There you have it, folks! The final top hitter on the market is ultimately returning to his former team, as the Yankees have agreed to a five-year, $162.5 million deal with Cody Bellinger.

It always felt like the most likely outcome was for the 30-year-old outfielder to return to New York, as the Yankees’ offseason has been largely disappointing to most, leaving a clear hole in their offense.

After it took a while for the hitting market to get going this winter, all three of the other top bats available have signed in the past few weeks, leaving Bellinger as the final shoe to drop.

New York gets their guy back, as Bellinger slots right back into an outfield with Aaron Judge and Trent Grisham that should remain one of the best in baseball this season.

Cody Belling Signs Five-Year, $162.5 Million Deal With the Yankees

The career trajectory of Cody Bellinger has been fascinating to say the least. After winning Rookie of the Year in 2017 and NL MVP in 2019 with the Dodgers, Bellinger appeared on track to be a generational star.

He posted 8.7 WAR with 47 home runs in that MVP season at just 23 years old. The sky was the limit for Bellinger.

His shortened 2020 season was a letdown, but the wheels truly came off for him in 2021, when he was one of the least valuable players in baseball across 95 games played. Following a healthier, but still very rough, season in 2022, Bellinger landed with the Cubs in 2023.

After a great first year in Chicago, where he rebuilt his value, Bellinger regressed a fair amount in 2024 after inking a three-year deal with Chicago.

He was essentially salary-dumped to the Yankees last offseason by the Cubs, but he put together a great campaign in 2025. Bellinger posted a 4.9-WAR year with 29 home runs and a 125 wRC+ while playing alongside the MVP in New York.

Losing Bellinger would likely have hurt the Yankees more than it may have helped someone else to get a deal done with such a volatile player. He was a key cog in their offseason all year, who will now look to run it back and deliver a better outcome in October this time around.

Contract Details

• Length: 5 years

• Value: $162.5 Million

• AAV: $32.5 Million

• Signing bonus: $20 million

• Opt-outs: After Year 2 and Year 3

• Full no-trade clause

The Yankees reportedly have been very hesitant to give Bellinger the six-year deal he was seeking in free agency, and they were able to avoid that. After Kyle Tucker and Bo Bichette signed short-term deals, the leverage to get a longer deal for Bellinger all but evaporated.

However, they did end up giving Bellinger a fair amount of leverage here, as he can potentially opt out at just 32 years old and hit the market again.

While it seems like nothing compared to the Tucker deal, Bellinger did get paid like a top-end outfielder after a great first season with the Yankees.

Team Fit and Outlook

New York entered the offseason after getting beat down by a divisional rival in the ALDS, seemingly with a need to make changes.

Not a lot has changed for this teaming, though. Trent Grisham returned by accepting the qualifying offer, while Cody Bellinger has now rejoined the outfield as well.

The only significant move aside from retaining their outfield was a trade for left-hander Ryan Weathers from the Marlins, who presents upside but also significant risk.

Of course, the return of Gerrit Cole from Tommy John surgery is the most crucial potential “add” to this roster. But for a franchise like the Yankees, this can only feel like a somewhat underwhelming winter.

New York still has time to add more and they have at least retained their offensive core heading into the 206 season. It would not be a surprise at all to see them become active players in the trade market leading up and during spring training.

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