Will Bregman end up with the Phillies?

LATEST FREE AGENT & TRADE RUMORS

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We're keeping track of all the latest free agent and trade rumors.

Nov. 12: Will Bregman end up with the Phillies?

The Phillies sign Alex Bregman. That is the prediction of one rival evaluator to ESPN's Buster Olney. The Phillies don't have an opening at third base right now, but they could create one by dealing Alec Bohm, who is on the trade block, per ESPN's Jeff Passan (subscription required).

Bohm and Bregman had similar offensive production this year (the former had a 117 OPS+ while the latter had a 118) and both were plus defenders according to outs above average. However, Bregman, a 2024 Gold Glover, has a much longer track record of stellar defense at the hot corner. His has 28 OAA for his career at the position while Bohm has minus-8. Bregman would also bring a large dose of World Series experience to a club that has been thwarted in the postseason in recent years and hasn't won it all since 2008.

The Astros have made it clear that re-signing Bregman is their biggest priority of the offseason, but he isn't expected to make his decision any time soon. MLB.com's Mark Feinsand said during a Reddit AMA on Tuesday that he thinks Bregman's chances of remaining with Houston are 50/50.

Nov. 12: How market is shaping up for top FAs, trade targets

ESPN's Jeff Passan breaks down the markets for the key free agents and trade targets in his 2024-25 offseason preview (subscription required).

Here's what he's reporting on potential landing spots for some of the top hitters and pitchers available:

FA hitters

  • Juan Soto -- The Mets, Yankees, Blue Jays and Red Sox all have meetings scheduled with Soto over the coming weeks, with other teams like the Dodgers and Rays also interested. The two New York teams are considered the favorites.
  • Willy Adames -- The Giants make a lot of sense for the slugging shortstop, but the Mets and Yankees are also tied to Adames thanks to his willingness to move to third base, as are the Dodgers.
  • Alex Bregman -- The Astros re-signing their star third baseman is a strong possibility, but the Tigers are also a strong fit for Bregman, where he could play under former manager A.J. Hinch. The Blue Jays would be, too, if they don't get Soto.
  • Teoscar Hernández -- The Dodgers are the favorites to bring back Hernández after he helped slug them to a World Series title. The Yankees would pursue Hernández if Soto doesn't return, and the Red Sox and Orioles are also in on him.
  • Christian Walker -- The Yankees are an "ideal fit" for Walker, with his home run power and elite defense at first base.
  • Tyler O'Neill -- The Red Sox want to bring back the slugging right-handed hitter, and the Giants and Tigers are also fits.

FA pitchers

  • Roki Sasaki -- With Sasaki's NPB team, the Chiba Lotte Marines, set to post the electric 23-year-old right-hander, the Dodgers, Padres, Blue Jays, Cubs, Mets, Yankees, Rangers and Rays are all expected to make a strong pitch.
  • Corbin Burnes -- The Orioles would welcome a reunion with their ace, and the Giants and Blue Jays are also strong fits for the former Cy Young Award winner.
  • Max Fried -- Expect the Red Sox to target the left-hander for the top of their rotation, as well as the Blue Jays, Giants, Orioles and maybe even the Dodgers, who are looking to add at least one high-end starting pitcher.
  • Jack Flaherty -- The Nationals and Yankees (who almost traded for Flaherty in 2024) could both be in the mix for the right-hander.
  • Sean Manaea -- The Mets are hoping they'll be able to re-sign the workhorse lefty who emerged as their ace down the stretch in 2024.
  • Yusei Kikuchi -- The Astros, who traded for Kikuchi last season, want to re-sign him. But teams like the Cubs, Dodgers and Angels could also be in the mix for the lefty, as could the Blue Jays and Orioles if they don't get a top-of-the-market starter.
  • Nick Pivetta -- A team like the Cubs, Orioles or Braves could offer Pivetta a multi-year deal.

