Yankees' Updated Roster, Payroll After Cody Bellinger's Reported $162.5M Contract in MLB Free Agency

The New York Yankees are bringing back Cody Bellinger.

ESPN's Jeff Passan reported Wednesday that the Yankees and Bellinger have agreed to a five-year, $162.5 million contract in free agency.

The contract includes a $20 million signing bonus, as well as opt-outs after the second and third seasons and a no-trade clause, per Passan.

The deal does not contain any deferred money, according to The Athletic's Brendan Kuty.

Here's a look at what the Yankees' depth chart could look like now that Bellinger is returning for a second season in the Bronx.

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LF: Cody Bellinger

CF: Trent Grisham

RF: Aaaron Judge

DH: Giancarlo Stanton

1B: Ben Rice

2B: Jazz Chisholm Jr.

SS: Anthony Volpe

3B: Ryan McMahon

C: Austin Wells

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The Yankees were already projected to have a cash payroll of $252.8 million next season, good for sixth highest in MLB, per Spotrac. That came with a projected luxury tax bill of $98.3 million, according to Spotrac.

Because the Yankees are a repeated tax payor, the club is being assessed a 50 percent luxury tax, per Spotrac.

Those opt-outs will shift back one year each if the 2027 season is erased by a work stoppage, per USA Today's Bob Nightengale.

According to Nightengale, Bellinger will earn $85 million over the first two years of the contract prior to his first opt-out.

That includes the $20 million signing bonus, followed by $32.5 million in both 2026 and 2027, per Nightengale.

Spotrac estimated the Yankees' total tax at $324 million, and their projected cash payroll at $272.8 million, after Bellinger's signing.

Yankees owner Hal Steinbrenner told reporters back in November it would be "ideal" for his club to carry a lower 2026 payroll than in 2025, during which Steinbrenner said he spent $319 million on his players, per ESPN's Jorge Castillo.

"But does that mean that's going to happen? Of course not," Steinbrenner said in November. "We want to field a team we know could win a championship— or we believe could win a championship."

Re-signing Bellinger calls into question left fielder Jasson Domínguez's role with the club going forward. The Athletic's Chris Kirschner noted Wednesday that the Yankees "currently don't view Domínguez as a center fielder."

Another Yankees player knocked down the depth chart by the outfield addition is Spencer Jones, ranked by MLB Pipeline as the No. 4 prospect in the Yankees system. Jones was initially expected to compete with Domínguez for the left field spot next season.

Bellinger's acquisition might increase the odds the Yankees could consider trading either player if the club isn't yet done making moves this offseason.