Report: SF Giants, Yankees, Cubs are favorites to sign CF Cody Bellinger

The SF Giants, Chicago Cubs, New York Yankees are the early favorites to sign free-agent center fielder Cody Bellinger, per a report by Bob Nightengale.

The SF Giants appear to be making an aggressive pursuit of top free-agent outfielder Cody Bellinger (#4 ranked free agent). Coming off a bounceback season with the Chicago Cubs, Bellinger is largely expected to receive a contract in the $150 million range. According to a report by Bob Nightengale of USA Today on Sunday, the Giants, Cubs, and New York Yankees are currently the three most likely landing spots for the 28-year old.

Chicago Cubs OF/1B Cody Bellinger runs against the Pittsburgh Pirates. (2023) / David Banks-USA TODAY Sports

"The New York Yankees, Giants and Cubs are the favorites for free-agent center fielder Cody Bellinger," Nightengale wrote.

Bellinger is easily one of the most enigmatic free agents this offseason. In his first season with the Cubs, Bellinger hit .307/.356/.525 with 26 home runs and 20 stolen bases in 556 plate appearances. However, more advanced numbers raised some questions about whether he will be able to maintain that level of production.

Bellinger hit the ball hard at the lowest rate of his career and had a career-low average exit velocity. His expected batting average (.270) and expected slugging percentage (.437) were both above-average, but notably worse than his standard numbers. At the same time, Bellinger slashed his strikeout rate to a career-best 15.6% and remained an excellent baserunner.

This is not the first time the Giants have been tied to Bellinger. Last offseason, after he was non-tendered by the Los Angeles Dodgers, the Giants were reportedly interested in Bellinger before he signed with the Cubs. Giants president of baseball operations Farhan Zaidi and former manager Gabe Kapler both had plenty of connections to Bellinger given that they worked together early in his career with the Dodgers.

A key reason Bellinger is going to receive a massive contract this offseason is his relative youth and impressive track record. After all, he was one of the best players in MLB from 2017-2019. As a rookie, Bellinger hit 39 home runs, finished ninth in MVP voting, was selected to the All-Star team, and won Rookie of the Year.

After a solid sophomore season, Bellinger had an exceptional 2019 campaign. He hit .305/.406/.629 with 47 home runs and 15 stolen bases en route to the 2019 National League Most Valuable Player award. Still just 24-years old, it seemed like Bellinger was just beginning a potential Hall of Fame career.

However, an accumulation of serious injuries over the subsequent seasons took their toll on Bellinger. In the pandemic-shortened 2020 campaign, Bellinger posted a more pedestrian .239/.333/.455 triple-slash. Still, most thought Bellinger would return to MVP form. Instead, his production collapsed in 2021, hitting .165/.240/.302 in 350 plate appearances. Bellinger's elite power seemingly disappeared overnight as the young outfielder struggled to keep up with big-league fastballs all season long.

In 2022, Bellinger rebounded against fastballs (hitting .248 with a .477 slugging percentage), but was still far away from his previous peak form. Moreover, pitchers adjusted by throwing more breaking balls and offspeed pitches, which Bellinger seemed overmatched against. Overall, he finished the season with a well below-average .210/.265/.389 triple-slash. Given his production in 2023, though, it seems like Bellinger was beginning to turn a corner.

Bellinger's athleticism does make it easier for a team like the Giants to gamble on his offensive upside. Bellinger is not just an excellent baserunner but is also an elite defensive center fielder. In fact, he has received positive grades in center field, per Outs Above Average in each of the past six seasons.

If the SF Giants are able to finalize a deal with Cody Bellinger, the left-handed hitter would immediately slide into an everyday role in center field, likely shifting Mike Yastrzemski to right field. With Yastrzemski in right, the Giants could shift Michael Conforto to left field or look to trade him in an attempt to get more athletic.