Cody Bellinger is like the New York Yankees’ beloved child. His father once played wearing the pinstripes, and there is no doubt that the Bronx wants him to come back as their top outfield priority. But here is the bitter pill Yankees fans have to swallow- this isn’t the old Empire anymore. Not every player they circle in red ends up there.

Four big market teams are interested in Bellinger – the Dodgers, Angels, Mets, and Yankees. But according to Jon Heyman, the Philadelphia Phillies might be desperate enough to swoop in and snatch this offseason’s No. 5 free agent.

“Could it be Philly? I mean, they’re looking at the outfield. Maybe they trade Marsh. We know they’re going to trade; we think they’re going to trade. Castellanos or Bellinger could be a fit for Philly.”

Heyman’s report that the Phillies can consider Bellinger does make sense.

While the Phillies have Kyle Schwarber as a priority, his re-signing is a huge question mark. So, Bellinger could replace Schwarber’s left-handed power.

Even if Cody Bellinger is not as overpowering as Schwarber, he is far more versatile.

He hit .272 with 29 homers for the New York Yankees. He posted a 125 wRC+, and even defensively, he is miles ahead and able to play all three outfield spots. Plus, he is younger and more flexible, and unlike Kyle Schwarber, he isn’t tied to a qualifying offer.

Philadelphia can trade Brandon Marsh, who had a decent enough 2025 season, with a .280 BA.

The Phillies can’t take chances. Winter Meetings are starting tomorrow, and time is not stopping for anyone. And Schwarber himself has hinted at leaving. Schwarber grew up in Middletown, Ohio, and he has been unusually open about what it would mean to play for his hometown.

In a recent interview, he mentioned, “I grew up going to games here… You have your hometown team that’s calling… You always have to listen.”

Meanwhile, Jim Bowden has stoked the flames, predicting Schwarber to the Cincinnati Reds on a five-year, $160 million deal. So, the Ohia MLB team has every reason to believe in the dream of signing the No. 3 free agent.

Plus, his league-leading 56 home runs and 132 RBIs last season make him a perfect upgrade for the Reds, fresh off a postseason run.

As for the Yankees, it seems like it’s not just the winning component that could keep Bellinger from signing with them.

The Yankees’ financial strategy could create two major offseason losses

The air this offseason feels a little too tense in the Bronx. This is not only because the team has a chance to lose Cody Bellinger, but also because of missing out on Kyle Tucker.

The major reason for this is the Yankee payroll.

Insider Michael Kay dropped the bombshell, mentioning the Yankees want to keep payroll under $300 million by 2026.

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On paper, this sounds responsible, and most teams seem to be cutting their costs, maybe due to a plausible lockout. But this is a nightmare for the Yankees, who want to keep Bellinger or acquire Tucker. In fact, Clint Frazier was in disbelief with this!

In reality, though, too much of the Yankees’ money is tied up in players who are not movable. Giancarlo Stanton’s contract is basically bolted to the books. And Aaron Judge, Gerrit Cole, and Max Fried are locked in.

Even if they trade Carlos Rodón, that would not open any meaningful space or bring the kind of return that the Yankees would want.

“Who exactly can they move,” Yankees’ play-by-play broadcaster, Michael Kay, asked, “to create the cap space for a $25-$30 million contract? And if it’s Tucker, it would be $40 million.”

The math simply is not mathing. Bellinger has already declined his $25 million option and signaled he wants more. Tucker is expected to command a $40 million per year. So, if the Yankees keep the financial brakes on, there simply might be no room for either of those stars.