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Cody Bellinger

Yankees, Astros, Mariners Have Spoken To Cubs About Cody Bellinger

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Cody Bellinger has stood as one of the most recognizable but difficult-to-move names on the offseason trade market. Among the teams to reach out recently are the Yankees, Astros and Mariners, reports Bruce Levine of 670 The Score. However, Levine adds that the Cubs aren’t looking to merely shed Bellinger’s salary, nor do they want to cover much (if any) money in a deal. That’s likely to be an issue. ESPN’s Buster Olney wrote this morning that other teams feel the Cubs will need to pay down a notable portion of Bellinger’s salary (or, presumably, take back another contract) if they intend to get much in the way of a return.

The Cubs have been looking to upgrade various spots on the roster but have a tough road to do so, in part due to no-trade clauses for Dansby Swanson, Ian Happ and Seiya Suzuki. Other positions, like first base (Michael Busch) and center field (Pete Crow-Armstrong) are already manned by promising young players. Third baseman Isaac Paredes was only just acquired at the deadline. Second baseman Nico Hoerner makes some sense as an option to free up some cash and a spot in the lineup for a more impactful bat, but he’s coming off flexor surgery.

That’s led the Cubs to at least gauge interest in Bellinger, who passed on the opportunity to opt out of the remaining two years and $52.5MM on his contract at the beginning of the offseason. Bellinger had a fine year overall, hitting .266/.325/.426 with 18 homers and a tiny 15.6% strikeout rate (his second straight season with that exact strikeout rate). But while those numbers were solid, they pale in comparison to his 2023 showing. He also posted lesser defensive grades both in the outfield and at first bae in 2024.

[Related: Looking for a Match in a Cody Bellinger Trade]

The Yankees have been laying some groundwork in the event that Juan Soto ultimately signs elsewhere, showing recent interest in top-tier free agents like Corbin Burnes, Max Fried and Willy Adames. That said, there’d pretty clearly be room for both Bellinger and Soto on the same roster. Bellinger could slot in at first base in the Bronx, offering another left-handed bat with good contact skills — a contrast to some of the strikeout-prone righties elsewhere in the lineup. He’d also be good insurance in the outfield, given the injury histories of both Aaron Judge and top prospect Jasson Dominguez. Bellinger could also serve as a safety net in the event that Dominguez looks overmatched early on.

In Houston, the Astros have a clear need at first base after their three-year, $58.5MM deal with Jose Abreu went sideways almost immediately. After a poor first year in 2023, Abreu started the 2024 season so poorly that he consented to being optioned to the minors. That Triple-A stint didn’t help, and Abreu was released less than halfway through that three-year deal. The ’Stros subsequently gave most of the playing time at first base to Jon Singleton, who provided light offense and subpar defense the rest of the way.

For the Mariners, first base has emerged as a clear need. They have at least one intriguing in-house option in prospect Tyler Locklear, but the M’s have been linked heavily to veterans Carlos Santana and Justin Turner as they search for a veteran bat at first base (and likely another at the hot corner). Bellinger’s contact skills would help Seattle cut down on the team’s longstanding strikeout issues as well.

The bigger issue with regard to Bellinger isn’t so much his overall ability, but rather the magnitude of his contract. He’s owed $52.5MM over the next two season — a guarantee that’s paid out in heavily frontloaded fashion. He’s taking home a $27.5MM salary in 2025 and is owed a $5MM buyout on a $25MM player option for the 2026 season if he opts out of the contract’s final season next winter. For an acquiring team, Bellinger would add $26.25MM to the luxury tax ledger and would cost at least $32.5MM in terms of actual, present-day salary.

For the 2023 version of Bellinger — .307/.356/.525 (136 wRC+), 26 home runs — teams would happily pay that price. Of course, if Bellinger had produced at that same level in 2024, he’d surely have taken the first opt-out opportunity in his contract at the beginning of this offseason. That he chose to forgo his opt-out clause is indicative of the fact that he and agent Scott Boras don’t believe there’s a sizable nine-figure contract waiting for him.

With regard to the Yankees, that luxury number could be problematic. Whether they sign Soto or pursue multiple free agents from the Fried/Burnes/Adames bucket after missing out on him, they’ll surely be a luxury tax payor in at least the third tier of penalty — if not the fourth. Since they’re looking at paying the tax in three straight seasons, that means they’ll either be staring down a 95% tax or 110% tax rate. Bellinger would cost them somewhere between $52-56MM in combined salary and taxes — plus that potential $5MM buyout on the 2026 option. Even for a deep-pocketed club like the Yankees, that’s a staggering price to pay, particularly coming off a good-not-great season for Bellinger.

The Astros, too, have some luxury concerns. RosterResource estimates that they’re just about $7MM shy of the first-tier threshold. They’ve looked into trading Ryan Pressly, but even if Houston were able to unload his full $14MM salary, Bellinger would still thrust them back into luxury territory. The 2024 season was the first in which owner Jim Crane authorized paying the tax. Adding Bellinger would very likely require doing so a second time. Speculatively speaking, a swap of Pressly and Bellinger could make sense for both parties involved, though Pressly can veto any potential deal as a player with 10-and-5 rights.

Luxury considerations don’t apply to the Mariners, but the actual bottom-line cash owed to Bellinger will be an obstacle. Seattle is looking to add two infielders — one at each corner — and ownership doesn’t seem to have an appetite for raising payroll too far beyond last year’s roughly $145MM level. The Mariners already project for a number in a similar range. If they could find a taker for one Mitch Haniger or Mitch Garver, perhaps Bellinger would become more realistic. For now, it seems likely that ever-active president of baseball operations Jerry Dipoto is simply doing due diligence, perhaps hoping the Cubs will pay down some of the contract (if not take someone like Garver back as part of the return).

