There was plenty of high-fiving at the executive level of Yankee Stadium on Wednesday, and for good reason.
They just locked up Cody Bellinger on their terms and enjoyed a rare bonus: They forced super agent Scott Boras to cave.
It remains to be seen if the Yankees’ victory (and Boras’ unmistakable defeat) will have a ripple effect throughout the industry. But for now, the Bombers can breathe a sigh of relief.
Bellinger’s five-year, $162.5 million deal, which was first reported by ESPN’s Jeff Passan, reunited the Yankees with the lineup asset they had to retain. Another 94-win season is a realistic possibility.
According to a source familiar with the negotiations, the deal calls for a $20 million signing bonus and player opt-outs after the second and third seasons. If a work stoppage cancels the 2027 campaign, the opt-outs would be delayed until after the third and fourth years.
The loss of Bellinger would’ve left Aaron Judge without meaningful protection. The expected returns from Gerrit Cole, Carlos Rodón and Clarke Schmidt and 30 starts from Cam Schlittler would’ve been offset by a diminished offense.
It’s hard to believe Jasson Dominguez and Trent Grisham would’ve adequately replaced Bellinger’s production if the latter had walked. And it looked that way for most of the hot stove season.
Boras boasted in December that he had eight teams looking to do business with his client. A protracted stare-down with Yankees owner Hal Steinbrenner was officially in the works.
Boras was determined to get a seven-year deal at an estimated $37 million per season. It was an over-the-top demand, typical of Boras’ negotiating style. But this time it backfired.
It turns out there were few takers. One MLB executive went as far as to say when Boras hints at eight interested buyers, “It means he has none.” The executive was smiling, but not entirely kidding.
Still, there was no doubt Bellinger had value. He could capably play four positions, hit for power, run well and be a model clubhouse presence. Bellinger’s upper-cut swing was especially suited for Yankee Stadium’s short porch in right field, prompting one club official to say, “Cody is a better home run hitter for us than any other team he’s thinking about.”
Boras knew the Yankees were highly motivated to bring Bellinger back. Fans clamored for it on social media. The agent was counting on the external pressure to weaken Steinbrenner’s desire not to over-pay. But once again, Boras miscalculated.
The new Boss hadn’t forgiven himself for getting carried away in the Juan Soto talks in December 2024. Despite his braintrust advising against it, Steinbrenner went as high as $760 million for 16 years for Soto. But the Mets topped that with a 15-year, $765 million blockbuster.
Steinbrenner was praised for the full-throttle effort by the very fans who call him cheap on talk radio. Still, he vowed not to get played a second time in a row. The Yankees stuck to an initial offer of five years and approximately $150 million.
There would be wiggle room, but not much. Steinbrenner, along with general manager Brian Cashman and president Randy Levine, took turns explaining to Boras that a seventh year — or even a sixth — was a pipe dream.
Bellinger, after all, will turn 31 in July. He’s not the superstar he was with the Dodgers in 2019. And he’s certainly not close to Judge’s level today.
A very good athlete and a terrific guy, Bellinger was worth exactly what the Yankees had been offering for nearly six weeks: Five years at $30-31 million per.
As the impasse dragged on, Boras finally relented on his demand for $37 million per, but he held firm at seven years. The Yankees were just as resolute. Five years, no more.
Both sides played their final hand over the weekend. The Yankees let it be known they were ready to move on from Bellinger. If he could find a better offer, the club’s advice was to take it.
Boras countered by telling The Athletic’s Jim Bowden on Monday that Bellinger was mulling “several offers from several teams.”
The Yankees refused to budge. They assumed (correctly) that the Blue Jays had mild interest, but not for nearly the same money as the Yankees. And the Mets were also in play. With owner Steve Cohen’s limitless wealth, anything was possible.
But that door was shut on Tuesday night, when the Mets acquired outfielder Luis Robert from the White Sox. Bellinger had only one remaining path — and that was back to the Bronx, on the Yankees’ terms.
The club was waiting with open arms. As a show of good faith, they upped their final offer by $2.5 million, adding $500,000 to each of the five years of the contract.
It was a symbolic gesture, meant to assure Bellinger there were no hard feelings. But there was no doubt who won and who lost.
Put it this way: George Steinbrenner would’ve been proud of his kid today.