Trade market

The players Passan cites as potentially being available on the trade market this winter include:

Pitchers -- White Sox ace Garrett Crochet, Brewers closer Devin Williams, Cardinals closer Ryan Helsley, Cardinals right-hander Sonny Gray, Mariners right-hander Luis Castillo, D-backs left-hander Jordan Montgomery, Rockies reliever Justin Lawrence

Position players -- Cubs second baseman Nico Hoerner and outfielder Cody Bellinger, Phillies third baseman Alec Bohm, Cardinals third baseman Nolan Arenado, Guardians first baseman Josh Naylor, Rays second baseman Brandon Lowe and first baseman Yandy Díaz, Giants first baseman LaMonte Wade Jr., Rockies second baseman Brendan Rodgers

Nov. 11: Multiple teams planning to make aggressive pursuit of Walker (report)

According to a report from USA Today’s Bob Nightengale, Christian Walker is a popular name on the free-agent market, with at least six teams planning to “aggressively pursue” the first baseman. Walker received a qualifying offer from the D-backs, but he will likely decline it.

Nightengale names the Yankees, Mets and Nationals as teams that are expected to join Arizona in pursuit of Walker, who should come with a lower price tag than that of fellow free-agent first baseman Pete Alonso, given the age disparity between the two players. (Walker is four years older.)

The Yankees and Mets are also two of the top contenders for Juan Soto, the No. 1 free agent on the market, but both clubs need to address first base as well. With his expected price tag, signing Walker likely wouldn't impact either team's pursuit of Soto, who is headed for one of the largest contracts in MLB history.

Walker doesn’t have quite the same power as Alonso, but he’s no slouch with the bat, having recorded 95 homers and an .813 OPS over the past three seasons. In that same time, Alonso has produced 120 homers and an .826 OPS.

Walker, meanwhile, is a far better defender, winning three straight Gold Gloves and leading his position with +38 Outs Above Average since the beginning of 2022. Alonso has produced -17 OAA in that span.

In addition to the teams Nightengale mentioned, the Astros, Twins, Mariners, Cardinals and Padres could also be involved in the first-base market to some extent.

Nov. 11: Are the Blue Jays the biggest threat to pry Soto away from New York?

The field of participants in the Soto sweepstakes has narrowed to eight, according to MLB Network insider Jon Heyman in an article for the New York Post -- the Yankees, Mets, Dodgers, Blue Jays, Giants, Red Sox and two "mystery" teams. But he suggests that Toronto may be the biggest threat to Soto leaving New York after his lone season with the Yankees. More >

Nov. 9: Mets showing interest in trading for Crochet (report)

According to a report in the New York Post, the Mets are "discussing" Garrett Crochet, who is one of the most likely players to be traded this offseason. More >

Nov. 9: Do the Padres have an edge in the Sasaki sweepstakes?

MLB.com's Mark Feinsand lists several favorites to land coveted right-hander Roki Sasaki, including the Giants, Yankees, Mets, Blue Jays, Cubs and Rangers. But he writes that the two most likely landing spots, at least according to one NL executive, would be the Dodgers and Padres.

An article in The Athletic (subscription required) adds the Phillies as a team to watch and also suggests that the Padres may have an advantage by way of one of their current starters: Yu Darvish.

Sasaki, the consensus top young pitcher in Japan, will be posted by the Chiba Lotte Marines of Nippon Professional Baseball this offseason.

Sasaki should inspire an all-out pursuit reminiscent of Shohei Ohtani’s initial contract with the Angels, in league-wide interest and financial scope. Ohtani agreed to a $2.315 million signing bonus with the Angels in December 2017.

An unfettered market would have yielded a much larger contract, but foreign-born players are subject to international bonus pool money restrictions unless they are at least 25 years of age and have played as a professional in a foreign league recognized by Major League Baseball for a minimum of six seasons.

Ohtani was not yet 25 years old when he was posted by the Ham Fighters, so the Collective Bargaining Agreement classified him as an international amateur. Sasaki falls into the same category now.

You can follow the latest Sasaki rumors here.

Nov. 8: D-backs starters reportedly drawing trade interest

The D-backs are drawing significant trade interest from teams looking for starting pitchers, according to a report from The Athletic (subscription required).

Arizona’s rotation includes three pitchers who will be eligible for free agency next offseason: Zac Gallen, Merrill Kelly and Jordan Montgomery.

Gallen is entering his final year of arbitration eligibility after earning roughly $10 million in 2024. The 29-year-old missed time with a right hamstring strain this past season, but he garnered top-five finishes in the National League Cy Young Award voting in both 2022 and ‘23.

