It took some creativity, but the Yankees and Cody Bellinger agreed to a contract that will make him one of MLB’s highest-paid outfielders.
Bellinger is set to earn $162.5 million over five years, and a considerable amount of that money is front-loaded.
None of the contract is deferred, and it includes multiple opt-outs, awarding Bellinger flexibility in the future.
Here is a breakdown of Bellinger’s deal by the numbers, with the terms confirmed by the Daily News’ Gary Phillips.
32.5: The annual average value (AAV) of Bellinger’s contract is $32.5 million, the third-highest rate among Yankees players. Only Aaron Judge ($40 million) and Gerrit Cole ($36 million) have higher AAVs.
5: The contract makes Bellinger the fifth-highest-paid outfielder in the sport, in terms of AAV, behind only Kyle Tucker ($60 million), Juan Soto ($51 million), Judge and Mike Trout ($35.5 million). Bellinger is now ahead of Mookie Betts ($30.4 million) and Christian Yelich ($26.9 million).
2: That’s how many opt-outs are included in Bellinger’s contract, granting him the ability to return to the open market after the 2027 and 2028 seasons (the second and third years of his deal).
20: Bellinger’s contract includes a $20 million signing bonus, which is notable considering the threat of a work stoppage that looms after the 2026 season once the current collective bargaining agreement (CBA) expires.
85: Between his signing bonus and the $32.5 million he is set to earn in each of the next two seasons, Bellinger will have already made $85 million when he becomes eligible to opt out after the 2027 season.
25.8: Due to that upfront structure, Bellinger’s salary is set to go down to $25.8 million in 2028 and in 2029, followed by $25.9 million in 2030. Of course, that’s only if he does not exercise either opt-out.
317.8: FanGraphs now estimates the Yankees’ luxury-tax payroll to be $317.8 million. Bellinger’s deal pushes the Yankees above the highest tax threshold of $304 million and makes them the third-highest spending team, trailing only the Los Angeles Dodgers ($395.7 million) and Mets ($357.6 million).
30: That is Bellinger’s age entering the season. He turns 31 in July, and the contract would take him through his age-35 season if he never opts out.
39.2: According to FanGraphs’ value tool, Bellinger’s production was worth $39.2 million in 2025, when he batted .272 with 29 home runs, 98 RBI, an .813 OPS and 4.9 wins above replacement (WAR).