This story was excerpted from Bryan Hoch's Yankees Beat newsletter. To read the full newsletter, click here. And subscribe to get it regularly in your inbox.

The suggestion of losing Juan Soto in free agency is uncomfortable, one that the Yankees would rather not need to tackle, yet wheels are already spinning behind the scenes in case the star outfielder signs elsewhere.

With big-money bidding for Soto underway -- including a cross-country journey that included managing general partner Hal Steinbrenner -- the Yankees patiently await a decision that could come during the upcoming Winter Meetings, which begin on Dec. 9 in Dallas.

They are also preparing to go in a different direction if necessary.

“There’s a lot of different players in this marketplace that can positively impact this roster in different ways,” general manager Brian Cashman said recently. “We will be working on every aspect and opportunity, and exploring any way possible to put together the best team we possibly can for 2025. I want to get back to where we just finished, which was the World Series.”

So what could a Plan B look like if Soto does not re-sign? Let’s begin with the financials. Although the Yankees’ offer to Soto is unknown, it’s a safe bet that the club is prepared to make him their highest-paid player in average annual value, surpassing Aaron Judge’s $40 million. (Judge said that he’s OK with that idea, remarking, “It ain’t my money.”)

Steinbrenner has expressed reluctance to surpass the luxury tax threshold of $281 million, saying that it is not a sustainable strategy in the long term, but the Yankees may have to do so again. Even with approximately $86 million coming off the books in Soto, Anthony Rizzo, Gleyber Torres, Alex Verdugo and others, the team’s payroll is currently projected to be more than $224 million.

For this exercise, let’s pin the 2025 payroll at a nice round number of $300 million -- it could be a little higher or lower, but we’re in the ballpark. And since Soto now plays elsewhere in this “break in case of emergency” world, Cashman & Co. have about $75 million remaining to build a roster. Let’s get to work.

SHOPPING LIST

OUTFIELDER

With Soto no longer in pinstripes, the Yankees may move Judge back to right field, freeing them to pursue a center fielder. They could also continue with Judge in center, though there might be better strategies, considering the wear and tear on their MVP. Verdugo is also a free agent, so they have to address left field, too.

Free agents: Anthony Santander, Teoscar Hernández, Jurickson Profar. Although Hernández has long been a Yankee killer, his defensive shortcomings make him a tough sell on a roster where Giancarlo Stanton is an everyday DH. The switch-hitting Santander will cash in once Soto makes his call, coming off an All-Star season in which he posted a 134 OPS+ for the Orioles. Profar has been on the Yanks’ radar for a few years; they love his versatility.

Trade possibilities: Cody Bellinger (Cubs). There was buzz last winter about planting Bellinger’s left-handed stroke in Yankee Stadium, although that vanished after the Soto trade. Bellinger will earn $27.5 million this coming year, with a $25 million option ($5 million buyout) for 2026. Analytics suggest that his power would improve in the Bronx, and his center-field defense is rated better than Judge’s. He can also help at first base.

In-house options: Jasson Domínguez. “The Martian” couldn’t convince the Yanks that he was ready during a brief September audition, but New York still sees its top prospect as part of the solution. If Domínguez firms up his defense over the offseason, he could win a spot in left or center.

FIRST BASEMAN

The Bombers must restore power at first base, a position from which they didn’t have a single homer after July 31 and posted the second-worst wRC+ (76) in the Majors.

Free agents: Pete Alonso, Paul Goldschmidt, Carlos Santana, Christian Walker. There could be appeal in drawing Alonso across borough lines, especially if Soto signs with the Mets, but Alonso’s asking price figures to be sky high, so Walker would be a more cost-effective option. A three-time Gold Glover, Walker barrels balls frequently and has been an above-average hitter for three years running with the D-backs (123 OPS+). Goldschmidt and Santana would provide veteran presence on short-term deals.

Trade possibilities: Bellinger. As mentioned above, Bellinger is no stranger to first base, having played 343 of his 1,058 career games there (22 last season with the Cubs).

In-house options: DJ LeMahieu. The Yanks don’t seem to be counting on LeMahieu, who produced just a 51 OPS+ in an injury-marred ’24 campaign. He’s under contract through 2026.

SECOND BASEMAN/THIRD BASEMAN

Torres rescued his season with a strong finish, but the Yanks have not shown much interest in retaining him. Jazz Chisholm Jr. may be a more natural fit at second base, though that would create a hole at third.

Free agents: Willy Adames, Alex Bregman. Adames is the most coveted shortstop in this year’s free-agent class, boasting middle-of-the-order thump and strong defense. The Yankees are unwilling to move Anthony Volpe off shortstop, but Adames would reportedly consider a position switch for a contender. Bregman’s defense is also excellent, though playing 81 games in Yankee Stadium won’t help his offensive numbers, which aren’t likely to return to their 2019 levels. (Oh, and there’s the whole Astros thing, too.)

Trade possibilities: Nolan Arenado (Cardinals). St. Louis is interested in dealing Arenado, who is owed $59 million through 2027 ($10 million is being paid by the Rockies). Though his offensive numbers have dipped, the eight-time All-Star is still a reliable defender at the hot corner and could also help at first base. Arenado has a no-trade clause and would need to approve a deal.

In-house options: Chisholm figures into this mix one way or the other. If the Yanks want to lean on youth, speedy infielder Caleb Durbin could get a look coming off a terrific Arizona Fall League performance that earned him a 40-man roster spot.

STARTING PITCHER

The Yankees don’t need another starting pitcher, but they would like to add one. Their rotation, as currently constructed, would feature Gerrit Cole, Carlos Rodón, Luis Gil, Clarke Schmidt and Marcus Stroman. That’s a solid five, but as Steinbrenner said, “I don’t think you can ever have enough pitching, right?”

Free agents: Walker Buehler, Corbin Burnes, Jack Flaherty, Max Fried. Once Soto is signed, Burnes will become the league’s most coveted free agent. The Yanks have reportedly spoken with Burnes and Fried, though those plans seem to be in a holding pattern pending Soto’s decision. “Mutual interest” has been reported between the Yankees and Buehler, who showcased his upside in the World Series, and Cashman tried for Flaherty at the Trade Deadline. Blake Snell could have fit here, but the Dodgers took him off the board.

Trade possibilities: Garrett Crochet (White Sox). The Yanks don’t seem to have the prospect capital to land Crochet; they tried in July and were rebuffed. On another note -- will the Yankees try to trade Stroman? He was moved to the bullpen late in the season and didn’t pitch after Sept. 25. Stroman is owed $18.5 million in 2025 and has a vesting club option for $18 million in 2026 that kicks in if he tosses 140 innings. (He pitched 154 2/3 in 2024.)

RELIEVER

With Holmes, Tim Hill, Tommy Kahnle, Jonathan Loáisiga and Tim Mayza all free agents, the Yankees must address how they plan on getting the ball to the ninth inning. Luke Weaver was excellent after being entrusted with the closer’s duties, but he could also be bumped back to a setup role. Cashman figures to actively seek arms in trades, and don’t rule out reunions with some of those arms (Hill and Loáisiga, especially) for depth.

Free agents: Carlos Estévez, Jeff Hoffman, Tanner Scott. The Yanks have cast a wide net in the relief market. The hard-throwing Estévez posted a 2.45 ERA in 54 appearances for the Angels and Phillies last year, while Hoffman logged a 2.17 ERA over 68 appearances as a reliable choice in that Philly ‘pen. Scott was on the Yanks’ wish list at the Trade Deadline, but he went instead to the Padres. The best closer available, he’s in line for big money.