Cody Bellinger reportedly agrees to new 5-year, $162.5 million deal with Yankees

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Cody Bellinger is running it back with the New York Yankees.

The free-agent outfielder reportedly agreed to a five-year, $162.5 million contract to return to the Bronx on Wednesday, according to ESPN's Jeff Passan, after opting out of the final year of his previous contract.

Passan reports that the deal includes opt-outs after the second and third seasons, a no-trade clause and a $20 million signing bonus.

The deal means the Yankees will get both of their major free-agent outfielders back. 2025 starting center fielder Trent Grisham accepted the $22.025 million qualifying offer earlier in the offseason, meaning fans can once again expect to see an Aaron Judge-Grisham-Bellinger outfield at Yankee Stadium in 2026, with Jasson Domínguez still waiting in the wings.

Bellinger joined the Yankees via trade last offseason as something of a gamble. He has both won an MVP award and been cut loose by a contender with a need at his exact position. He led the NL in Wins Above Replacement (Baseball Reference) in one season and ranked 814th out of 815 two years later.

The Dodgers non-tendered him in 2022 after another down year, setting up a resurgent 2023 with the Chicago Cubs, who gave him a three-year, $80 million contract the following season. However, they decided to move on from him after a down 2024, setting up a trade in which the Yankees landed him nearly for free.

Once again, Bellinger enjoyed a bounce-back year in a new setting in 2025. His bat played well at Yankee Stadium, to the point that he posted his most home runs (29), total bases (282) and walks (57) since his MVP season in 2019. That production, combined with his ability to competently cover all three outfield positions, made the decision to opt out of his contract a no-brainer.

While a number of teams were in the market for Bellinger — including the Dodgers, who eventually signed Kyle Tucker instead — the Yankees were ultimately able to get the deal done.

And now, he's back. A 30-year-old player with his history of injuries and inconsistency can be a risky bet, but the Yankees saw the potential reward firsthand and decided they wanted to take another spin.