Blue Jays-Cody Bellinger update has major impact on Yankees

BALTIMORE, MARYLAND – SEPTEMBER 20: Cody Bellinger #35 of the New York Yankees looks on from the dugout in the sixth inning during a game against the Baltimore Orioles at Oriole Park at Camden Yards on September 20, 2025 in Baltimore, Maryland. (Photo by Brandon Sloter/IOS/Getty Images)

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By Jackson Roberts

Contributing Sports Writer

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Can anyone still challenge the New York Yankees' bid for free-agent outfielder Cody Bellinger?

As has been widely reported over the past week, the Yankees have a five-year, $160 million offer on the table for Bellinger, who had a resurgent season wearing the pinstripes this past year. That offer includes multiple opt-outs, per Brendan Kuty of The Athletic.

The longer a free agency staredown continues, the greater the chances typically are of other teams getting involved if they miss out on their top targets elsewhere. But the threat of the Yankees losing Bellinger to an American League East rival doesn't seem particularly strong at the moment.

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BALTIMORE, MARYLAND - SEPTEMBER 20: Cody Bellinger #35 of the New York Yankees looks on from the dugout in the sixth inning during a game against the Baltimore Orioles at Oriole Park at Camden Yards on September 20, 2025 in Baltimore, Maryland. (Photo by Brandon Sloter/IOS/Getty Images)

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The Toronto Blue Jays were spurned by Kyle Tucker, who reportedly chose the Los Angeles Dodgers' $240 million offer last week, and longtime Toronto shortstop Bo Bichette quickly opted for a reported three-year deal with the New York Mets the next day. Seemingly, the Blue Jays' options now are to sign Bellinger, or effectively be shut out of the top tier of free-agent bats.

However, according to a Monday report from Mitch Bannon of The Athletic, the Blue Jays haven't shown strong enough interest in Bellinger for it to be believable that they'll match or exceed what the Yankees are offering.

"Cody Bellinger certainly fits the mold of a significant upgrade. Coming off a year in which he hit 29 homers with 4.9 WAR, Bellinger would supply Toronto with a top-of-the-order lefty bat and can man the outfield in 2026 and beyond," Bannon wrote. "However, despite agent Scott Boras’ cryptically linking his client to Toronto at December’s winter meetings, the Jays haven’t appeared particularly interested in the 30-year-old free agent this winter.

"It seems unlikely the Jays will suddenly become intrigued enough to beat the Yankees’ current offer."

It's not as though the Blue Jays' concerns about Bellinger are unfounded. He had mediocre seasons in 2020 and 2024, and subpar ones in 2021 and 2022. He's also such a perfect fit for Yankee Stadium's short porch that it's hard to know how he'd fare in a less lefty-friendly environment like the Rogers Centre.

However, it's hard to see Bannon's report as anything but a major win for the Yankees, who, barring a last-second challenge from a big-market suitor like the Blue Jays or Philadelphia Phillies, appear poised to land Bellinger somewhere around their preferred price tag.