Looking For A Match In A Cody Bellinger Trade

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A year and a half ago, MLBTR’s Anthony Franco examined potential trade partners for the Cubs as they reportedly shopped center fielder Cody Bellinger ahead of the 2023 trade deadline. Chicago, of course, played their way back into contention and opted to hold onto Bellinger through the remainder of the year before signing him to a three-year, $80MM deal last winter that afforded Bellinger the opportunity to opt out after either the 2024 or ’25 seasons. With rookies Pete Crow-Armstrong and Michael Busch having emerged as the club’s everyday options at center field and first base, however, Bellinger’s fit in Chicago has become much murkier headed into 2025.

That’s led them to once again explore a trade involving the outfielder, but the market for Bellinger’s services figures to be much softer this time around. Bellinger slashed an incredible .317/.367/.545 (144 wRC+) in 324 plate appearances prior to last year’s trade deadline while playing center field on a regular basis for the Cubs, making him the most attractive rental hitter on the market at that time. Flash forward to today, and Bellinger is coming off a much less robust offensive performance: while his strikeout (15.6%) and walk (7.9%) rates remained excellent in 2024, his power dipped substantially and he didn’t enjoy the same luck on balls in play he did the year prior, leaving him with a .266/.325/.426 slash line that was still above average (109 wRC+) but a far cry from the production that earned him down-ballot MVP consideration in his first year as a Cub.

That production, solid as it may be, is not in line with the $27.5MM salary Bellinger is poised to earn in 2025. What’s more, any acquiring club would be on the hook for a $25MM player option for 2026 (or a $5MM buyout should Bellinger test free agency) that only serves to increase the potential financial burden associated with trading for Bellinger. With that being said, the 29-year-old remains an above average hitter who is capable of playing solid defense at all three outfield spots and first base, making him a solid option for teams looking to raise the floor in their lineup. For teams looking for a solution in center, specifically, Bellinger may well prove to be the best option available in a market that is otherwise led by the light-hitting, glove-first Harrison Bader. Even among first baseman, Bellinger looks to be one of the better options available when compared to a free agent class that features aging veterans like Paul Goldschmidt, Carlos Santana, and Justin Turner among its best options.

Bellinger’s combination of a quality lefty bat that needn’t be part of a platoon and the ability to play both center field and first base make him a compelling trade target for a surprising number of teams. Of course, his hefty salary will immediately eliminate many clubs from consideration. The Twins, Guardians, Royals, Rays, Padres, and Rockies all seem like long shots to stomach an AAV north of $26MM this year. The White Sox and Marlins are in the midst of lengthy rebuilds and seem unlikely to spend that sort of money on a short-term player like Bellinger, as well. It would be a surprise to see the Cubs deal Bellinger to a division rival while attempting to contend for the postseason, which eliminates the Reds, Brewers, Pirates, and Cardinals from consideration.

Additionally, the Rangers are already loaded with talent both in the outfield and at first base, and the Mariners have signaled they don’t intend to add to their outfield this winter. Meanwhile, the Red Sox, Orioles, and Tigers could pursue help in at least one of Bellinger’s positions but appear more likely to pursue right-handed hitters who can better balance their heavily left-handed lineups. The Dodgers and Mets are decent enough surface level fits, but appear more likely to pursue a more offensively impactful corner bat given their internal options in center field. That still leaves ten teams as plausible fits for a Bellinger trade, though. Let’s take a look at each of them…

Best Fits:

  • Astros: The Astros currently have bigger fish to fry as they attempt to retain franchise third baseman Alex Bregman. With Houston self-admittedly requiring some “creativity” to add salary, it seems likely that a Bregman reunion could leave the club without the funds necessary to deal for Bellinger. With that said, though, Bellinger’s ability to play all three outfield spots and first base should make him an attractive option for Houston that would allow them to play match-ups with Jon Singleton, Jake Meyers, and Chas McCormick by slotting Bellinger in at the position of whichever player is on the bench that day. What’s more, the Cubs’ need for bullpen help this winter and their hesitance to commit to long-term deals for relievers could make veteran reliever Ryan Pressly an attractive target for them in terms of a return while also clearing $14MM off the Astros’ books to facilitate other additions.
  • Blue Jays: The Blue Jays are in the thick of the Juan Soto sweepstakes, and like the other Soto suitors on this list would likely only have interest in Bellinger should they fail to land the offseason’s top free agent. In the event Soto signs elsewhere, however, Toronto may be among the best fits for Bellinger out there. The club has previously expressed interest in Bellinger during both of his recent forays into free agency, and if the Jays fail to land Soto he could make plenty of sense for the club as an upgrade to their current options in left field who wouldn’t require the sort of long-term contract that could complicate the club’s pursuit of a long-term deal with Vladimir Guerrero Jr. Toronto outfielders posted a lackluster wRC+ of just 87 last year, meaning even Bellinger’s diminished 109 figure from this past season would be a substantial upgrade to say nothing of the impact he could have should his power production bounce back in 2025.
  • Phillies: The Phillies haven’t been shy about their hopes of restructuring their offense this winter, and rumors have already begun to swirl regarding the availability of key members of their offense ranging from Alec Bohm to Nick Castellanos. One clear area where the Phils could stand to upgrade is in the outfield, where the club currently figures to utilize Castellanos, Johan Rojas, and Brandon Marsh on a regular basis. Philadelphia’s 92 wRC+ in the outfield last year was lackluster, however, and each of those aforementioned options posted a wRC+ lower than that of Bellinger last year. By adding Bellinger to the lineup as an everyday player who splits time between left and center field, the Phillies would be able to effectively platoon Marsh and Rojas while still playing both at their respective best positions, while a free agent corner bat such as Jurickson Profar or Tyler O’Neill would require Marsh to play center field on a regular basis.
  • Yankees: The Yankees figure to focus their efforts this winter on reuniting with Soto, but if the club misses out him they’ll have holes to fill both in the outfield and at first base. Signing Bellinger could allow the Yankees to move Aaron Judge back to right field on a regular basis, where he profiles best defensively and where he’ll likely suffer less wear-and-tear throughout the season. While Soto’s departure is surely the most likely avenue to Bellinger in a Yankees uniform, their hole at first base and the possibility that Jasson Dominguez isn’t ready for an everyday job in the majors make the club at least a plausible fit for his services even if they bring Soto back, with Bellinger playing the outfield until Dominguez is ready to take over before shifting to first base. Such a scenario figures to be a long shot, however, given Dominguez’s stature within the organization as a long-time top prospect.

