After a quiet offseason, the New York Yankees have launched headfirst toward bringing back their priority for the 2026 MLB season – Cody Bellinger. Doing that might make the team part ways with two current members.

According to Jon Heyman of the New York Post, the Yankees presented a contract to Belli earlier in the offseason. Now, Joel Sherman of the New York Post has reported that the team has offered him a second contract. Originally, they were projected to land Cody Bellinger with a $150 million deal.

Now, Chris Kirschner has come up with another set of analyses where signing Cody Belliger for a long-term deal would require the Yankees to let go of one of their top outfield prospects.

“They’ve had previous discussions about both of those guys, at trade deadlines and offseason, [Jasson] Dominguez and [Spencer] Jones. They also remain in the mix to re-sign Cody Bellinger, and if they re-sign Bellinger to a long-term contract, one of those guys is likely gonna be out of the picture.”

The Yankees got Bellinger last season in a trade with the Chicago Cubs in exchange for Cody Poteet. Despite having a $25 million player option for 2026, Bellinger decided to become a free agent. He received a $5 million buyout for opting out, with both the Yankees and the Cubs paying $2.5 million each.

Now, as one of the top free agents this offseason ($30.4 million market value), he and his agent, Scott Boras, are looking for a seven-year deal in his next contract.

Belli fits the Yankees’ lineup best, not just because of his price, but also because of how the team is trying to build its roster. His left-handed power and defensive flexibility can strengthen and balance the lineup, while protecting Aaron Judge. When you put a dangerous bat like Bellinger right after Judge, usually with Judge hitting third and Bellinger second or fourth, it changes how pitchers approach Judge.

Losing Bellinger means creating holes in several parts – lineup, OF, 1B. So, it won’t be a surprise if New York decides to trade some value.

“It wouldn’t be a surprise to see either Dominguez or Jones get traded. I probably would not think that either of the guys could be included in a possible Cabrera deal, but with Peralta being a frontline starter, it would not be a surprise to see either Dominguez or Jones in a package to land Peralta. I’m not saying that’s gonna happen, but I would not be stunned at all if one of those guys is not in the Yankees organization by the start of spring training.”

The Yankees are in talks with the Miami Marlins about Edward Cabrera. They are also negotiating with the Milwaukee Brewers about Freddy Peralta. Peralta could front a rotation that is otherwise relying on a young and unproven group of arms like Luis Gill, Will Warren, and Cam Schlittler.

The team needs a pitcher since all three of their pitchers – Gerrit Cole, Carlos Rodon, and Clarke Schmidt are out with elbow injuries.

The Yankees have a major decision to make about how to bring Cody Bellinger back to the team. Whether that involves trading either Jasson Dominguez or Spencer Jones or both is yet to be seen.

How do the Miami Marlins benefit from Jasson Dominguez and Spencer Jones?

The Miami Marlins might find both Jasson Dominguez and Spencer Jones useful for the team.

They had reportedly asked for Jones in a trade last year, but the Yankees did not allow it. Now, if the Marlins get Jones, they might have a future slugger on the team. While Jones has yet to debut in the majors, his minor league performance has been impressive this season.

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In Double-A Somerset, he scored 16 home runs and 32 RBIs in 49 games in June. Then he hit 19 home runs and 48 RBIs in 67 games with Triple-A Scranton/Wilkes-Barre. That power surge across two levels is precisely why a team like the Marlins would covet him in a trade.

As for Jasson Dominguez, the Marlins are getting a very talented hitter.

Dominguez might lack defensive skills, but his offensive power and his speed will more than make up for it. His offensive skills are evident in his hitting two solo home runs, a grand slam, and a sacrifice fly to drive in seven runs against the Athletics in early May. Despite not having a very good season, he still managed to hit 10 homers with 47 RBI in 123 games this season.

The Yankees are pulling out all stops to have Cody Bellinger back on the team. Whether Brian Cashman’s gamble pays off or not is yet to be seen.