The long-awaited Cody Bellinger trade has arrived. The Yankees and Cubs announced a trade sending Bellinger and cash considerations to the Bronx in exchange for right-hander Cody Poteet. Chicago is reportedly paying down $5MM of the $52.5MM remaining on Bellinger’s contract. They’ll pay $2.5MM of next season’s $27.5MM salary and send another $2.5MM in 2026 — either covering a portion of his $25MM salary for that season or paying half of the $5MM buyout if he opts out of his contract next winter. New York reportedly plans to use Bellinger as a center fielder.

Bellinger heading to the Bronx is a logical fit and it has been in plenty of rumors recently. At the start of the offseason, the Yankees lost Juan Soto, Alex Verdugo and Anthony Rizzo to free agency, opening up two holes in their outfield and one at first base. Since Bellinger has played both the outfield and at first, the 29-year-old was seen as a possible fit for their 2025 plans in various ways. The Yanks pursued Soto for a long time but he eventually landed with the Mets, pushing the Yankees to several backup plans. They have since signed left-hander Max Fried and acquired right-hander Devin Williams to upgrade their rotation and bullpen.

For the Cubs, Bellinger has seemed expendable for a few reasons. On the one hand, Pete Crow-Armstrong emerged as a viable glove-first center fielder in 2024, which was Bellinger’s primary spot the year before. Michael Busch also took over the first base spot. With Ian Happ and Seiya Suzuki in the outfield corners, Bellinger was a bit squeezed. The Cubs only compounded the problem when they acquired Kyle Tucker from the Astros.

However, beyond the roster crunch, the Cubs were also likely motivated to move Bellinger due to his decline in performance. After some rough years with the Dodgers while recovering from shoulder surgery, the Cubs took a bounceback flier on Bellinger in 2023. After being non-tendered by the Dodgers, the Cubs gave Bellinger a $17.5MM guarantee on a one-year pact, hoping he could get over his injury woes and return to being the player that won Most Valuable Player in 2019.

He didn’t get all the way back to that level but was still great value for that investment. He stole 20 bases and hit 26 home runs. He only struck out 15.6% of the time. The reviews of his center field defense were mixed but were mostly close to league average. He also moved to first base on occasion. He slashed .307/.356/.525 for a 136 wRC+ and produced 4.4 wins above replacement, in the eyes of FanGraphs.

Perhaps the Cubs would have been happy to walk away at that point. They gave Bellinger a qualifying offer and didn’t seem to have a very high motivation to re-sign him, but nor did any other clubs, as Bellinger remained unsigned through late February. Eventually, he and the Cubs agreed to a three-year, $80MM deal with opt-outs after each season.

On that kind of deal, the best case scenario for the club is that the player performs well and then opts out. If the player doesn’t opt out, it means he doesn’t like his prospects in free agency, which likely means he got hurt or underperformed.

Bellinger’s production did indeed slip relative to 2023, though it wasn’t disastrous. He stole nine bases and hit 19 home runs. His strikeout rate held steady at 15.6%. He slashed .266/.325/.426 for a wRC+ of 109. His center field defense was still graded as around league average but he spent less time there due to the aforementioned emergence of Crow-Armstrong. He produced 2.2 fWAR, half of the year before.

Going into the offseason, it was a borderline call as to whether Bellinger would opt out or not. He could have taken the $2.5MM buyout and taken his chances, leaving a $52.5MM guarantee on the table. While he may have been able to beat the $50MM difference this winter, he decided to stay, perhaps due to the way the current contract is allocated. He will make $27.5MM in 2025 with a $5MM buyout on his $25MM for 2026. There’s a best-case scenario for him personally where he plays better in 2025 and then takes the second opt-out, returning to the open market with greater earning power, pocketing $32.5MM in the process. He decided that was more attractive than opting out this year.

It seems fair to conclude that the Cubs would have rather he opted out. Trade rumors surrounding Bellinger have been flying all offseason and now the Cubs have moved on from him, mostly for salary relief. By taking on the majority of that salary, the Yankees haven’t had to give up much, though there is financial risk and the deal has more downside than upside.

If Bellinger plays especially well in 2025, he will trigger that opt-out. That will leave the Yankees having paid him $27.5MM for one year, which is the best-case scenario for them at this point. Though if he doesn’t play well or finishes the upcoming season with a notable injury, he will stay on their books for 2026, with the Yanks on the hook for $22.5MM of his $25MM salary.

The Yankees are also repeat luxury tax payors, which will add to what they are paying Bellinger. If they end up above the highest threshold as they did in 2024, then they are slated for a 110% tax on spending over the top line, so any new additions to the roster effectively cost double. That compounds the risk they are taking with Bellinger but the same would be true if they had instead opted to sign a free agent or acquire another player making a notable salary.

Bellinger has been a very streaky player in his career, so it’s anyone’s guess which of those outcomes is more likely in the upcoming year. As mentioned, he’s shown MVP upside but followed that up with a stretch so bad that he was non-tendered. He roared back in 2023 but dipped a bit in 2024.