Next Tier Down:

  • Angels: The Angels have been among the more aggressive teams so far this winter as they look to contend following a 99-loss season in 2024. They’ve already added Jorge Soler to the lineup as a regular DH and Travis d’Arnaud as depth behind Logan O’Hoppe at catcher, but the club reportedly remains interested in adding another bat to their lineup. Bellinger is as good a fit for the club’s roster as any outfielder. The team is light on lefty bats, with only Nolan Schanuel at first base and the switch-hitting Luis Rengifo at second projected to be in the club’s starting lineup next year. Bellinger would be a substantial upgrade over the Jo Adell/Mickey Moniak platoon the Halos currently project to use in right field, and could slide seamlessly over to center field to either give Mike Trout a break from the demanding position or cover for him in the event he suffers another injury-plagued season in 2025.
  • Athletics: While the presence of the A’s on this list might strike some as surprising given how they’ve operated in recent years, there’s at least some merit in considering Bellinger’s fit in West Sacramento. All indications have pointed towards the A’s being open to a substantial increase to their payroll this winter and an earnest effort to improve their on-the-field product in the years leading up to their impending move to Las Vegas, but their current stadium situation could make courting free agents difficult due to the club playing in a minor league ballpark for the time being. That’s led GM David Forst to suggest the club is focused on the trade market rather than free agency as they look to upgrade the roster, and Bellinger could be quite a strong fit among trade candidates. He’s unlikely to be especially expensive in terms of trade capital, meaning that swinging a deal for him wouldn’t do much damage to the club’s long-term competitiveness, and the former MVP could offer a level of star power the club currently lacks. Meanwhile, he’d be a major upgrade on the field for a club that’s relying on Seth Brown and his 91 wRC+ last year in left field headed into 2025.
  • Diamondbacks: The Diamondbacks figure to have plenty of room to add a player like Bellinger to their positional mix after losing Christian Walker and Joc Pederson to free agency this winter. While the club’s lineup leans left-handed, the loss of Pederson could make them more open to the addition of another lefty bat than other heavily-lefty clubs like the Red Sox and Orioles. The addition of Bellinger could also make it easier for the club to stomach the loss of one of their many young outfielders via trade, particularly as he shares an ability to play center with trade candidates Jake McCarthy and Alek Thomas. While Bellinger’s salary could be a problem for the Diamondbacks in theory, it’s much easier to imagine them stomaching his contract if they’re able to move the salary of southpaw Jordan Montgomery this winter, as the club is seemingly quite motivated to do after negative comments from club owner Ken Kendrick about the lefty’s disastrous 2024 season.

Longer Shots:

  • Braves: It would be something of a surprise to see the Braves swing a trade for Bellinger despite the hole in their lineup in left field. The club has been aggressive in making moves to clear payroll room as they stare down the possibility of losing Max Fried from their rotation, and while it’s easy to imagine them dedicating those resources to a splash at shortstop for a player like Willy Adames, using that financial capital to acquire Bellinger would be a surprise given the availability of more affordable depth options in the outfield such as Austin Hays and Mike Tauchman who could join Jarred Kelenic in the mix for starts in left field without breaking the bank. With that being said, the Braves have shown a willingness to add significant salary on short-term arrangements with players like Marcell Ozuna and Josh Donaldson in the past, and it’s difficult to count out a GM as unpredictable as Alex Anthopoulos for most trade scenarios.
  • Giants: The Giants have long been in search of star power for their lineup, and while Bellinger does not carry the same level of impact as he did during his MVP days with their arch-rival Dodgers, he would still add an everyday player with significant name recognition to a relatively non-descript San Francisco lineup. Aside from that surface level fit, however, the Giants lost Michael Conforto to free agency earlier this winter and fellow outfielder Mike Yastrzemski is viewed as a trade candidate. Adding Bellinger, then, could offer the club an alternative to Conforto and Yaz in the outfield to pair with Jung Hoo Lee and the club’s crop of young outfielders. With that being said, a fit with the Giants appears unlikely given the fact that the club is currently expected to scale back its payroll this year, a goal with which adding Bellinger’s hefty salary would be misaligned.
  • Nationals: Given the Nationals’ many quality young outfielders, they aren’t necessarily the most straightforward landing spot for Bellinger. With that being said, however, the club has a massive hole at first base that Bellinger could slide into quite easily, providing a boost to a lineup that appears to be on the cusp of contention. Bellinger would also be able to take some pressure off of the club’s crop of young outfielders, offering an alternative to Jacob Young in center against tough right-handers and providing a back-up option in the corners should either James Wood or Dylan Crews struggle at some point in their first wire-to-wire big league campaigns.

