Yankees add last-second contract sweetener and finally sign Cody Bellinger

The New York Yankees seemed to stand a legitimate chance of losing Cody Bellinger when the offseason began, given the financial power of the Mets and their outfield vacancy. As the stalemate dragged on, though - for days and months and days and MONTHS - that reality felt much less plausible.

We watched the market develop - or, rather, fail to. We watched the Blue Jays, Mets and Dodgers send revisions and addendums to Kyle Tucker, only for the eternal champions to come out on top, while letting Bellinger and the Yankees work out their differences instead. We saw Tucker's decision "redefine the market" ... only for the Mets to pivot to Luis Robert Jr. on Tuesday night, and the Blue Jays to decide that they were done with high-end position players after getting blown away in the Bo Bichette race.

That left the Yankees, endlessly "prepared for Bellinger to sign elsewhere," but without a viable elsewhere on the horizon.

The dullest extended free agency chase in recent memory concluded on Wednesday afternoon with Bellinger agreeing to a five-year, $162.5 million contract. The deal was first reported by Jeff Passan, but the financials came from Bob Nightengale.

Perhaps this is the same standing offer that's been out there for weeks, but it certainly seems like the Yankees added $2.5 million to the pot after refusing to budge (either that, or the "$160 million" was just a publicly reported round number all along).

Yankees sign Cody Bellinger after endless stalemate for five years

For those keeping track, it took 11 days after the "impasse" that left the Yankees prepared to move on for the two sides to reunite.

Bellinger will receive all of the rumored bells and whistles. Per Passan, there are multiple opt-outs (after Years 2 and 3), a $20 million signing bonus (substantial), and a full no-trade clause (the Red Sox are weeping).

The Yankees? They'll receive an ideal ballpark fit for at least the next two seasons (one of which won't be played in full), a perfect locker room presence, and someone who hit .353 with a 1.016 OPS against left-handed pitching last year. As the Yanks look to add right-handed presence in their lineup, they can at least feel secure in the reality that Bellinger is a lefty who isn't very susceptible to these tricks.

Is this an "overpay"? Sure. But it's a reasonable one. It's a perfectly acceptable way to get as "irrational" as Andrew Friedman of the Dodgers always recommends that teams get in pursuit of free agents they covet. The Yankees (and Aaron Judge) coveted Bellinger. Bellinger seemed to love being a Yankee (a reality that we questioned a few times as the offer stagnated on the table). Really, it's not even a long-term pact. Two years before we'll probably do this again. It's the type of contract Yankee fans certainly should not have rooted for a richer contender to beat.

The 2026 and 2027 Yankees are better with Bellinger than without him, and there wasn't a remaining pivot that would've changed that reality. Thankfully, we no longer have to think about that, and can instead add bullpen pieces/a rotation sweetener to Bellinger.