Cody Bellinger is running it back with the New York Yankees.
The free-agent outfielder reportedly agreed to a five-year, $162.5 million contract to return to the Bronx on Wednesday, according to ESPN's Jeff Passan,after opting out of the final year of his previous contract.
Cody Bellinger's deal with the Yankees is for five years and $162.5 million, sources tell ESPN. There are opt-outs after the second and third season, a $20M signing bonus and a full no-trade clause.
— Jeff Passan (@JeffPassan)January 21, 2026
Passan reports that Bellinger's new deal includes opt-outs after the second and third seasons, a full no-trade clause and a $20 million signing bonus.
The deal means the Yankees get both of their free-agent outfielders back. 2025 starting center fielder Trent Grishamaccepted the $22.025 million qualifying offer earlier in the offseason, meaning fans can once again expect to see an Aaron Judge-Grisham-Bellinger outfield at Yankee Stadium in 2026, with Jasson Domínguez still waiting in the wings.
Bellinger joined the Yankees via trade last offseason as something of a gamble. He has both won an MVP award and been cut loose by a contender with a need at his exact position. He led the NL in Wins Above Replacement (Baseball Reference) in one season and ranked 814th out of 815 two years later.
The Dodgers non-tendered him in 2022 after another down year, setting up a resurgent 2023 with the Chicago Cubs, who gave him a three-year, $80 million contract the following season. However, they decided to move on from him after a down 2024, setting up a trade in which the Yankees landed him for very little.
Bellinger enjoyed another bounce-back year in a new setting in 2025. His bat played well at Yankee Stadium to the point that he posted his most home runs (29), total bases (282) and walks (57) since his MVP season in 2019. That production, combined with his ability to cover all three outfield positions, made the decision to opt out of his contract a no-brainer.
While a number of teams were in the market for Bellinger —including the Dodgers, who eventually signed Kyle Tucker instead — the Yankees were able to get the deal done, and Bellinger is back in the Bronx. A 30-year-old player with his history of injuries and inconsistency can be a risky bet, but the Yankees saw the potential reward firsthand and decided they wanted to take another spin.