Cubs Rumors: Rotation Market, Bellinger, Bullpen, Catcher

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The Cubs’ focus this offseason has reportedly been on pitching, and while Sahadev Sharma of The Athletic reports that’s very much still the case, he also throws some cold water on the idea of Chicago making a major strike in free agency. Sharma’s colleague, Patrick Mooney, reported less than three weeks ago that the Cubs planned to “aggressively” pursue starters who could help near the top end of the rotation, but Sharma now writes that the “top tier of the starting pitching market has been ruled out.” That would seemingly remove the Cubs from the running for Corbin Burnes, Blake Snell and Max Fried, at the very least.

It’s the latest signal of a measured offseason approach, even at a time when the Cubs’ division appears ripe for the taking. The Cardinals are scaling back payroll and focusing more on player development in 2025 than on putting a playoff-caliber roster on the field. The Brewers, one year after trading Burnes, now seem likely to lose Willy Adames in free agency — and they could also trade closer Devin Williams. The Pirates and Reds have yet to break out as perennial contenders in the Central. Logically speaking, the deep-pocketed Cubs could take an aggressive stance and position themselves well in a wide-open division field.

For now, it seems they’ll shop primarily in the second and third tiers of the rotation market. Sharma points out that the Cubs have typically shied away from starters who’ve been attached to qualifying offers, though it’s worth noting that the Cubs were willing to part with draft picks and international funds in order to sign Dansby Swanson after he rejected a qualifying offer. They technically signed Cody Bellinger after he rejected a QO … though that offer came from the Cubs themselves, so they were really only “forfeiting” the theoretical comp pick they’d have received if he signed elsewhere.

Assuming the Burnes/Snell/Fried trio isn’t being considered by president of baseball ops Jed Hoyer and his staff, the Cubs will be looking at the next tier, with Jack Flaherty, Sean Manaea, Yusei Kikuchi, Nathan Eovaldi, Nick Pivetta and Luis Severino among the options. Of that group, Manaea, Pivetta and Severino rejected QOs and would cost the Cubs their second-highest pick and $500K of international space in their 2025 draft pool.

There are certainly names in that bunch who’d represent upgrades over incumbent starters at Wrigley Field. Justin Steele and Shota Imanaga form a nice one-two punch atop the in-house rotation, and the Cubs will follow them with veteran Jameson Taillon and young Javier Assad. Candidates for the fifth spot include Ben Brown, Jordan Wicks, Hayden Wesneski and top prospect Cade Horton. It’s a nice bunch of arms, but there’s some uncertainty in at least the fifth spot, if not the fourth. Assad posted a solid 3.79 ERA in 29 starts but did so with worse-than-average strikeout, walk and home-run rates. Metrics like FIP (4.64) and SIERA (4.72) are far less bullish than his earned run average.

Looking at the team’s payroll, the Cubs should have some spending room. RosterResource projects a $180MM payroll at the moment — $34MM shy of last year’s Opening Day mark. That includes a full arbitration class that could include some non-tender candidates (e.g. Nick Madrigal, Julian Merryweather).

The Cubs could also explore other ways to drop their payroll further. Ken Rosenthal of The Athletic wrote yesterday that the team could be looking to move Bellinger, though there are plenty of roadblocks to doing so. Bellinger is owed a $27.5MM salary in 2025 and a $5MM buyout on a 2026 player option. If he plays well for a season, the acquiring team would effectively be getting Bellinger at $32.5MM. That’s a hefty price tag in general and particularly for the 2024 version of Bellinger. While he played at an extremely high level in 2023, Bellinger was more of an above-average regular in 2024. A lack of impact left-handed bats and viable center fielders could still lead a team to consider the possibility, it’s hard to imagine a team giving a meaningful return and taking on the remainder/majority of Bellinger’s salary.

Still, moving Bellinger is also one of the only ways for the Cubs to plausibly pursue upgrades to the everyday lineup in 2025. As we noted when listing Bellinger near the back of our list of offseason trade candidates, the Cubs’ roster is already filled with expensive veterans who have no-trade clauses (Ian Happ, Dansby Swanson, Seiya Suzuki) or generally productive and affordable younger players like Michael Busch, Isaac Paredes and Pete Crow-Armstrong. Nico Hoerner might’ve been a trade candidate and could still be — but he also underwent flexor tendon surgery one month ago. Obviously, that cuts down on his appeal. The Cubs have a clear opening for an upgrade at catcher, but the free agent market offers little in the way of meaningful help there.

All of those challenges to upgrading the lineup make a notable splash on the pitching side of things feel more logical, but it seems the Cubs don’t feel similarly — at least not with regard to free agent starters. There are upgrades to be had on the bullpen market, of course, but the Cubs haven’t given out a multi-year deal to a reliever since Craig Kimbrel in 2019. Last winter’s $9MM guarantee to Hector Neris was the largest bullpen expenditure the Cubs have made since signing Kimbrel.

It’s possible the Cubs could just look to the trade market for much of their offseason dealing. The Cubs have a deep farm system with multiple top prospects whose path to a regular role at Wrigley is blocked. There aren’t, however, many impact arms or high-profile arms expected to be available. Crosstown ace Garrett Crochet headlines the offseason class of trade candidates, but demand for him will be fierce and trades of significance between the two Chicago clubs, while not unprecedented (Jose Quintana, Craig Kimbrel), also aren’t common.

