We wondered whether last night’s Luis Robert Jr. Mets trade was a sign that a different center field deal was just about wrapped up, and sure enough, at long last, Cody Bellinger is returning to the Yankees.
Among all the offseason free agent possibilities, this one seemed like the surest bet to play out eventually:
Cody Bellinger's deal with the Yankees is for five years and $162.5 million, sources tell ESPN. There are opt-outs after the second and third season, a $20M signing bonus and a full no-trade clause.
— Jeff Passan (@JeffPassan) January 21, 2026The Yankees and Cody Bellinger have agreed to a deal for 5 years, $162.5 million w/ no deferrals, source tells @TheAthletic . @JeffPassan first w/ the deal.
— Brendan Kuty ?♂️ (@BrendanKutyNJ) January 21, 2026Although Cody Bellinger and Scott Boras were reportedly hoping for a longer deal, it’s not hard to see why this one landed where it did. Not only does Bellinger get the opt-outs, but, with no deferrals, he also gets a slightly higher present-day payday than the other big free agents this offseason who also landed five-year deals (Alex Bregman, Pete Alonso, and Kyle Schwarber).
Bellinger, 30, has been on quite the journey the last few years, from being non-tendered by the Dodgers to bouncing back in a big way with the Cubs to finding his market squeezed by the Qualifying Offer to re-signing with the Cubs on a multi-opt-out deal to opting and and ultimately being traded to the Yankees to opting out and now, ultimately, sticking with the Yankees for at least a couple more years.
He’s a great fit for that particular club in that particular park, and he was always a very likable Cub, so I’m happy for him.
Now the question is whether the money involved in Bellinger’s deal – and any clubs who might’ve been reserving it – could help move the rest of the free agent market along. Again, Robert to the Mets feels a little bit like it was related to this Bellinger deal, and you wonder whether that’s it for the Mets, or whether they’ll now also try to sign Framber Valdez.
For the Cubs’ part, while they weren’t in on Bellinger after the Bregman signing, it is possible they are still looking at the outfield market in a reserve capacity. Moreover, to the extent the money/budgets out there now move over to the pitching side, the Cubs are reportedly still talking about Zac Gallen, who might finally see some traction soon.
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