All that being said, it’s understandable why the Yankees would be interested in taking this risk. The free agent market features outfielders like Teoscar Hernández and Anthony Santander, but they will likely end up with larger guarantees than Bellinger. Santander is reportedly looking for a five-year deal and Hernández three, each likely hoping for an average annual value of $20MM or more.

They are also both bat-first guys with poor defense, whereas Bellinger is capable of being a strong defender in an outfield corner or perhaps passable in center. The Yanks played Aaron Judge in center a lot in 2024 while using Verdugo and Soto in the corners, though it seems that Judge is now slated to return to right field. That’s a sensible pivot since Judge’s marks were poor this year and he’s about to turn 33, meaning the long-term toll on his body would have to be considered. The Yankees may have continued to have Judge up the middle if they had re-signed Soto but after he signed with the Mets, it was reported the the club was planning to move Judge back to right and have Jasson Domínguez get a crack at the center field job.

Now that they have landed Bellinger, it seems he is Plan A for center. As mentioned, the advanced metrics have been a bit split on his viability there. In over 4,000 innings, he has been credited with 10 Defensive Runs Saved. However, most of that positive value came earlier in his career with the Dodgers. He’s been average or below for four straight years now. Outs Above Average, however, is far more bullish. That metric has given Bellinger a grade of +19 in his career, having him at par or better in every season of his career.

Perhaps there’s a scenario where Domínguez seems like the better option and pushes Bellinger to a corner, but there’s no guarantee he will be a capable big leaguer in 2025 at all. He tore through the minors and then debuted with a splash in 2023, but he then required Tommy John surgery late that year, which put him on the shelf for a decent chunk of 2024. He then missed more time this year due to an oblique strain and has only appeared in 26 big league games at this point. He will likely still get a shot at taking the left field job next to Bellinger and Judge but isn’t guaranteed anything, with guys like Everson Pereira and Spencer Jones around to give him some competition.

The Yanks didn’t have many other options if they wanted to find a solution for center field. The free agent market is arguably led by glove-first Harrison Bader, who they weren’t likely to sign anyway after a bad experience trading for him in 2022. The trade market has other options such as Luis Robert Jr., though all reports have indicated the White Sox are setting a high asking price even though Robert is coming off yet another injury-marred season.

It’s also possible that they change their plans, depending on how the rest of the offseason plays out. They reportedly have interest in various first base options, such as trade candidates Josh Naylor or Nathaniel Lowe, as well as free agents Pete Alonso, Christian Walker, Carlos Santana and Paul Goldschmidt. But if they can’t complete a deal they like there, they could always pivot back to Hernández and/or Santander or some other outfielder, sending Bellinger to first base in that scenario.

For the Cubs, they are likely happy to get the majority of Bellinger’s salary off their books but also take a flier on Poteet. The 30-year-old has 83 innings of major league experience at this point between the Marlins and Yankees, missing the 2023 season while recovering from Tommy John surgery. He returned to the mound in 2024 but also missed about three months due to a right triceps strain.

He tossed 24 1/3 innings in the majors this year over four starts and one relief appearance. He allowed 2.22 earned runs per nine with a 16.7% strikeout rate, 8.3% walk rate and 42.3% ground ball rate. He also made ten Triple-A starts with a 3.92 ERA, 27.2% strikeout rate, 8.3% walk rate and 40.7% ground ball rate.

The Cubs already have a solid rotation mix consisting of Justin Steele, Shota Imanaga, Jameson Taillon, Matthew Boyd and Javier Assad. They’ve been connected to Jesús Luzardo in recent rumors and also have Jordan Wicks, Ben Brown and Cade Horton in the mix. Poteet still has options and can slot in as Triple-A depth for the Cubs.

Financially, RosterResource now has the Cubs with a competitive balance tax calculation of $192MM, almost $50MM shy of the $241MM base threshold. They went a bit over the line in 2024 but it’s unclear if they are willing to do so again in 2025. It’s also unclear if they have any other big moves planned now that they have added Tucker and Boyd. The bullpen could certainly use some upgrades but the club has generally shied away from big splashes there.

RR puts the Yankees at a $270MM payroll and a luxury tax calculation of $292MM. They had a payroll around $300MM last year and therefore still have a bit of wiggle room for other moves if they are willing to get to a similar level next year. The top tier of the tax starts at $301MM next year, so they are not far from getting up to that 110% tax rate, but are already at a 95% rate at their current level.

They are still on the lookout for help at the infield corners, with Jazz Chisholm Jr. likely slated to be moved from third to second base, though adding a second baseman and keeping Chisholm at third is also a possibility. Perhaps a trade of Marcus Stroman could help in multiple ways, as he is making a notable salary and arguably surplus to requirements in the rotation.

Jeff Passan of ESPN first reported that Bellinger and cash were going to the Yankees for Poteet. Jack Curry of YES Network first had the $5MM total. Jesse Rogers of ESPN reported that it was split into $2.5MM per year while Passan added that the second half would be coming regardless of the opt-out decision. Bob Nightengale of USA Today reported that Bellinger has been told he’ll be playing center field for the Yanks.