Cody Bellinger Returns To Yankees On Five-Year Mega Deal

The Bronx faithful can breathe a sigh of relief: Cody Bellinger is officially running it back with the New York Yankees. After months of speculation, negotiation, and a little bit of winter drama, the 30-year-old outfielder has agreed to a five-year, $162.5 million contract to remain in pinstripes, sources confirmed on January 21, 2026. The deal, which is pending a physical, includes opt-out clauses after the second and third seasons, a $20 million signing bonus, and a full no-trade clause—terms that ultimately satisfied both Bellinger and the Yankees’ front office after a standoff over contract length threatened to derail the reunion.

For Bellinger, the contract represents the largest payday of his career, capping a remarkable journey that’s seen him ride the highs of MVP glory and the lows of injury-induced slumps. For the Yankees, it’s a calculated bet on a player whose blend of power, versatility, and defensive prowess proved indispensable in 2025. General manager Brian Cashman and manager Aaron Boone had both publicly identified Bellinger as a top offseason priority, and their persistence has paid off handsomely.

Bellinger’s return means the Yankees will roll out a familiar and formidable outfield in 2026: Aaron Judge, the reigning two-time AL MVP, will anchor right field; Trent Grisham, who accepted a $22.025 million qualifying offer earlier in the offseason, patrols center; and Bellinger, the newly re-signed star, slots into left. Jasson Domínguez, once heralded as the franchise’s next great outfielder, now faces the prospect of a bench role or perhaps even a trade, with prospect Spencer Jones also waiting in the wings. As Boone put it back in December, “If a situation presents itself down the road where you end up having a lot of good players for not enough spots, you figure it out.”

Bellinger’s path back to the Bronx was anything but straightforward. After bursting onto the scene with the Los Angeles Dodgers—winning the 2017 NL Rookie of the Year and the 2019 NL MVP—his career hit a rough patch following a shoulder injury suffered during the 2020 World Series. The subsequent seasons saw his production crater, leading to the Dodgers non-tendering him after 2022. A one-year, $17.5 million deal with the Chicago Cubs in 2023 seemed to revive his fortunes: he batted .307 with 26 home runs and finished 10th in NL MVP voting. Yet, after a regression in 2024 and no long-term extension from the Cubs, he was dealt to the Yankees in a salary dump last December, with Chicago covering $2.5 million of his $27.5 million salary.

What a difference a change of scenery can make. In 2025, Bellinger rediscovered his power stroke and plate discipline at Yankee Stadium, slashing .272/.334/.480 with 25 doubles, 29 home runs, 98 RBIs, and 13 stolen bases in 152 games. He started at least 38 games in all three outfield spots and even saw time at first base, demonstrating the versatility that made him a favorite of Boone. His 5.1 bWAR was his best since that 2019 MVP campaign, and his 29 home runs led the team’s left-handed hitters. Bellinger’s bat played especially well in the Bronx, as he hit .302/.365/.544 at home over the last two seasons, compared to .256/.313/.416 on the road—his swing tailor-made for Yankee Stadium’s short right-field porch.

Defensively, Bellinger was a revelation. He accumulated seven outs above average and eight defensive runs saved across the outfield and first base. His ability to cover ground and make tough plays gave the Yankees much-needed stability, especially as Domínguez struggled both in the field and at the plate during his rookie year. According to ESPN, Bellinger also led all left-handed hitters in on-base percentage (.415) and slugging (.601) against left-handed pitchers in 2025, further underscoring his value as a matchup-proof bat.

The free-agent market for Bellinger was robust, with as many as eight teams expressing interest, according to agent Scott Boras. The Dodgers, his former club, reportedly pursued him before pivoting to sign Kyle Tucker. Bellinger initially sought a seven-year contract, but the Yankees held firm at five years, sweetening the deal with opt-out clauses and a hefty signing bonus. In the end, the ability to control his own destiny—perhaps re-entering free agency in his early 30s—proved enticing enough for Bellinger to stay put.

Yankees fans will also welcome back a supporting cast that helped the team to a 94-68 record in 2025, before they were bounced from the AL Division Series by the eventual champion Toronto Blue Jays. In addition to Grisham, the Yankees have re-signed left-hander Ryan Yarbrough and infielder Amed Rosario, further shoring up a roster that looks poised to contend once again in the American League. With Judge, Grisham, and Bellinger forming one of the league’s most athletic and powerful outfields, and with Bellinger’s left-handed bat perfectly suited for Yankee Stadium, expectations are sky-high in the Bronx.

Of course, there are risks. Bellinger’s history of injuries and inconsistency—he ranked 814th out of 815 in Wins Above Replacement just two years after leading the league—means the Yankees are gambling that his recent resurgence isn’t just a blip. But Cashman and Boone have seen firsthand what Bellinger can do when healthy and comfortable, and they’re betting big on those skills carrying forward.

Reflecting on his first season in New York, Bellinger made it clear that the city and the team had left an impression. “I had an unbelievable time putting on this uniform,” he said late last year. “Yankee Stadium, the fans, the organization, the culture that these guys have created in this locker room—it really is special. It’s such a fun group.” That sentiment, coupled with his on-field production, made his return a top priority for the Yankees brass all winter long.

Now, with the ink nearly dry on his new contract, Bellinger is set to build on his Bronx legacy. The Yankees, meanwhile, are doubling down on a core they believe can bring championship baseball back to the Bronx. With spring training just around the corner and opening day looming, the stage is set for another dramatic season in Yankee pinstripes. Will Bellinger’s bet on himself—and the Yankees’ bet on Bellinger—pay off with a World Series run? Only time will tell, but for now, the Bronx is buzzing with anticipation.