There probably are still additional trades on the horizon for the Cubs. Sharma writes that this week’s acquisitions of reliever Eli Morgan from the Guardians and backup catcher Matt Thaiss from the Angels do not mean the Cubs are content in those areas. They’ll continue to explore both free agency and trades for help in those portions of the roster. But if pitching help remains their focus and they’re unwilling to shop in the high-rent district for starters, the Cubs will need to either break tradition with their free agent bullpen targets, get creative on the trade market, be content to address the middle ranks of the starting staff — or a combination of all the above.

Cody Bellinger Exercises Player Option With Cubs For 2025 Season

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Cody Bellinger has exercised his $27.5MM player option for the 2025 season, according to ESPN’s Kiley McDaniel and Jeff Passan (X link).  Bellinger’s three-year, $80MM deal with the Cubs last winter included opt-outs after both the 2024 and 2025 seasons, but Bellinger will pass on the first opt-out (and $2.5MM buyout) in order to remain in Chicago for at least one more year.

Bellinger also earned $27.5MM in the first year of his contract, so he’ll have a $25MM decision waiting for him with next year’s opt-out.  With $5MM attached to that opt-out, Bellinger has now guaranteed himself $60MM of that initial $80MM payday, and could potentially be in line for another long-term contract if he delivers a big 2025 season.

Of course, Bellinger thought that his big 2023 season might’ve set him up for a lucrative long-term contract last winter, yet he ended up rejoining the Cubs for that three-year pact.  Similar option-heavy shorter-term deals were also in the cards for other notable Scott Boras clients like Blake Snell, Matt Chapman, and Jordan Montgomery, leading the quartet to be known as the “Boras Four” as their trips through free agency dragged deep into Spring Training.

Bellinger signed near the end of February so he still had the benefit of most of spring camp, though injuries were probably the bigger reason why the former NL MVP’s performance dropped off from 2023.  A fractured right rib and a fractured left middle finger resulted in a couple of relatively brief trips to the injured list, though Bellinger hit a modest .266/.325/.426 with 18 home runs over 569 plate appearances.

While his 109 wRC+ was still above the league average, it also wasn’t the kind of standout platform year that would’ve made Bellinger a lock to top the remaining salary on his Cubs contract.  As a result, Bellinger was still reportedly unclear about his opt-out decision as late as September 20, and he has now chosen perhaps the slightly more cautious move of just sticking in Wrigleyville for another season.

There’s plenty of logic in Bellinger’s decision, beyond the obvious appeal of a $27.5MM payday.  After being a free agent in each of the last two offseasons, a quiet winter with his 2025 destination already established surely had some appeal for Bellinger.  He has also been vocal about how much he has enjoyed playing for the Cubs, so he’ll now stay in a familiar and welcome environment of the Friendly Confines.

From the Cubs’ perspective, they now have a pretty big salary on their books for 2025.  Of course, a one-year outlay for a player with Bellinger’s upside isn’t exactly a bad outcome, and obviously it was an outcome the front office has planned for given the three-year contract.  With Pete Crow-Armstrong now establishing himself in center field, Bellinger will probably be the Cubs’ primary right fielder next season, with Seiya Suzuki perhaps getting the bulk of DH duty.  Bellinger’s ability to also play center field and first base adds to his versatility, and gives manager Craig Counsell some flexibility in figuring out his daily lineups.

As per RosterResource, the Cubs’ projected payroll for next year up to roughly $183.5MM, factoring in Bellinger staying and Drew Smyly leaving after Chicago declined their end of the veteran pitcher’s mutual option.  This leaves the Cubs with plenty of spending space before they get up to the $241MM luxury tax threshold, provided the threshold is any sort of real barrier for ownership.  The Cubs didn’t pay the tax in any of the 2021-23 seasons but may have just barely crossed the threshold this season, depending on the league’s final calculations.

Cody Bellinger Remains Undecided On Opt-Out

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Cody Bellinger has one of the more significant opt-out decisions of the offseason. The Cubs center fielder/first baseman needs to decide whether to bypass the remaining two years and $50MM on the three-year, $80MM contract he signed late last winter. If he foregoes this year’s opt-out, he’d have another out clause during the 2025-26 offseason (when there’ll be $20MM left on the deal).

Last weekend, Bob Nightengale of USA Today wrote that Bellinger was “fully expected” to bypass this winter’s opt-out. That doesn’t seem to be set in stone, however. Patrick Mooney of the Athletic reported this evening that Bellinger has yet to decide whether he’ll test the market.

Bellinger is wrapping up a solid if slightly disappointing year. He’s hitting .268/.328/.432 with 18 home runs over 545 plate appearances. He has essentially maintained the career-best pure contact ability that he showed in 2023. Bellinger has fanned in 15.8% of his trips this year, marginally higher than the 15.6% strikeout rate he managed during his first season on the North Side.

The downturn has been in his power output. Bellinger had eight more home runs and 13 additional extra-base hits a year ago. He has another week to add to this season’s totals but isn’t going to make up that much ground. His slugging percentage is down more than .090 points from last year’s excellent .525 mark. The sustainability of last year’s power production was always the biggest question. Bellinger got to his impressive 2023 output despite a below-average 31.4% hard contact rate and 87.9 MPH average exit velocity. This year’s batted ball metrics are similarly middling and the results have indeed regressed.

There’s nevertheless still a lot to like in the profile. Bellinger has proven to be an above-average contact hitter. He’s another season removed from the dismal 2021-22 run that led the Dodgers to non-tender him before his final arbitration year. It’s safe to say that his 47-homer MVP form isn’t coming back, but Bellinger is a productive hitter. He’s still capable of playing center field, although the Cubs have used him increasingly in right field and at first base.

