The New York Yankees entered the offseason believing they remained firmly positioned to retain Cody Bellinger, a bat viewed internally as a near-ideal complement to Aaron Judge in the middle of the lineup. The market, however, is beginning to shift in ways that could complicate that plan.
Momentum around Bellinger’s free agency changed this week when the San Francisco Giants emerged as a serious presence. While interest from San Francisco had been hinted at earlier in the winter, new reporting suggests the Giants are no longer a background option but an active contender willing to engage at a high level.
With elite offensive options thinning rapidly, the Yankees now face a familiar pressure point: deciding how far they are willing to push financially — or whether a pivot is becoming necessary.
Can the Giants disrupt the Yankees’ plans for Bellinger?
The Giants’ interest gained traction after Susan Slusser reported that San Francisco has checked in on Bellinger to address its vacancy in right field. The fit is not subtle.
Cody Bellinger #35 of the New York Yankees reacts after a double. Ishika Samant/Getty Images
“I don’t know if there was much more that we could do as far as conversations, meetings,” Giants president of baseball operations Zack Minasian told Slusser. “I feel like some things are heading in the right direction.”
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Minasian confirmed discussions with Scott Boras, though he stopped short of signaling urgency. “It’s tough to handicap when a deal is going to get done, but we try to put our best foot forward, and think we’ve shown we’re willing to be aggressive, and you know, some things, we’re still working on, some things we feel like maybe there’s a path. So we’ll see where it goes.” Minasian said.
What makes Bellinger such a high-stakes target?
Bellinger remains one of the most accomplished hitters on the open market. The former NL MVP has produced across multiple environments and finished inside MVP voting as recently as last season, reinforcing his value beyond reputation.
Are the Yankees prepared to pivot if needed?
While the Yankees are widely viewed as the favorites, Boras has indicated that multiple teams remain involved. If negotiations stall or bidding escalates beyond comfort, New York may be forced to explore alternatives. Kyle Tucker remains available, and general manager Brian Cashman has historically shown flexibility when leverage shifts.
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The situation is familiar territory for the Yankees, who previously outmaneuvered the Giants to retain Judge. Whether history repeats itself will depend on how aggressively both sides act as the market tightens.
