Most players covet the opportunity to finally become a free agent after grinding through the first six or seven years of their careers. For Cody Bellinger, this offseason will mark his third crack at the open market in the past three years -- and he’s surely hoping it will be his last for some time.
Considering the way Bellinger lit the league on fire during his first three seasons with the Dodgers, it’s amazing to think he’s headed for free agency for a third time since 2022, but that’s precisely what is about to happen. According to a source, Bellinger plans to opt out of the final year and $25 million of his contract, hoping to find the long-term deal that evaded him after both the 2022 and 2023 seasons.
“This should be the best market he’s had,” said an American League executive. “He was a real difference-maker for the Yankees this season.”
Bellinger’s career path has been unique to say the least. He won the National League Rookie of the Year Award in 2017, then exploded in 2019, taking home NL Most Valuable Player honors after hitting 47 home runs with 115 RBIs, 121 runs scored, a 1.035 OPS and 8.7 bWAR. His numbers fell off a cliff from 2020 through 2022, as he posted a .648 OPS with 41 home runs and 134 RBIs in 295 games, prompting the Dodgers to non-tender him after the 2022 season.
Bellinger landed with the Cubs on a one-year, $17.5 million deal with a mutual option for 2024, hoping to re-establish his value for the following winter. Bellinger won a Silver Slugger Award that season and finished 10th in NL MVP voting, leading him to decline the option and test free agency for a second straight year.
It didn’t go as he had hoped. Bellinger remained on the market into Spring Training before inking a three-year, $80 million deal with the Cubs in late February that included player options for both 2025 and 2026.
Bellinger’s numbers regressed in 2024 (18 home runs, 78 RBIs, .751 OPS in 130 games), so he exercised his $27.5 million player option for 2025. Six weeks later, he was traded to the Yankees, with whom he thrived this past season.
Although Bellinger hasn’t been able to replicate his 2019 MVP season, he had the second-highest bWAR (5.0) and fWAR (4.9) of his career in 2025, posted a career-low strikeout percentage (13.7) and ranked third among all left fielders in fielding run value. He also saw jumps in his hard-hit percentage (37.9) and walk percentage (8.7).
“I do think he will get a more substantial guarantee than the last few years,” an NL executive said. “He’s proved he can stay healthy, he’s still on the younger side and he’s an athlete who can legitimately play multiple spots.”
Bellinger started 85 games in left field, 52 in right and 41 in center in 2025, also getting seven starts at first base. His versatility will surely make him an attractive option for a number of clubs with differing needs, widening his market more than most position players.
Bellinger’s best years may have come as a member of the Dodgers, but Yankee Stadium appeared to be a perfect fit for the left-handed hitter, who had a .909 OPS in the Bronx compared to a .715 OPS on the road. He also benefitted greatly from the short porch in right field, as all 29 of his home runs -- 18 of which were hit at home -- went to right field or right-center.
His numbers against left-handed pitching were also notable; Bellinger had a .353/.415/.601 slash line in 176 plate appearances against southpaws, striking out only 9.7 percent of the time. Only one other left-handed hitter since 2002 has posted an OPS north of 1.000 while striking out less than 10 percent of the time against lefties in at least 100 plate appearances: Barry Bonds, who did it in 2002 and 2004.
The Yankees seem like an obvious fit to re-sign Bellinger, but after flaming out in the Division Series, what will New York’s approach be this offseason? Bellinger is one of the Yankees’ five notable free agents, joining Trent Grisham, Paul Goldschmidt, Devin Williams and Luke Weaver on that list.
“I think they’ll obviously be in on him, but there will be a lot of competition,” an NL executive said. “And they seem to be one of the clubs that doesn’t chase above their limit, like with [Juan] Soto last year.”
If the Yankees and Bellinger don’t find common ground on a contract, which other teams stand out as the biggest threats to sign him?
The Mets stand out as a legitimate contender for Bellinger, who could play center field in Queens, or potentially replace fellow free agent (and Scott Boras client) Pete Alonso at first base if he signs elsewhere. The Mets swiped the Yankees’ left fielder a year ago when they signed Soto, so why not do it again? The local tabloids would certainly appreciate the back-page content.
Bringing back Kyle Schwarber figures to be high on the Phillies’ list of priorities, but if he signs with another club, Philadelphia could sign Bellinger to play right field while moving Nick Castellanos to a full-time designated hitter role.
The Tigers could make a push for Bellinger, who could play multiple positions and provide another big bat in the middle of the lineup. The Mariners could look at Bellinger at first base, where Seattle faces the loss of Josh Naylor to free agency.
What about a reunion with the Cubs? Chicago traded Bellinger after acquiring Kyle Tucker, wanting to move the salary off the books. But if Tucker departs via free agency, could Bellinger be a potential candidate to replace him? Never say never.
The most likely scenario in the eyes of rival executives is Bellinger returning to the Yankees, but when it comes to free agency, the only certainty is that things rarely play out as we all expect.