Brian Cashman still remembers last year’s sting. The New York Yankees thought they could keep Juan Soto in pinstripes. Instead, they watched him hit free agency and then jump across town to the Mets on a shocking 15-year, 765 million dollar deal. Now, the Yankees GM feels another star slipping into a similar danger zone.

That 80-million-dollar star is Cody Bellinger. And he just gave the Bronx a season they did not want to lose. He delivered a clean five-WAR surge and became the Yankees’ second-best outfielder. So, on paper, bringing him back feels easy. It feels obvious. In fact, MLB insider Jon Heyman said the fit is pretty straightforward. Heyman shared Bellinger’s ties to the Bronx and his comfort level with the team.

“These players are staying put. We’ll start with Bellinger. While it’s not close with the Yankees right now, it is a good fit. His dad played there, he enjoyed it, and he wants to play for a winner. That’s the one thing he told me,” said Jon Heyman on the Bleacher Report YouTube Channel.

Heyman’s point really comes down to why Bellinger still feels like such a natural fit for the Yankees, even if the negotiations haven’t moved much. Cody’s father, Clay Bellinger, spent three seasons in New York from 1999 to 2001 and picked up two World Series rings along the way.

That gave Cody a childhood rooted in Yankee Stadium and the city itself. He grew up around that environment, he’s always been comfortable in the Bronx, and wanting to play for a contender fits perfectly with the Yankees’ win-now identity.

“The Angels are out there as an interested team, though I really think that’s a long shot. The Dodgers, his old team, like him and could potentially be an option. The Phillies could also be in play depending on how their outfield situation shakes out. The Mets are certainly interested due to Bellinger’s terrific defense.”

From there, Heyman goes team by team to explain who’s actually in the mix. The Angels may have checked in, but their current direction makes them a more fringe possibility.

The Dodgers are a more realistic option because of Bellinger’s MVP past and their familiarity with him. The Phillies could jump in depending on how they shuffle their outfield. And then you have the Mets, one of the strongest outside suitors, simply because Bellinger’s elite defense fills a significant hole in center field.

“Will he stay or will he go? I’m going to lean toward stay for Bellinger. Even though they’re not close and it might take a while, I think they’ll probably figure it out, but it’s still pretty close to 50-50. Diaz also doesn’t appear to be close with the Mets.”

Here, Heyman brings it back to the big question. He leans toward Bellinger staying in New York, but the lack of real movement keeps it close to a coin flip. The fit is still there, yet the negotiations haven’t caught up to it.

And when he mentions Díaz also being far from a deal with the Mets, it adds another layer. And suddenly, it feels like last winter all over again. The Mets are lurking. The Yankees are nervous.

Brian Cashman and the Yankees are in a chaotic situation

The offseason felt steady at first. But then Brian Cashman signed Trent Grisham. So now there are too many names with not enough space. Then ESPN’s Jeff Passan laid out the real problem on Threads.

“Trent Grisham accepting the qualifying offer would make [Bellinger’s] return a multi-part move, because they’re unlikely to go into the season with Grisham, Bellinger, Aaron Judge, Jasson Domínguez, and Spencer Jones.”

Passan is basically pointing out that someone has to go. And the tension grows because the younger guys never got the clean shot they deserved.

Domínguez barely saw the field after the All-Star break. He only put up 120 plate appearances after all that hype as a future star. Now, he is suddenly a trade piece. That shift alone shows how tight the Yankees’ roster crunch has become.

Meanwhile, Spencer Jones added even more noise to the mix. He crushed 35 homers between Double A and Triple A and showed he wants a real spot. But fitting him in with Judge, Bellinger, and Grisham is almost impossible. And once you add payroll pressure and Hal Steinbrenner’s cost control stance, the math stops working.

And because of that, teams like the Dodgers, the Mets, and the Phillies are circling. They see an opening, and they are ready to jump in if Cashman slips for even a moment.