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The New York Yankees may be staring down one of their biggest offseason dilemmas. Cody Bellinger’s contract includes a player option for 2026, but MLB insider Jim Bowden of The Athletic believes the outfielder won’t take it.

Instead, Bowden expects Bellinger to decline the $25 million option and hit free agency in search of a multi-year contract.

Bellinger signed a 3-year, $80 million contract in 2024 while he was with the Chicago Cubs, with an opt out after the second season. Bellinger, who was trade to the Yankees this offseason for pitcher Cody Poteet, is earning $27.5 million this season, with Chicago paying $2.5 million of that, according to Spotrac. If Bellinger picks up the player option, the Cubs will be on the hook for $2.5 million of the $25 million he will be paid in 2026.

Bowden’s Projection: Bellinger Ready for Security

Bowden laid out why Bellinger appears primed to test the market. Since joining the Yankees, Bellinger has thrived in the Bronx. The short porch at Yankee Stadium plays perfectly to his left-handed swing, helping him launch 22 home runs this season. He’s posted an .803 OPS, swiped 10 bases, and played above-average defense at all three outfield positions plus first base. That versatility makes him more valuable than most free agent bats.

“Bellinger has been a perfect fit playing half his games at Yankee Stadium,” Bowden wrote. “He is expected to opt out of his 2026 option so he can land a more lucrative, longer-term deal.”

Bellinger, now 30, knows time is running out to secure another major payday. Spotrac estimates his market value at six years and $131.5 million, averaging just under $22 million annually. That projection reflects how much teams value his power, speed, and defense combination. By opting out now, he allows himself to lock in that kind of security before the following collective bargaining agreement brings potential labor unrest.

He currently earns $27.5 million, but staying with the Yankees under the option would drop his 2026 salary to $25 million. Bowden argues that Bellinger will chase a longer commitment instead of accepting another one-year guarantee.

Yankees Must Decide How Far They’ll Go

The Yankees leaned heavily on Cody Bellinger’s versatility so far. He logged some innings in center field, but Trent Grisham handled most of the work there. With Grisham also set to hit free agency, Bellinger’s ability to cover multiple roles carries even more weight heading into the offseason.

Juan Soto’s move to the Mets stripped the Yankees of one of its biggest bats, and Aaron Judge continues to push through an elbow issue that limits his time in the outfield. That context makes Bellinger’s presence even more critical. Aaron Boone can shift him into right field when Judge needs rest, slide him to center when necessary, or place him at first base to stabilize the infield.

That kind of adaptability doesn’t come cheap. The Yankees understand replacing him would prove difficult. The free agent outfield market lacks depth, and the farm system doesn’t have a major league-ready player who matches Bellinger’s skill set. If he walks, the manager loses a trusted option who plugs gaps across the roster and keeps the lineup balanced.

Financially, the Yankees must weigh his next deal against their existing commitments. They already carry massive contracts for Judge and Gerrit Cole. Soto’s exit eases payroll pressure, but it also creates another hole in the lineup. Extending Bellinger may cost plenty, but it guarantees stability at a time when the roster needs it most.

Bowden’s reporting underscores the urgency. New York cannot assume Bellinger will stay. The front office must prepare for serious negotiations or risk losing one of the few players who deliver power, defense, and flexibility in one package.

Alvin Garcia Born in Puerto Rico, Alvin Garcia is a sports writer for Heavy.com who focuses on MLB. His work has appeared on FanSided, LWOS, NewsBreak, Athlon Sports, and Yardbarker, covering mostly MLB. More about Alvin Garcia