Yankees hit snag in Cody Bellinger return negotiations: Insider

The New York Yankees enter the Major League Baseball Winter Meetings with some notable holes to fill and the pressure to return to the World Series next season after taking a significant step back.

After reaching the Fall Classic in 2024 and losing Juan Soto, the Yankees signed several veteran stars last winter to try to improve. And now one of those signings, former Most Valuable Player Award winner Cody Bellinger, has returned to free agency after a key bounce-back season in the Bronx.

“Bellinger seemed to blend in with the Yankees clubhouse almost immediately,” Bryan Hoch said wrote for MLB.com. “(Yankees GM) Brian Cashman has already labeled him as one of the top two outfielders on the market, indicating the organization sees real value in retaining him. If ownership decides to invest, the Yankees already know Bellinger’s skills will improve the lineup, defense and style of play.”

While the fit between the organization and the player seems clear, it won’t be easy for the Yankees to negotiate a return for Bellinger. As one of the most talented players on the market, who may get his last chance to land a major long-term contract in free agency, Bellinger will command a high price. And that has reportedly led to a problem in the team’s talks with his camp.

“I understand and believe that even though the Yankees really want him — and that’s the guy, that’s their number one guy, I don’t think there’s any doubt that Bellinger is their number one guy — there’s a hole in the conversations right now,” said the New York Post’s MLB insider. Jon Heyman reported. “So that doesn’t seem close.”

By opting out, Bellinger left $25 million on the table Spotrac projects he is worth more than $182 million in a six-year contract. The Yankees are already on the hook for several long-term contracts, and principal owner Hal Steinbrenner has emphasized his hope that the team can reduce payroll.

As a result, the Yankees might only be willing to go so far in their contract talks with Bellinger, and that could open the door for another big market team that could be willing to spend more money.

“He’s come back now and that’s the Yankees’ first pick,” Heyman added. “That said, it doesn’t feel like they’re very close to discussions right now, so that gives hope to the other teams. The (New York) Mets, the (Los Angeles) Dodgers, possibly the (Philadelphia) Phillies. Probably a big market team for Bellinger.”