The championship drought for the New York Yankees reached a 16th season in 2025. To snap it in 2026, Brian Cashman might first have to make some upgrades this winter.
How aggressive the Yankees plan to be is unclear. They already added multiple relief options for 2026 at the July trade deadline, also acquiring Ryan McMahon as their third baseman for next season. The starting rotation didn't look like it needed to be touched when the Yankees' season ended, but with Carlos Rodon and Gerrit Cole unlikely to be ready for Opening Day, a move or two could be on the table.
The biggest storyline of the offseason for the Yankees might be what happens with free-agent outfielders Cody Bellinger and Trent Grisham after their terrific seasons. New York certainly wants Bellinger back, but he will be one of the top players on the open market. Grisham, meanwhile, could look to cash in on a career-best year at the plate and might not line up with the Yankees' budget.
First base is also an area to watch with Paul Goldschmidt headed for free agency and unlikely to be brought back. Ben Rice could take over full-time at first base, but adding a platoon option or even bringing in a big-ticket addition that makes Rice expendable could be options on the table for New York.
Here's a look at the eight best free-agent targets for the Yankees this offseason.
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8. Ryan Helsley, RP/CL
Lon Horwedel-Imagn Images
- 2025 stats: 56.0 IP, 4.50 ERA, 63 K, 25 BB, 1.54 WHIP, 0.2 fWAR
The Yankees aren't necessarily in desperate need of another late-inning reliever, but the value on Ryan Helsley could be intriguing. The former St. Louis Cardinals closer is a two-time All-Star but came unglued in his two months with the New York Mets last season, posting a 7.20 ERA in 22 appearances.
Staying in New York may not be Helsley's first choice after that debacle, but his track record says no one should overreact to such a small sample size. Helsley had a 1.83 ERA with 82 saves from 2022-24, striking out 12.1 batters per nine. If he wants to take on a set-up role for a year and rebuild his value, Helsley should be someone the Yankees consider.
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7. Victor Caratini, C
- 2025 stats: 114 games,.259 AVG, 12 HR, 46 RBI,.728 OPS, 0.8 WAR
Barring a trade, the Yankees aren't well-positioned to replace Austin Wells at catcher. What they can do is bring in a part-time catcher who can hit a little bit. Victor Caratini is coming off three consecutive seasons with an OPS north of.700, a rarity for a backup catcher, and he showed some pop with 12 home runs in 386 plate appearances in 2025.
Caratini primarily faced right-handed pitchers this past season. 15 of Wells' 21 home runs came against right-handers, but he hit just.210 against them and had a higher OPS against left-handers. Even if not Caratini, bringing in someone who can challenge Wells to take a step forward is necessary this winter.
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6. Michael King, SP
- 2025 stats: 73.1 IP, 3.44 ERA, 76 K, 26 BB, 1.20 WHIP, 0.8 fWAR
Traded to the San Diego Padres in the Juan Soto deal two years ago, Michael King pitched like an ace in 2024 but lost a large chunk of his 2025 season to injury. He is still set to land a lucrative multi-year deal this winter. King has a 2.91 ERA over his last four seasons, pitching in both a starting and relief role, and he is intimately familiar with the Yankees after starting his career in the Bronx.
Whether the Yankees would hand out a big contract to a starter with the depth they have is unclear, but they have learned it's never possible to have too much starting pitching.
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5. Nick Martinez, SP
- 2025 stats: 165.2 IP, 4.45 ERA, 116 K, 42 BB, 1.21 WHIP, 2.1 fWAR
Nick Martinez is coming off a down year in Cincinnati, but he should have a strong market this winter because of his flexibility. Martinez has spent most of his career moving back and forth between the starting rotation and bullpen, so he could be the perfect fit for a Yankees team that expects to be missing two starters on Opening Day but would have a full rotation once they return.
While Martinez had a 4.45 ERA in 2025, he carried a 3.31 ERA over 359 innings from 2022-24 and posted a miniscule 1.1 walk per nine rate in 2024. Rather than adding a bonafide starter who might force the Yankees into a tough decision when everyone is healthy, New York can just add someone who gets outs regardless of the role in Martinez.
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4. Pete Alonso, 1B
- 2025 stats: 162 games,.272 AVG, 38 HR, 126 RBI,.871 OPS, 3.6 fWAR
The Yankees could make Ben Rice their full-time first baseman, or they could platoon him. Then, there is the third option: with offensive questions at catcher, shortstop and third base, New York could go all in and bring Pete Alonso to the Bronx after the Mets brought Juan Soto to Queens last winter.
Alonso might not be Soto, but he doesn't have to be. He has been one of the most durable players in baseball since he debuted, consistently threatens the 40-home run mark and recorded 80 extra-base hits in 2025. The contact bat is a wild card — Alonso hit.272 in 2025 but.240 in 2024 and.217 in 2023 — but the package is complete enough to potentially entice the Yankees.
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3. Kazuma Okamoto, 1B
- 2025 stats: 77 games,.322 AVG, 15 HR, 51 RBI,.992 OPS
Munetaka Murakami is the biggest fish on the international market this winter, but he likely isn't a fit for the Yankees as a poor defender and long-term designated hitter. 29-year-old Kazuma Okamoto, who hit.322 last season in a league lacking offense, could be a cheaper, more sensible option. Okamoto could at the very least platoon with Rice at first base or replace him altogether, and he is also capable of playing third if McMahon isn't in the lineup.
While Okamoto won't command the type of contract Murakami will, the Yankees could still deem him too costly given their other needs.
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2. Bo Bichette, SS
- 2025 stats: 139 G,.311 AVG, 18 HR, 94 RBI,.840 OPS, 3.8 fWAR
Are the Yankees ready to take a big swing on an infielder? Bo Bichette is one of baseball's top contact bats — he was on a 200-hit pace before a late-season knee injury — and he doesn't turn 30 until weeks before the 2028 season.
How long Bichette can stick at shortstop is the biggest question surrounding his market. He would be a massive offensive upgrade over Anthony Volpe, but after a rough defensive year, would Bichette be forced to move to second base in a year or two and make New York search for another shortstop solution? If the Yankees can get past that concern, Bichette would be a jolt of energy for their lineup, both now and long-term.
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1. Cody Bellinger, OF
- 2025 stats: 152 G,.272 AVG, 29 HR, 98 RBI,.813 OPS, 4.9 fWAR
There is no doubt Cody Bellinger should be the Yankees' top priority this winter, even with Kyle Tucker available. Bellinger has proven he can play well in New York, doesn't have much of an injury history outside of shoulder surgery five years ago and won't command as bloated of a contract as Tucker.
Re-signing Bellinger certainly wouldn't fix all of the Yankees' problems, but he was far from a problem in 2025 and is young enough to be a fixture of New York's lineup for years to come if retained.
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