Yankees just made Cody Bellinger intentions clear with Trent Grisham qualifying offer

You know the name of the game, Yankees fans. This front office loves its short-term financial flexibility, allowing them to squeeze in some monster successes (Juan Soto, Cody Bellinger) with horribly imperfect fits (Marcus Stroman, Devin Williams). And they seemed to have telegraphed that with their decision on Thursday evening.

New York extended the qualifying offer to Trent Grisham for the 2026 season. The one-year, $22 contract attaches draft pick compensation to all of those it's given to. Grisham, because he was a member of the luxury tax-abusing Yankees, will only require a fourth-round pick to be surrendered if another team signs him.

That said ... it's $22 million. Grisham, who was signed for just $5 million in 2025, is already set for a monster raise with this offer. It almost feels like it's a guarantee he accepts it because it's unclear how many teams are going to come calling for a 29-year-old outfielder whose defense is on the decline (and whose career 2025 campaign was a clear outlier based on the rest of his production).

It's still possible somebody throws him a nice three- or four-year deal, but Yankees fans might assume that giving Grisham the qualifying offer suggests the front office is preparing for the worst with Cody Bellinger, who opted out of his contract and hit free agency.

Yankees might've just made Cody Bellinger intentions clear by giving Trent Grisham the qualifying offer

Not to mention, Grisham's horrid postseason changed the opinion of a sect of the fanbse. Initially, many were onboard with the QO for Grisham, re-signing Bellinger, and then using one of Jasson Dominguez/Spencer Jones as the fourth outfielder (with the other one serving a lesser bench role or being traded altogether).

But Grisham went 4-for-29 with 10 strikeouts in the playoffs and didn't drive in a single run. Usually, the Yankees are not suckers for one-season wonders, but it appears Grisham's 34 homers, 74 RBI and 125 OPS+ were enough to sway the front office to take the plunge (or maybe they just really valued that potential fourth-round draft pick).

Then there's the Bellinger conundrum. He's expected to garner interest from plenty of teams, with the Mets, Dodgers and Phillies being mentioned as early suitors alongside the Yankees. We know the Bombers typically don't like to get enmeshed in bidding wars, and all three of those teams have shown a propensity to take far more gutsy financial risks in recent years than Brian Cashman and Co.

Earlier this week, it was reported the QO decision on Grisham was "coming down to the wire", so it's likely they were worried about heading into 2026 with Judge, Dominguez and Jones (with whatever other underwhelming option presented itself in free agency or trade, assuming Bellinger and Grisham both departed).

We must say, though it's possible the Yankees could bring both of their veterans back, this feels as if Bellinger is as good as gone, with his market potentially approaching $200 million — a price Cashman will not pay.