The deal instantly becomes the richest pitching contract in Blue Jays history and pushes Toronto’s committed money this calendar year to an eye-popping $710 million when combined with the 14-year, $500 million extension they handed Vladimir Guerrero Jr. last April.

And with that one stroke of the pen, the entire Bo Bichette sweepstakes just flipped upside down.

Bichette, the 27-year-old two-time All-Star shortstop and lifelong cornerstone of the Jays’ infield, remains unsigned and is now squarely in play for the rest of the league. Multiple reports Wednesday night indicated that Toronto had been considered the overwhelming favorite to retain their homegrown star. Hours later, after committing another quarter-billion dollars to Cease, those odds have cratered.

Enter the New York Yankees.

According to MLB analyst Zach Presnell of Newsweek, the Yankees and Atlanta Braves have vaulted to the top of the Bichette market almost overnight.

“Bichette is a free agent, and the Blue Jays were seen as the heavy favorites to sign him to a new deal,” Presnell wrote shortly after the Cease news broke. “But after giving Cease over $200 million, this could quickly change… Blue Jays fans should be preparing for life without Bichette because it seems like a real possibility.”

The Yankees, who have been uncharacteristically quiet so far this offseason, suddenly find themselves with payroll flexibility, a glaring need at shortstop (Anthony Volpe is entrenched but the club has explored upgrades), and a front office that has long coveted Bichette’s elite bat-to-ball skills, power-speed combination, and postseason pedigree.

New York had been one of the finalists for Cease as recently as 48 hours ago, hoping to pair the electric right-hander with Max Fried, a recovering Gerrit Cole, Carlos Rodón, and rookie sensation Cam Schlittler. With Cease now off the board, the Yankees can pivot that allocated money directly toward the best position-player bat still available.

And unlike Kyle Tucker (who is also seeking a nine-figure deal but plays a position of less immediate need for New York), Bichette perfectly fits the Yankees’ timeline: young, controllable for his prime years, and capable of sliding into the heart of a lineup that just came three outs shy of a World Series.

Toronto hasn’t officially bowed out of the Bichette race; sources say the Cease contract contains significant deferrals that preserve some present-day payroll flexibility. But the message is clear: after locking up Guerrero and now Cease, the Blue Jays have chosen their long-term core, and shortstop may no longer be part of it.

For the Yankees, the green light is flashing brighter than ever.

Bo Bichette in pinstripes suddenly feels less like a pipe dream and more like the next blockbuster move of the winter.