Bellinger has graded as an average defender in a little more than 400 center field innings. He has posted similar marks in more than 350 innings in right. The Cubs’ best outfield has defensive wunderkind Pete Crow-Armstrong in center. Another team could give Bellinger more consistent reps up the middle for at least a season or two.

The two-time All-Star remains one of the younger possible free agents in the class. Bellinger turned 29 in July. He’s more than a year younger than Harrison Bader, who’d probably be the top center fielder if Bellinger stays in Chicago. He’s nearly a year younger than Anthony Santander and about the same age as Tyler O’Neill. While there’s a decent amount of corner outfield talent — headlined, of course, by Juan Soto — the center field class is not strong. Bellinger declined a qualifying offer last winter and is no longer eligible to receive one, so there’d be no draft pick forfeiture this time around.

That’d work in Bellinger’s favor if he opted out. Between his age and decent all-around production, he’d have a decent argument for a four- or even five-year deal. If he simply wanted to maximize the guarantee, he shouldn’t have an issue beating the $50MM remaining on his current contract. That’d require taking a paycut next season though. Bellinger wouldn’t match next year’s $27.5MM salary on an annual basis over four or five years.

If Bellinger and his camp at the Boras Corporation expect his power to rebound, bypassing the opt-out would be the likely decision. He’d have another chance to retest the market in advance of his age-30 campaign in 12 months. Staying in Chicago may require playing right field for a full season in deference to Crow-Armstrong, though, potentially raising questions among other teams about his long-term viability in center field.

From the Cubs’ perspective, an opt-out would probably be the better outcome. That’d enable them to play Seiya Suzuki more frequently in right field instead of limiting him to designated hitter — where he’d need to play with Bellinger and Ian Happ flanking Crow-Armstrong. Michael Busch’s strong year lessens the need to have Bellinger around as a fallback at first base. The Cubs have questions at catcher, in the bullpen and at the back of the rotation.

How does the MLBTR readership expect things to play out?

 

Latest On Cody Bellinger

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A year ago, Cubs center fielder Cody Bellinger was putting the finishing touches on a fantastic rebound campaign that saw him place in the top ten of NL MVP voting and earn his second career Silver Slugger award. On the heels of back-to-back disastrous campaigns with the Dodgers in 2021 and ’22 that led to him being non-tendered, Bellinger took a one-year deal with Chicago and slashed an excellent .307/.356/.525 (136 wRC+) with 26 home runs and 20 stolen bases, setting him up for what seemed sure to be a significant payday in free agency over the winter.

That, of course, did not come to pass. Bellinger was one of several free agents who found himself struggling to find a deal that met expectations, and ultimately returned to the Cubs on a three-year, $80MM deal that included opt-outs after each season. The 29-year-old’s second season in Chicago hasn’t quite lived up to his first, as he’s posted a .269/.332/.468 (114 wRC+) slash line in 518 trips to the plate while his elevated .319 BABIP has fallen to a .287 figure that’s more in line with his career norms and his power production has dipped to more closely match his batted ball metrics.

As Bellinger and his agent, Scott Boras, ponder whether or not to exercise his upcoming opt-out opportunity this November, it’s fair to wonder if there’s any reason for him to consider opting out coming off a worse offensive season than his previous platform year, which already resulted in a relative disappointment on the open market. Indeed, USA Today’s Bob Nightengale wrote this morning that Bellinger is “fully expected” to remain with the Cubs rather than exercising his opt-out a returning to free agency this winter. Despite those expectations, however, the possibility that Bellinger could instead look to hit the open market for the third consecutive offseason cannot be overlooked.

After all, Bellinger’s offensive numbers this season, while worse than last year, are still well above league average. More importantly, however, his 2024 production is generally backed up by his peripheral numbers and appears likely to be sustainable for the 29-year-old. That’s thanks in part to the outfielder setting a career-best for strikeout rate for the second consecutive season this year, punching out at a 15.1% clip that’s good for 16th-best in the majors this year, just ahead of Bobby Witt Jr. and Jurickson Profar.

That improved combination of contact and discipline at the plate has helped to make up for the downturn in power production Bellinger has experienced this year, and is still more than enough to make Bellinger one of the top bats at his position in the majors. Among qualified center fielders this year, Bellinger’s aforementioned 114 wRC+ this year ranks seventh in the majors while his .332 on-base percentage is tied with Jazz Chisholm Jr. for fourth behind only AL MVP candidates Aaron Judge and Jarren Duran. Bellinger’s ability to play a quality center field while also delivering above average offense would make him stand out in a free agent class that without him would have Harrison Bader, who has hit just .244/.287/.390 (91 wRC+) in 407 trips to the plate with the Mets this year, as the top player available.

Given the fact that Bellinger also has an opt out following the 2025 season, it’s easy to imagine that he might simply be better off sticking with the Cubs, collecting a $27.5MM salary next year, and then returning to free agency prior to the 2026 season, when he would be leaving just $20MM on the table rather than the $50MM he’d forgo by opting out this year. While it’s true that a dominant offensive season from Bellinger could boost his profile, he’d also be marketing his age-30 campaign as opposed to his age-29 season and entering free agency on the wrong side of 30 can significantly depress a player’s earning potential. What’s more, he’d face much more competition in center field next year: The 2025-26 free agent class currently projects to include other notable center field options like Cedric Mullins, Willi Castro, and Trent Grisham, to say nothing of the possibility that Bader signs a one-year deal and returns to the open market himself next winter.

