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.

Brian Cashman glanced down to read a text message, looked up, then heard his cell phone ping again. The Yankees’ general manager was on a Zoom call with reporters late Friday afternoon, discussing his club’s trade for closer Devin Williams, and he offered an apology for seeming distracted.

“I keep getting texts back and forth with other opportunities that may exist in the marketplace,” Cashman said. “Listen, we’ve got to move forward and figure out a way to put the best team on paper we can. Now is the time to strike; it’s the wintertime.”

The Yankees wasted little time shifting to Plan B once top target Juan Soto moved across borough lines to accept a record-setting contract with the Mets. They licked their wounds during the first day of the Winter Meetings, then bolstered the rotation by landing left-hander Max Fried with an eight-year, $218 million contract by the close of business on Day 2.

With the groundwork set in place by their discussions in Dallas, the Yankees closed the week with a significant trade, acquiring the two-time All-Star Williams from the Brewers in exchange for left-hander Nestor Cortes, infielder Caleb Durbin and cash considerations. With Williams’ big-time fastball and devastating changeup, the late innings feel more secure.

There is more to do, Cashman said, and time is growing scarce to do it. The Yanks are aiming to overcome two late starts to their winter; the first because of a World Series appearance that delayed some of their offseason preparation. Then, they had to wait for a decision from Soto. Forget shopping days until Christmas; there soon won’t be enough left before pitchers and catchers.

“Eventually, that inventory is going to get a lot smaller and you’re entering Spring Training with less opportunity to drastically improve your club until the Trade Deadline,” Cashman said. “So we want to take advantage of this window of opportunity.”

Fried and Williams are a good start, but the Yankees have numerous other needs to satisfy. Cashman acknowledged that “so far this winter, I haven’t imported a position player yet,” saying that he hasn’t “been able to match up with something that makes enough sense in my world, or their world.”

Those dialogues are continuing, and let’s begin in the outfield. After exploring a potential trade for All-Star Kyle Tucker, who went instead from the Astros to the Cubs, the Yanks continue to be linked to Cody Bellinger.

Though the Cubs have thus far balked at picking up much of the two years and $52.5 million remaining on Bellinger’s contract (including a $25 million opt-out for 2026), negotiations are thought to be ongoing. In pinstripes, Bellinger’s left-handed bat could fit either in center field or at first base.

Other outfield choices include free agents Joc Pederson, Jurickson Profar or Anthony Santander.

The speedy Durbin was considered the in-house frontrunner at second base, leaving Oswaldo Cabrera, DJ LeMahieu and Oswald Peraza as the next choices on the depth chart. Cashman confirmed that the Yankees have talked with agent Scott Boras about third baseman Alex Bregman, and they have explored a potential trade with the Cardinals for veteran Nolan Arenado.

These discussions suggest they are considering moving Jazz Chisholm Jr. to second base in the right situation, where he’d replace Gleyber Torres.

The Yanks are also looking to upgrade at first base; Bellinger could fit the bill there, but so too could free agents like Pete Alonso, Paul Goldschmidt, Carlos Santana or Christian Walker. Of that group, industry sources suggest Walker is the most likely fit. Reports have also suggested potential trades for Yandy Díaz of the Rays or Josh Naylor of the Guardians.

“The job is not done yet; we have more to do,” Cashman said. “Hopefully you can run into some opportunities that make sense for two sides, because it’s either matching with an agent or matching with an opposing club. I hope to have more Zoom calls with you all at some point to talk about something else.”