Kelly also missed time due to injury in 2024, sitting out nearly four months with a right shoulder strain, and he just turned 36. However, he had a 3.33 ERA in 63 starts across 2022-23 and stepped up big on the postseason stage for the D-backs a year ago, posting a 2.25 ERA in four starts. He’s signed for just $7 million in 2025 after Arizona exercised his club option.

Montgomery signed with Arizona as a free agent in late March, which left him no time for a typical build-up before Opening Day. He went on to post a 6.23 ERA over 25 appearances before exercising his $22.5 million player option to remain with the D-backs for one more season. Montgomery was much more effective in the two years before reaching free agency, recording a 3.34 ERA over 64 starts in the regular season and emerging as a postseason star for the World Series-champion Rangers in 2023 (2.90 ERA).

The D-backs’ stable of starters also includes a pair of pre-arbitration hurlers in Brandon Pfaadt (controllable through 2029) and Ryne Nelson (controllable through ‘28) as well as Eduardo Rodriguez, another free-agent addition that went awry for Arizona in 2024. Rodriguez's four-year, $80 million deal runs through 2027 and includes a mutual option for 2028. A left lat strain limited him to 10 starts in 2024, over which he recorded a 5.04 ERA.

After operating with a franchise-record payroll in 2024, the D-backs might not have much wiggle room to address all of their needs this offseason, so it’s possible they will consider trading from their rotation surplus to do so.

Per The Athletic's report, Arizona is looking to add a late-inning reliever. With Christian Walker, Joc Pederson and Randal Grichuk hitting free agency, the D-backs also need to add offense.

Nov. 8: Yanks ready to make their pitch to Soto (report)

As the Mets prepare to meet with Juan Soto next week, the Yankees are getting ready to put their own plan into action to re-sign their superstar slugger.

Yankees owner Hal Steinbrenner has also scheduled a meeting with Soto and is also expected to fly to California in about a week and a half, according to a report from the New York Post on Friday. More >

Nov. 8: Are the Nats a fit for Santander, or will they set their sights higher?

Although they’ve posted five straight losing seasons since their 2019 World Series title, the Nationals could be ready to leap back into contention -- if they make the right moves this offseason.

Adding a veteran bat to a lineup stacked with young position players such as CJ Abrams, James Wood, Dylan Crews and Luis García Jr. figures to be a priority for Washington this offseason, and MLB Network insider Jon Paul Morosi thinks slugging outfielder Anthony Santander could be a fit.

Santander, 30, finished third in the Majors with 44 homers this past season, behind only Aaron Judge and Shohei Ohtani. That’s one more home run than the Nationals got from their entire outfield in 2024.

The Nationals have also been mentioned as a potential suitor for free agent Juan Soto, who spent five years with Washington before being traded to the Padres in 2022. Soto turned down a 15-year, $440 million extension offer from the Nats before being traded. He is expected to top that deal, both in average annual value and total guaranteed money, this offseason.

Given Soto's price tag, Santander may be a more realistic target for the up-and-coming Nationals. However, as Morosi notes, it could behoove Santander to wait until Soto’s situation is settled before signing, as he could be a backup plan for some of the clubs that are involved in the Soto market.

Nov. 8: Why position switch likely won't be necessary for Adames

According to a report from The Athletic (subscription required), Willy Adames is willing to move off his natural position of shortstop for the right team/contract. That could open up new possible landing spots for the 29-year-old slugger, expanding his market to teams who are set at short but could perhaps use a second baseman or a third baseman.

However, in the view of MLB Network insider Jon Paul Morosi, a position switch won't be necessary, "because there is sufficient interest in him as a shortstop." Per Morosi, the Dodgers, Giants, Braves and Red Sox could all pursue Adames to play short.

You can follow all the latest rumblings on Adames here.

Nov. 7: Are Red Sox the favorites to acquire Crochet?

The Red Sox have six position players on MLB Pipeline's Top 100 Prospects list, including three in the top 10. They also have a few attractive pieces already at the big league level who are not yet eligible for arbitration. That group includes first baseman Triston Casas, catcher Connor Wong and Gold Glove outfielder Wilyer Abreu.

With so much high-quality position-player depth, "there’s a widespread sense that the Sox can trade for nearly anyone," according to The Boston Globe's Alex Speier (subscription required). Many starters could be options for the pitching-needy Red Sox, but one who stands out is White Sox left-hander Garrett Crochet. More >

Nov. 7: Could Arenado be on the move? Are Yankees a fit?

