Report: Yankees, Cody Bellinger agree to five-year, $162.5 million deal

Cody Bellinger has struck while the iron is hot. The free agent outfielder/first baseman is re-signing with the New York Yankees via a five-year deal worth $162.5 million, per ESPN’s Jeff Passan.

The Yankees spared no expense, either. They’re giving Bellinger opt-outs after the second and third season of the deal, along with a $20M signing bonus and a full no-trade clause, Passan added.

Moreover, Bellinger became a free agent after declining his $20 million player option for 2026, which carried a $5 million buyout and was part of the three-year, $80 million contract he signed with the Chicago Cubs following the 2023 season. After being traded to New York in December 2024, Bellinger quickly emerged as a centerpiece of a retooled Yankees lineup following Juan Soto’s departure in free agency.

The move paid off in a big way. Bellinger delivered one of the most complete seasons of his career in 2025. He hit 29 home runs, drove in 98 runs, stole 13 bases and posted an .813 OPS, while also providing strong defense. His versatility stood out, as he logged significant time at all three outfield positions and first base.

It marked the latest chapter in a career defined by dramatic swings. Early in his tenure with the Los Angeles Dodgers, Bellinger quickly established himself as one of baseball’s brightest stars. Within his first four seasons, he captured National League Rookie of the Year and MVP honors, appeared in three World Series, and won a championship in 2020.

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That trajectory stalled sharply from 2021–22, when Bellinger ranked last in MLB among qualified hitters in OPS, struggles that ultimately led to Los Angeles non-tendering him. His career revival began in Chicago, where he signed a one-year, $17.5 million deal in 2023 and responded with improved metrics. Despite lingering concerns from his downturn, Bellinger eventually returned to the Cubs on a three-year contract after a prolonged free agency.

After a slight step back in 2024, Bellinger stayed put, only to be dealt to New York shortly after Chicago acquired Kyle Tucker. With a bounce-back 2025 season firmly in the books, Bellinger again positioned himself for free agency, and this time, the Yankees ensured he wouldn’t leave.

For New York, the deal locks in a proven, versatile bat at a premium position while signaling a commitment to sustaining their post-Soto offensive core. For Bellinger, it represents both financial security and validation after one of the most winding paths to a long-term contract in recent MLB memory.