Cody Bellinger Opted Out Of A $25 Million Player Option To Sign A $162.5 Million Deal Instead

The Chicago Cubs traded Cody Bellinger to the New York Yankees in late 2024. Bellinger had signed an $80 million contract extension with the Cubs before the 2024 season, with opt-outs after each of the first two years. Those opt-outs soon became an important clause in the contract.

After Bellinger was traded to the Yankees, he posted one of the stronger seasons of his career. He finished with a .272/.334/.480 batting line, 29 home runs and 98 RBIs, his best power numbers since his MVP season in 2019. Building off that momentum, Bellinger opted out of the final year of his contract, which would have paid him $25 million.

He wanted to return to the Yankees, so it was just a matter of the two sides agreeing on a deal during free agency. Despite a lengthy negotiation, the Yankees are bringing Bellinger back on a five-year, $162.5 million extension. With an average annual value of $32.5 million, it's quite the pay raise.

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Bellinger's deal also includes a full no-trade clause, a $20 million signing bonus, and has opt-outs after the second and third seasons.

It's the largest contract of Bellinger's career, which has been spent entirely on teams in the country's biggest markets. He quickly found success after making his major league debut with the Los Angeles Dodgers on April 25, 2017. He won NL Rookie of the Year in 2017. The following season, he was named MVP of the National League Championship Series as the Red Sox advanced to the World Series.

In 2019, Bellinger earned the NL MVP, plus his first Gold Glove and Silver Slugger awards. He posted a league-leading Wins Above Replacement (WAR) of 8.7 while hitting 47 home runs and 115 RBIs. His numbers dipped a bit during the COVID-19-shortened 2020 season, which ended in a flurry of emotions. Bellinger and the Dodgers won the World Series, but he injured his shoulder while celebrating a home run.

His next two years in Los Angeles were full of struggles, including the worst on-base percentage (.265) of all qualified hitters during the 2022 season. The Dodgers let him enter free agency and he joined the Cubs. He rejuvenated his career in the Windy City, being named the 2023 NL Comeback Player of the Year. His numbers dropped a bit the following year, so the Cubs dealt him to the Yankees.

The Bronx Bombers reached the World Series in 2024 but lost in five games to Bellinger's former team, the Dodgers. Last season, Bellinger recorded the last out as the Toronto Blue Jays defeated the Yankees in the American League Division Series.

This year, he'll return to a lineup stacked with power, including Aaron Judge and Giancarlo Stanton. We'll see if that's enough to get the Yankees over the hump and get the city its first World Series ring since 2009.