According to reports by the St. Louis Post-Dispatch and USA TODAY, eight-time All-Star and 10-time Gold Glove Award-winning third baseman Nolan Arenado could be available in trade discussions if he's willing to waive his no-trade clause. The same goes for veteran starting pitchers Sonny Gray and Lance Lynn. More >

Nov. 7: Yanks interested in numerous star FAs, 'aggressive' in bullpen market

The No. 1 item on the Yankees' offseason to-do list remains re-signing Juan Soto. However, he is expected to take his time in making a decision, and the Yanks' roster has multiple areas of need. So while Soto remains the priority, New York has to look for options at other positions. According to MLB Network insiders Jon Heyman and Jon Paul Morosi, they are doing just that. More >

Nov. 7: Orioles, Red Sox among clubs interested in Teoscar (sources)

Teoscar Hernández is drawing interest from the Red Sox and Orioles among other clubs, sources told MLB Network insider Jon Paul Morosi.

The 32-year-old Hernández is coming off of a great 2024 season, highlighted by a career-best 33 home runs, an All-Star selection and a World Series title with the Dodgers. He makes sense for either AL East club, each of which could lose a slugging outfielder in free agency. Anthony Santander is a free agent after bashing 44 homers in Baltimore this season, and Tyler O'Neill could depart Boston after hitting 31 dingers in only 113 games.

Hernández would bring significant right-handed pop to any lineup. That's something Orioles general manager Mike Elias said Thursday is a priority for his club this offseason.

Over the past four seasons, Hernández has averaged 29 homers per year and a 126 OPS+.

Nov. 7: At least 4 clubs reportedly showing interest in Fried

Max Fried may be behind Corbin Burnes and Blake Snell when it comes to the best starting pitchers in free agency this winter, but the 30-year-old left-hander still figures to have a robust market. At least four clubs are in on him, according to MLB Network insider Jon Heyman, and they all reside in the AL East: the Yankees, Red Sox, Orioles and Blue Jays.

Heyman wrote in the New York Post that the Yanks would like to land a front-line starter this offseason and have checked in on all three of those big-name hurlers. But it's uncertain if New York can get the pitcher it desires while also spending the money necessary to keep Juan Soto in the Bronx.

Fried may also be an option for the Cubs. Patrick Mooney and Sahadev Sharma write in The Athletic (subscription required) that Fried "would check several boxes" for Chicago, but the club may not be able to meet Fried's asking price.

Nov. 7: Will Burnes remain in the AL East?

Burnes' first season in the AL East was a stellar one as he pitched to a 2.92 ERA with 181 strikeouts in 194 1/3 innings for the Orioles. Baltimore hopes to keep Burnes, but the No. 1 pitcher in this year's free-agent class may move elsewhere this winter.

He just may not move out of the division. Instead, he could join the Yankees or the Red Sox. More >

Nov. 7: Bregman willing to move to second base

Alex Bregman has played only nine games at second base in his MLB career and none since 2018. But he's open to changing that.

Several clubs interested in the Gold Glove third baseman have asked if he would be willing to move to second. Scott Boras, Bregman's agent, said his client would "amenable" to such a move, per Bob Nightengale of USA Today.

The Astros are hopeful they can bring back their star third baseman. General manager Dana Brown said Tuesday that re-signing Bregman is the team's "biggest priority."

Bregman joins shortstop Willy Adames as high-profile free-agent infielders who may in a different uniform and at a different position in 2025.

Nov. 7: Ha-Seong Kim generating lots of buzz at GM Meetings

Could Ha-Seong Kim be one of the first players off the free-agent market?

One source tells MLB.com's Mark Feinsand that Kim has already generated “lots of interest” in the early days of free agency, while a second source said the Giants are focused on signing the 29-year-old. The Brewers have also been connected to Kim, but the Giants appear to be the club most interested in the infielder. More >

Nov. 6: Signing Soto and Alonso seen as possibility for Mets

Juan Soto and Pete Alonso might be the two best bats on the open market this winter. Could they be teammates by the start of the 2025 season? It's not out of the question, according to MLB Network insider Jon Heyman. More >

Nov. 6: Mariners among teams interested in KBO star Hye-Seong Kim

Second base will be a priority for the Mariners once again this offseason. They may end up finding their answer at that position overseas.

