If the New York Yankees were looking for short-term financial flexibility, a veteran presence, and a good track record in the postseason, they had one spot-on candidate to pursue this offseason. That was Merrill Kelly, who had spent his career with the Arizona Diamondbacks before being traded to the Texas Rangers at this year's deadline.
The Winter Meetings came and went, then the weekend approached its conclusion, and the Yankees lost out on another fit that would have improved their fortunes in the near term while keeping them in a good position for the future.
Kelly reportedly re-signed with the Diamondbacks on a two-year, $40 million contract. Earlier in the offseason, we had predicted a two-year, $32 million for the right-hander, so it wasn't too far off as free agency prices continue to increase year by year.
For whatever reason, it seems the Yankees were never really involved here. We never heard a peep. Perhaps that was because Kelly always wanted to go back to Arizona? Perhaps he had no affinity for New York? It's possible. But the fact we never heard the Bombers even mentioned continues to raise suspicions about their offseason plans.
Free-agent right-hander Merrill Kelly is finalizing a two-year, $40M contract with the Diamondbacks, source tells @TheAthletic
— Ken Rosenthal (@Ken_Rosenthal) December 14, 2025
Yankees News: Potential target Merrill Kelly re-signs with Diamondbacks in free agency
Did Trent Grisham accepting that $22 million qualifying offer really screw everything up? Or are the Yankees more intent on acquiring their starter of choice on the trade market given all the assets they have at their disposal? They don't have the best farm system in the world, but they do have a surplus of talent other teams might be interested in (re: Reds for Hunter Greene and Brewers for Freddy Peralta).
That said, Kelly at $20 million per year as a reliable innings eater, somebody who can consistently give you 30 starts, and with a 2.25 ERA and 0.83 WHIP in four postseason starts against the Dodgers, Phillies and Rangers feels extremely fair and doable. That would've given the Yankees even more flexibility to trade Will Warren, Luis Gil or (gasp!) even Cam Schlittler, if they were exploring something of the blockbuster variety.
But now they'll continue to do what they always do: sit around and wait. Wait for the absolute perfect deal to float across Brian Cashman's desk while everybody else goes out and gets what they want or need. There's still time, and there are still plenty of talented players available, but this very much feels like a repeat of so many of the most recent underwhelming offseasons.
