The New York Yankees star slugger Cody Bellinger’s time in the Bronx might be short-lived. The former MVP signed a one-year deal with the Yankees that included a $25 million player option for 2026, and many expect him to test free agency this winter.
And based on the season he’s having, opting out isn’t just likely—it’s logical.
Bellinger has re-established his value in 2025, slashing .276/.328/.496 with 20 home runs. He’s hitting for power again, playing solid defense in the outfield, and doing it all in the media pressure cooker that is New York. That kind of performance earns big money—and it’s exactly why Bleacher Report’s Kerry Miller predicts Bellinger will decline his player option and cash in elsewhere, specifically with the San Francisco Giants on a multi-year deal.
Bellinger’s Bet on Himself Is Paying Off
After back-to-back years of bouncing back from injury and inconsistency, Bellinger has found his rhythm again. He no longer resembles the 2019 MVP who hit 47 home runs, but he has reemerged as a legitimate middle-of-the-order bat and plus defender—assets contenders can never have enough of.
That makes Bellinger’s $25 million player option feel like a discount—one he’s unlikely to take. He’s now in line for another contract in the neighborhood of three or four years at $20–25 million per season. Think somewhere around $75 to $100 million, especially with a weak outfield market and a long list of teams needing outfield help.
And Bellinger isn’t just a statistical success story. His marketability, left-handed swing, positional flexibility, and playoff experience make him a hot commodity. A team like the Giants, which has cleared out room in the outfield and shown they’re not afraid to spend—giving out or taking on major deals like Matt Chapman, Rafael Devers, and Willy Adames—would make a lot of sense.
The Yankees Have Already Prepared for His Exit
While losing Bellinger would sting, especially after also watching Juan Soto walk last offseason, the Yankees may already be turning the page internally. They refused to trade top outfield prospect Spencer Jones at the deadline—a sign they’re ready to see what the 6-foot-6 slugger can do at the MLB level.
Red-hot in Triple-A, Jones offers a cheaper, younger option to fill the power-hitting outfield role Bellinger currently holds. Whether he’s ready for the big stage is a fair question, but the Yankees seem willing to find out. And with Aaron Judge and Jasson Domínguez under long-term team control, the front office might not see Bellinger as a necessary long-term investment.
It’s also worth noting that the Yankees are navigating a complicated payroll situation. Gerrit Cole, Max Fried, Judge, and Carlos Rodón are locked into expensive deals. Re-signing Bellinger would likely require letting go of flexibility elsewhere, or giving up on the Spencer Jones experiment before it begins.
Bellinger is saying all the right things publicly. He’s expressed interest in staying and has avoided stirring the pot with contract talk. But if the offseason plays out as expected, he’ll have at least half a dozen teams lining up with offers. San Francisco looks like the early favorite, but Bellinger will get to pick his spot—and price.
As for the Yankees, don’t expect them to be caught off guard. They brought Bellinger in as a bridge, and he’s been exactly that: productive, professional, and valuable. Now, they’re ready for the next chapter. Whether that starts with Spencer Jones or a surprising offseason pivot remains to be seen.
However, one thing is clear: Bellinger betting on himself this year has paid off. And come winter, he’s going to cash in.
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