As reported by MLB Network insider Jon Morosi, the Mariners are among the clubs that have "closely evaluated" Hye-Seong Kim, who plays for the Kiwoom Heroes in the KBO. Kim, 25, has a .304 career batting average through eight seasons in the KBO. Over the past two seasons, he has batted .331 and stolen 55 bases. He also provides plus defense.

Kim is not yet able to negotiate with MLB teams since the Heroes haven't posted him, but that is expected to happen this offseason. Morosi wrote earlier this month that other teams with a need at second base -- Red Sox, Giants, Angels -- could be in the market for Kim. The Dodgers saw him when they played against Kiwoom in an exhibition game before the start of the 2024 season. Manager Dave Roberts said after the game that "our scouts like [Kim]."

Nov. 6: How long will it take until Soto signs?

Juan Soto is the top free agent in this year's class, and he is apparently in no rush to sign his next contract. Soto's agent, Scott Boras, indicated Wednesday that the 26-year-old star wants to go through a "thorough process" before reaching his decision.

"Due to the volume of interest and Juan's desire to hear [from teams], I can't put a timeframe on [when he will sign], but it's going to be a very thorough process for him," Boras said, via ESPN's Jesse Rogers. "He wants to meet people personally. He wants to talk with them. He wants to hear from them."

MLB Network insider Jon Heyman said Wednesday during his chat on Bleacher Report that he thinks Soto could sign during the Winter Meetings, which will take place from Dec. 8-12 in Dallas. Heyman also mentioned six clubs that he thinks are in the running for Soto. More >

Nov. 6: Did the Dodgers just open up RF for Soto?

Dodgers general manager Brandon Gomes said at the GM meetings on Wednesday that the club plans to move Mookie Betts back to the infield after he began last season at shortstop but later moved back to right field.

That begs the question: Does this open up right field for a pursuit of superstar slugger Juan Soto? More >

Nov. 6: How many teams are in on Snell?

Following his fantastic second half of the 2024 season, Blake Snell is expected to draw interest from many big-market clubs. MLB.com's Mark Feinsand has listed the Giants, Yankees, Mets, Red Sox, Dodgers, Orioles and Blue Jays among the left-hander's potential suitors. An industry source also told Katie Woo and Will Sammon of The Athletic (subscription required) that the Rangers could be in the mix as well. However, that source added that the extent of interest from Toronto and Texas depends on Snell's price tag. More >

Nov. 5: RHP Pivetta has 'surprisingly strong' market

Nick Pivetta has to choice to make. He can take the qualifying offer, which the Red Sox extended to him on Monday and which would pay him $21.05 million in 2025. Or he can decline the qualifying offer by the Nov. 19 decision deadline and look for a longer or more lucrative contract on the open market.

It's an "interesting decision" for Pivetta, according to MLB.com's Mark Feinsand. Accepting the QO would represent quite a raise for the 31-year-old right-hander, who made $7.5 million this season. But there appear to be multiple teams interested in him. Per MLB Network insider Jon Paul Morosi, Pivetta has a "surprisingly strong" market. More >

Nov. 5: Braves eyeing RHP Eovaldi (source)

Right-handed starter Nathan Eovaldi ranks near the top of the Braves’ wish list, an industry source tells MLB.com's Mark Bowman.

Eovaldi became a free agent Monday when he declined his $20 million option to stick with the Rangers through the 2025 season. The 34-year-old can now pursue a multiyear deal that would most likely include an average annual value of at least $20 million.

Rangers president of baseball operations Chris Young said Monday that the team will work on bringing Eovaldi back. But with the Braves facing the possibility of losing left-hander Max Fried in free agency, they may fill that void with Eovaldi. He went 12-8 with a 3.80 ERA over 170 2/3 innings this season. Before signing with Texas prior to the 2023 season, Eovaldi spent five years in Boston pitching alongside current Braves ace Chris Sale. More >

Nov. 5: Teams reportedly interested in Giants' Doval

A few teams are expressing interest in Giants right-hander Camilo Doval, according to Susan Slusser of the San Francisco Chronicle. The 27-year-old is entering his first year of arbitration and is under club control for three more seasons.

Armed with a cutter that regularly touches 100 mph and a high-whiff slider, Doval has been one of the most electric relievers over the past few seasons. He was an All-Star in 2023, a year in which he paced the National League with 39 saves.

