CBT) figure is estimated at $318 million. This places them above the top-tier CBT threshold of $304 million. As a consistent tax-paying organization, the team will incur substantial financial penalties. Prior to the Bellinger deal, the team's payroll was approximately $285 million, incurring a 95% tax on amounts up to the top threshold and 110% beyond it, leading to additional tax costs exceeding $30 million. The organization may explore strategies to manage payroll, potentially by seeking pitching reinforcements through trades involving existing outfield depth. The Yankees had a 40-man roster vacancy, which meant no immediate corresponding move was necessary for this signing.
Broader Market Overview
Bellinger's agreement further reduces the pool of available free agents in the market. In the past 11 days, other significant market developments include the Cubs signing Alex Bregman, the Red Sox signing Ranger Suárez, the Diamondbacks acquiring Nolan Arenado, the Mets' acquisitions of Bo Bichette and Luis Robert, the Phillies' reunion with J.T. Realmuto, and Victor Caratini signing with the Minnesota Twins.
Among the key unsigned free agents remaining are Framber Valdez, Zac Gallen, Eugenio Suárez, Harrison Bader, and Chris Bassitt. Additionally, trade candidates such as Brendan Donovan and MacKenzie Gore are reportedly available.