Bellinger’s status among free agency’s top center fielders would be diminished further by the fact that, he would almost assuredly not be used in center field next year if he were to remain with Chicago. The club’s recently-graduated top prospect Pete Crow-Armstrong has already taken over center field on a regular basis in recent weeks, pairing elite defense at the position with nine homers and 27 stolen bases in just 356 trips to the plate this year. The 22-year-old’s 90 wRC+ on the season doesn’t immediately jump off the page, but it’s worth noting that he’s improved drastically over the course of the season with a .269/.319/.477 slash line (119 wRC+) since the start of July.

With Crow-Armstrong all but certain to be the club’s everyday center fielder in 2025, that would likely leave Bellinger forced to move to right field on a daily basis should he play for the Cubs next year, putting more pressure on his bat to produce at a level commensurate with the expectations of the position. Impressive as Bellinger’s offense has been for a center fielder, he ranks just 20th among 49 qualified outfielders this year in terms of wRC+, leaving him as a somewhat middling option offensively for an outfield corner. Without a significant step forward offensively next year, it’s easy to imagine Bellinger leaving money on the table by not exercising his opt-out this year and returning to free agency while he’s still under 30 years old and playing center field on a semi-regular basis.

Cubs Activate Cody Bellinger From 10-Day Injured List

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The Cubs have activated Cody Bellinger from the 10-day injured list, according to multiple reporters.  Bellinger has been on the IL since July 11 after he was hit by a Cionel Perez pitch, resulting in a fracture in his left middle finger.  Fortunately for Bellinger and the Cubs, the injury hasn’t proven to be too serious, and Bellinger has been taking part in baseball activities.

The activation comes as a bit of a surprise due to the immediacy, as manager Craig Counsell told reporters (including Meghan Montemurro of the Chicago Tribune) earlier today that Bellinger would return in a few days’ time.  However, Bellinger apparently looked so good in his hitting progression that the club feels comfortable in activating him in time for today’s game with the Reds.  Counsell recently suggested that Bellinger could return as a DH at first, as he was feeling comfortable hitting but was still having some issues throwing (Bellinger is left-handed).

Bellinger has hit .269/.331/.410 with nine home runs over 344 plate appearances this season, and he missed a couple of weeks due to a rib fracture earlier this year in addition to his just-completed IL stint.  While Bellinger’s 108 wRC+ is above average, it is well below the 134 wRC+ he posted in 2023, and not what the Cubs were expecting when he was re-signed to a three-year, $80MM free agent deal last winter.

Since Bellinger can opt out of that contract after the season, he’ll have two more months to post some bigger numbers and build a better platform for another foray into the free agent market.  If Bellinger decides to just stay with Chicago, he can also opt out following the 2025 campaign, giving him some extra flexibility down the road as he considers his long-term future.  Between this contractual uncertainty, his recent injury absence, and his just-okay numbers, Bellinger is probably unlikely to be dealt by a Chicago team that has been doing more adding than subtracting in advance of tomorrow’s trade deadline.

Cubs Don’t Expect To Be Deadline Buyers

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The Cubs’ deadline trajectory has been an oft-discussed topic over the course of the past few weeks, with the team sitting at or near the bottom of the NL Central but also within striking distance of the final NL Wild Card spot. They’ve ostensibly explored possibilities on both ends of the buy/sell spectrum, showing interest in Toronto catcher Danny Jansen while also reportedly talking with both the Yankees and Red Sox about the potential of a Jameson Taillon trade. The Cubs dropped their first two games coming out of the All-Star break to a D-backs team that’s now tied for the final Wild Card spot, though they dodged a sweep in an extra-inning win Sunday.

While the Cubs are 3.5 games out in the Wild Card hunt, the latest report from Patrick Mooney, Ken Rosenthal and Will Sammon of The Athletic indicates that the Cubs aren’t planning to be buyers at next week’s trade deadline. That’s not an indication there’ll be any kind of prominent fire sale for the Cubs either, however. Chicago hopes to contend next year and isn’t likely to move players who are under control unless they receive big league-ready talent in return.

As for the Cubs’ slate of rental players, there’s simply not much to peddle to other clubs. Drew Smyly is sitting on an impressive 2.92 ERA in 37 relief innings, but he’s also walked 10.2% of his opponents and is playing on a contract other teams will want to avoid. Smyly is owed the balance of an $8.5MM salary for the current season (about $3.2MM) in addition to a $2.5MM buyout on a $10MM mutual option for the 2025 season.

Righty Kyle Hendricks is a free agent at season’s end but isn’t going to draw any interest with a $16MM salary and a 6.69 ERA (unless the Cubs eat the entirety of his contract, perhaps). Hector Neris has a 3.74 ERA and 24.2% strikeout rate in 33 2/3 innings — but he’s also walked a career-worst 16.1% of opponents. Neris is playing on a $9MM salary, and his $9MM club option will convert to a player option if he appears in 24 more games this season (60 total). That’s going to turn off any potentially interested parties. Cody Bellinger can become a free agent at season’s end, but he’s on the injured list with a fractured finger and the two opt-out provisions on his three-year deal would’ve made trading him extraordinarily difficult anyhow.

The Athletic’s report at least raises the speculative possibility of listening to offers for starter Justin Steele, though with three-plus seasons of club control remaining, the price would presumably be as high or even higher than the asks for crosstown ace Garrett Crochet (two years of club control remaining) and AL Cy Young front-runner Tarik Skubal (the latter of whom is not expected to be traded). There’s no reason to think the Cubs would outwardly shop Steele, but listening to see if someone steps up with a Juan Soto-esque haul for last year’s fifth-place NL Cy Young finisher is sensible enough.

