Here’s the latest Yankees free agency and trade buzz during the 2025-26 MLB offseason…
Dec. 1, 9:19 a.m.
The Yankees re-signing Cody Bellinger would be a “multipart move,” reports Jeff Passan of ESPN.
Per Passan, the Yanks are unlikely to enter the season with Bellinger, Aaron Judge, Trent Grisham, Jasson Dominguez, and Spencer Jones all on the team.
Things got tight player-wise and payroll-wise for New York when Grisham accepted the one-year qualifying offer.
Another factor when it comes to Bellinger or other large signings/trades for the Yanks this offseason is that with Grisham now in tow, New York’s payroll for 2026 is already roughly $278 million.
Pair the above with owner Hal Steinbrenner‘s recent comments that it would be “ideal” to lower payroll for this coming season — and his repeated statements about not wanting to carry a payroll above $300 million — and it’s fair to wonder how much wiggle room there will be to retain Bellinger and address other needs.
Nov. 20, 9:37 a.m.
The Yankees and Devin Williams‘ representatives recently discussed the possibility of the reliever returning to the Bronx, per Ken Rosenthal and Will Sammon of The Athletic.
In addition to the Yanks, Williams has reportedly drawn interest from the Mets, Dodgers, and Blue Jays, among others, this offseason.
The Yankees recently re-signed left-hander Ryan Yarbrough, but their ‘pen is still in need of serious reinforcements.
In addition to Williams, Luke Weaver is also a free agent.
Nov. 13, 11:09 a.m.
The Red Sox are among the teams with interest in Devin Williams, reports Will Sammon of The Athletic, who also lists the Dodgers and Reds among teams that have expressed interest.
Fabian Ardaya of The Athletic also reported on Los Angeles and Williams, saying there appears to be mutual interest.
Los Angeles was one of the teams exploring the possibility of dealing for Williams last offseason before he was traded to the Yankees.
Williams, 31, struggled last season for the Yanks, posting a 4.79 ERA and 1.12 WHIP in 62.0 innings.
While Williams was not his regular elite self, his stuff still played up as he had a strikeout rate of 13.1 per nine.
In addition to Williams, Luke Weaver is also a free agent, leaving the back end of New York’s bullpen in an uncertain spot.
Nov. 12, 11:33 a.m.
A source told Gary Phillips of the New York Daily News that the Yankees have checked in on left-hander Ryan Yarbrough, and the club is “expected to be suitors” for the 33-year-old.
After signing with the Yanks last spring, Yarbrough ended up being a valuable and versatile piece for Aaron Boone‘s pitching staff. He started eight games and appeared in 19 games in total, pitching to a 4.36 ERA while holding opposing lefties to a .198 batting average.
Yarbrough did miss a significant chunk of the season, though, as an oblique injury kept him out from mid-June to early September. As a result, he was left off the Yankees’ postseason roster.
Nov. 11, 3:45 p.m.
Historically, the Yankees have been among the highest-spending teams in baseball, but owner Hal Steinbrenner and GM Brian Cashman have reiterated multiple times over the past couple of years that having a payroll over $300 million is “simply not sustainable for us, financially,” as Cashman put it.
“It wouldn’t be sustainable for the vast majority of ownership [groups], given the luxury tax we have to pay,” Cashman said last May. “I’ve been a broken record [on this topic]: I don’t believe I should have a $300 million payroll to win a championship.”
So how does that line of thinking impact what the Yankees will do this offseason?
Appearing on “Pinstripe Post,” Joel Sherman of the New York Post laid out how he believes the Yankees can thread the needle to retain a key free agent like Cody Bellinger, whom he referred to as “the key to their offseason,” while lowering their payroll beneath the $300 million number.
“I think the goal this offseason is to try to get under $300 million, luxury tax money. I think within that they’d like to re-sign Cody Bellinger, add another reliever who can pitch in the final six outs of the game… I think they’d like to find a complementary starting pitcher to help them through some injuries early in the season. I think they’d love to flip J.C. Escarra for a righty version of J.C. Escarra… and I think they’d like to find a complementary right-handed bat, and maybe plus Amed Rosario, who they liked a lot and tried in previous years to get.
“That all told, I think the Yankees would feel, if they got the versions of the players they wanted to, they would feel that’s a 90+ win team, and they’d have a shot to line it up, and that they could do that in the high ($200 millions).”
The Yankees ended last season with a payroll of $323.7 million, for luxury tax purposes. Factoring in projections for arbitration eligible players and other players in their pre-arbitration years who are still under team control, the Yankees currently have a payroll of roughly $244 million.
Can the Yankees fit in a player like Bellinger, who is projected to make somewhere around $27 million per season, and still make other needed moves while staying under the $304 million luxury tax threshold?
If that is indeed the goal, while it does appear possible, there doesn’t seem to be a lot of wiggle room.
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