However, a consistently high walk rate contributed to Doval losing his job as the Giants’ closer in 2024. He was demoted to the Minors in August after recording a 4.70 ERA and issuing 29 walks over 44 innings. He was recalled a couple of weeks later and finished the year in a middle-relief role while Ryan Walker took over as San Francisco’s closer.

Doval ended the season with a strong 28.8% K rate and an elite 60.5% ground-ball rate. However, his 14.4% walk rate tied the Guardians’ Triston McKenzie for the second-highest in MLB (minimum 50 innings pitched).

Nov. 4: Could Brewers' Williams be on the trade block?

The Brewers declined the $10.5 million club option on closer Devin Williams on Sunday, a source told MLB.com's Mark Feinsand. The two-time All-Star remains under club control as he is heading into his final year of arbitration. The salary he will get via arbitration is likely to be less than the $10.5 million it would have cost the Brewers to exercise the option (per MLB Trade Rumors, he's projected to make $7.7 million), so declining it is not a surprising move. But it's no guarantee that Williams will remain with Milwaukee into next season.

Passan writes that Williams is a trade candidate, and Brewers general manager Matt Arnold said last month that the team will "stay open-minded" about the closer's future.

Although Williams missed the first four months of the regular season due to a back injury and surrendered a series-changing homer to the Mets' Pete Alonso in Game 3 of the NL Wild Card Series, the right-hander was fantastic in between those two points. Williams allowed only three earned runs and struck out 38 batters over 21 2/3 innings during the regular season. He was the NL Rookie of the Year in 2020 and then made the All-Star team in 2022 and 2023. Over that two-year span, Williams appeared in 126 games and recorded a 1.73 ERA.

The Brewers have dealt multiple star pitchers nearing free agency in recent years. They traded Corbin Burnes to the Orioles prior to the 2024 season, his final year of club control. They also sent former closer Josh Hader to the Padres ahead of the 2022 Trade Deadline. Hader became a free agent after the 2023 season and signed a five-year, $95 million contract with the Astros.

Nov. 4: Thirteen players receive qualifying offers

As Monday's 5 p.m. ET deadline for teams to make qualifying offers (a one year, $21.05 million offer for 2025) to eligible players passed, 13 received a QO: (Brewers), (Mets), (Astros), (Orioles), (Braves), (Dodgers), (Mets), (Reds), (Red Sox), (Orioles), (Mets), (Yankees) and (D-backs). More >

Nov. 4: Cole staying with Yankees on existing deal

Gerrit Cole is staying with the Yankees.

After triggering a contractual opt-out this past weekend that could have made him a free agent, Cole and the Yankees agreed Monday to continue with their deal as it was originally constituted, meaning that the right-hander is still signed to a contract with $144 million remaining through 2028.

Cole and the Yankees may someday entertain extension talks concerning the 2029 season and beyond, general manager Brian Cashman said, but that can take place at a later date. Cashman said that club decision-makers “weren’t necessarily comfortable” voiding the opt-out by adding a year and $36 million to the deal, which they communicated to Cole and agent Scott Boras.

With Cole off the market, Corbin Burnes, Blake Snell and Max Fried are among the headliners of this offseason's starting pitcher free-agent class.

Nov. 4: 2025 option decisions

The deadline for players and teams to make 2025 option decisions was Monday. This includes opt-outs, player options, club options and mutual options.

You can find a full list of the 2025 option decisions here.

Nov. 2: Yankees reportedly view Alonso as backup plan for Soto

As expected, the Yankees declined Anthony Rizzo’s 2025 club option ($17 million) on Saturday, opening up a vacancy at first base. How the Yankees address that spot could depend on what happens with free-agent superstar Juan Soto.

MLB Network insider Jon Heyman hears that longtime Mets first baseman Pete Alonso is a "prime backup plan" for the Yankees if they are unable to re-sign Soto. More >

Nov. 2: Bellinger staying with Cubs

Cubs outfielder/first baseman Cody Bellinger has exercised his player option to return to the team in 2025. That keeps the versatile star in the fold for $27.5 million next season.

Bellinger will have another chance to opt out ahead of the 2026 season. As part of the three-year, $80 million pact he signed with the Cubs last spring, Bellinger can earn $25 million in 2026 or receive a $5 million buyout.