With regard to Taillon, there’d be some sense to moving him even if the team doesn’t envision a broad-reaching sell-off. In signing any free agent to a long-term deal, a team is most interested in the first couple years of said contract. The 2025-26 seasons will be Taillon’s age-33 and age-34 campaigns. He’ll earn $18MM in each season on his slightly backloaded $68MM deal. Moving him would free up some money to potentially spend on a younger pitcher this offseason — or perhaps on another area of need entirely.

The Cubs control Steele, Shota Imanaga, Javier Assad, Ben Brown, Hayden Wesneski and Jordan Wicks through at least the 2027 season. Prospects Cade Horton and Brandon Birdsell are rising quickly through the system. There’s some depth from which to deal, and a Taillon trade could bring in talent, shed future payroll and reduce future luxury tax obligations. Taillon wouldn’t command nearly the same type of haul as Steele for a number of reasons (age, salary, general talent level), but there aren’t many arms available so the Cubs could conceivably take advantage of that shortage and see what the market bears.

It’s worth emphasizing, too, that most teams’ plans remain pretty fluid this time of year. While teams facing a gaps of eight, nine, ten or more games in their respective postseason pursuits are sure to focus on selling (just as clubs in the opposite position will primarily focus on adding), nearly half the teams in baseball exist in a relative purgatory between those two ends of the spectrum. There’s currently a three-team tie for the third NL Wild Card spot (Mets, D-backs, Padres), and another five teams are within four games of that final spot — the Cubs among them. In the American League, there are four teams within six games of the final Wild Card spot.

For instance, if the Cubs snapped off six or seven straight wins beginning today, they’d presumably be far more open to the idea of adding some pieces. That’s particularly true because their next three games come against the division-leading Brewers. But a win streak of that nature is always a long shot, and it’s plenty notable that for the time being, Chicago isn’t viewing itself as a team that will trade even lower-caliber minor league talent in exchange for some marginal rental upgrades. Time will tell whether the players on the field can push the front office to take a more aggressive stance, but right now it seems likely the Cubs are in for a relatively quiet deadline.

Cubs Place Cody Bellinger On Injured List With Finger Fracture

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The Cubs announced that outfielder Cody Bellinger has a fracture in his left middle finger and has been placed on the 10-day injured list. Meghan Montemurro of the Chicago Tribune was among those to relay the news on X. Fellow outfielder Alexander Canario has been recalled to take his spot on the active roster.

In last night’s game, Bellinger was hit on the hand by a pitch from left-hander Cionel Pérez. He departed the contest as he felt he couldn’t throw a ball, per Montemurro on X. Now it seems a fracture has been found and he’ll need to miss some time.

Teams are generally more willing to put a player on the IL around the All-Star break, as it allows for an extended breather while perhaps only missing a handful of games. But if Bellinger has a broken bone, he was probably going to need an IL stint regardless, though the club hasn’t yet indicated how much time they expect him to miss.

Either way, it’s a rough development for the club. Bellinger isn’t quite hitting as much as he did last year but his .269/.331/.410 batting line is still 9% better than league average, according to wRC+. He’s also stolen five bases while playing competent center field defense.

The Cubs are in a tight spot, as they are currently 44-49. That only leaves them 3.5 games back in the crowded National League Wild Card race but with several teams ahead of them. They are currently only ahead of the Rockies, Marlins and Nationals and would have to leapfrog six other clubs to get into postseason position. With the trade deadline now less than three weeks away, they will soon have to make some decisions about how aggressively to buy or sell or walk a fine line between the two.

Losing a player of Bellinger’s quality will make it a bit more challenging to climb in the standings in the next few weeks. Bellinger himself has also been speculated as a potential trade candidate, though the opt-outs in his contract make that a complicated endeavor, something that MLBTR’s Anthony Franco recently explored in a piece for Front Office Subscribers. If there was any chance of the Cubs lining up something there, it’s possible that this injury will make it less likely.

With Mike Tauchman also on the IL, the Cubs are now down two outfielders. They will have to proceed with a mix of Pete Crow-Armstrong, Seiya Suzuki and Ian Happ with Canario now in there as well. Canario has a stout batting line of .282/.333/.538 in his big league career. That’s come in a small sample of 42 plate appearances but he also has a strong line of .238/.330/.502 in Triple-A this year.

For Bellinger, it’s possible this impacts him personally. At the end of the year, he will have to trigger his opt-out or stick with the Cubs. He can take a $2.5MM buyout or stick around and collect a $27.5MM salary in 2025, with another $25MM player option and $5MM buyout for the following year. Whether he wants another crack at free agency or not will naturally depend on the kind of platform he produces here in 2024, so he will obviously be hoping to come back in good form in short order.

The Risk/Reward Of Acquiring Players With Opt-Outs

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With four weeks until the trade deadline, a lot remains uncertain. Most teams still find themselves in a muddled middle and will wait until the last few days to determine how aggressively they'll buy or sell. That's especially true in the National League, where nine teams are within six games of one another as they fight for the final two Wild Card spots. The Mets, Giants and Cubs are among those borderline contenders. It wouldn't be especially surprising to see any of them wind up as sellers depending on how they play over the next few weeks.

The Mets are the NL's top non-playoff team and approaching the deadline as a buyer for the moment. Dropping a few games back in the standings by the end of the month could change that mentality. San Francisco and Chicago are a little further out and perhaps likelier sellers. Cubs president of baseball operations Jed Hoyer suggested late last week that the team would need to perform better to avoid a sell-off. Why focus on those three specifically? Each has a notable player who'd be desirable trade candidates if not for their contract structures.

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