Where do Yankees and Cody Bellinger actually stand?

This offseason has been relatively quiet for the New York Yankees, so much that the fans are finally getting restless with one question:

When are the Bronx Bombers finally going to re-sign free agent Cody Bellinger?

Short answer: Probably soon. Jon Heyman of the Post reported that the team did indeed make Bellinger a formal offer, though specifics weren’t provided. MLB Trade Rumors predicted he would land a five-year, $140 million contract as he enters his age-30 season. Realistically, he’s probably seeking something closer to $200 million and will probably land somewhere between $150-$180 million.

It’s thus interesting that Bellinger’s market has been so, well, quiet. Especially after his agent Scott Boras made such a show at his Winter Meetings presser of using bad puns to imply how many teams were interested in the former MVP.

“It’s not for me to Judge,” Boras said. “But great players see Red if they have a big bat Yanked out of their lineup. I haven’t Met a team that Dodges a five-tool player. To Phil the center field need is a Giant step towards the playoffs. North and south outfielders that fly with power, they’re rare Birds. In the offseason, there’s a lot of startup to organizations, and for that reason, there’s a lot of Angel investors that are looking for very versatile outfielders. So other than that, Belli doesn’t have much interest.”

The Yankees acquired Bellinger from the Chicago Cubs a year ago and he proved a natural fit behind Judge in the lineup. He hit .272 with 29 home runs and 98 RBI with a 125 wRC+. He proved himself in the outfield with his glove too, playing all three positions and finishing with a fielding run value (FRV) of +9. Bellinger can also play first base in an emergency.

So what’s keeping the Yankees from bringing him back? He’s automatic protection for Aaron Judge in the lineup and a net positive in the field. Well, knowing Boras, he’s probably drawing the process out like he always does. No stopping until he gets the best and highest offer for his client, even if spring training has already started.

Now, to be fair, we’re nowhere close to that level of urgency yet. It’s still early January and Bellinger is probably just waiting for Kyle Tucker to sign what’s looking more and more likely to be a short-term deal so he can have some extra leverage. After all, why commit to a five-year deal when he could potentially earn a higher annual value over three years?

But even then, it’s hard to see Cody Bellinger signing anywhere except back with the New York Yankees, even if he decides he wants a short-term deal. Heyman recently reported both of Bellinger’s former teams, the Cubs and Dodgers had checked in with his camp, along with the Mets and Giants. Let’s use the process of elimination.

Bellinger could absolutely return to the Dodgers just because they have the money and can offer deferrals for days. The downside is that his most natural fit in LA is in center field, his weakest outfield position. Bellinger also noticeably declined with the Dodgers after winning his MVP trophy in 2019, batting just .203 over the next three years before rebounding in Chicago.

And speaking of the Cubs, they actually have an open spot for Bellinger in the outfield. He slots in as a perfect natural fit in right, except Chicago hasn’t been particularly active this offseason. Their biggest move thus far is signing former Yankees prospect Tyler Austin to a one-year deal worth a shade over $1 million. For context, Austin is now 34 years old, hasn’t played in MLB since 2019, and spent the last six years mashing home runs for the Yokohama Bay Stars.

The Mets desperately need outfielders along with reliable pitching, but they wouldn’t offer Pete Alonso more than a three-year deal. They’re not signing Cody Bellinger, nor are the Giants. They’re already stuck with eight more years of Rafael Devers.

That leaves the Yankees. So, again, what does that mean for right now? Where are New York and Cody Bellinger at this stage of negotiations?

If you ask me, Bellinger probably signs with the Yankees by the end of the week. The timing of this, even if he’s waiting for Tucker to sign first, is all too similar to Derek Jeter’s free agency after 2010. The Captain and Cashman couldn’t come to terms, so the veteran GM famously told him to go find a better contract elsewhere. Jeter grumbled, but re-signed and retired a Yankee.

This, dear readers, is where Cody Bellinger and the Yankees are at. If he had a better deal from another team on the table, he’d have signed already. Instead, he’s still looking for his new team even as New York waits with open arms.

The lack of rumors and movement around his name should be a good sign. But until the ink is dry on a new Yankees contract, where Cody Bellinger ultimately signs is anyone’s guess.

Mr. Cashman, go and get your man.