The Yankees now have the choice of not re-signing Juan Soto

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

It’s unpleasant to lose Juan Soto as a free agent, but things are already moving behind the scenes after the star outfielder agreed to a trade to the Mets.

“There are a lot of different players in this market that can positively impact this roster in different ways,” general manager Brian Cashman said recently. “We will work on all aspects and possibilities and explore all possible options to put together the best possible team for 2025. I want to get back to where we just ended, which is the World Series.”

So what could a plan B look like? Let’s start with the financials.

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

For this exercise, let’s set 2025 payroll at a nice round number of $300 million – it could be a little higher or lower, but we’re on track. And with Soto now playing somewhere else in this “break in case of emergency” world, that leaves Cashman & Co. with about $75 million left to build a roster. Let’s get to work.

With Soto no longer wearing the pinstripes, the Yankees can move Judge back to right field to pursue a center fielder. They could also move forward with Judge under center, although there might be better strategies given the wear and tear on their MVP. Verdugo is also a free agent, so they need to address left field as well.

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

Trading opportunities: Cody Bellinger (Cubs). There was a lot of buzz last winter about landing Bellinger’s left-handed bat at Yankee Stadium, but that disappeared after the Soto trade. Bellinger will make $27.5 million next year, with a $25 million option ($5 million buyout) for 2026. Analysis suggests his power would increase in the Bronx, as would his midfield defense is rated better than Judge’s. He can also help at first base.

In-house options: Jason Dominguez. “The Martian” failed to convince the Yanks he was ready during a brief audition in September, but New York still sees its top candidate as part of the solution. If Domínguez strengthens his defense during the offseason, he could secure a spot at left or center.

The Bombers need to restore power at first base, a position from which they haven’t had a single home run since July 31 and posted the second-worst wRC+ (76) in the majors.

Free agents: Pete Alonso, Paul Goldschmidt, Carlos Santana, Christian Walker. It could be attractive to lure Alonso across county lines, especially if Soto goes to the Mets, but Alonso’s price numbers are sky-high, making Walker a more cost-effective option. A three-time Gold Glover, Walker hits balls frequently and was an above-average hitter for the D-Backs for three years (123 OPS+). Goldschmidt and Santana would provide veteran presence on short-term deals.

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

In-house options: DJ LeMahieu. The Yanks don’t seem to be counting on LeMahieu, who posted just a 51 OPS+ in an injury-plagued ’24 season. His contract runs until 2026.

SECOND BASEMAN/THIRD BASEMAN

Torres saved his season with a strong finish, but the Yanks didn’t show much interest in keeping him. Jazz Chisholm Jr. could fit more naturally at second base, although that would create a hole at third base.

Free agents: Willy Adames, Alex Bregman. The most sought-after shortstop in this year’s free agent class, Adames boasts a medium-strength shot and strong defense. The Yankees are unwilling to move Anthony Volpe from shortstop, but Adames would reportedly consider a position change for a contender. Bregman’s defense is also excellent, although 81 games at Yankee Stadium won’t help his offensive numbers, which likely won’t return to 2019 levels. (Oh, and there’s the whole Astros thing.)

Trading opportunities: Nolan Arenado (Cardinals). St. Louis is interested in a deal with Arenado, who is owed $59 million through 2027 ($10 million will be paid by the Rockies). Although his offensive numbers have dropped, 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 have to agree to a deal.

In-house options: Chisholm fits into that mix in one way or another. If the Yanks want to rely on youth, speedy infielder Caleb Durbin could get a shot after a great performance in the Arizona Fall League that earned him a spot on the 40-man roster.

Not the Yankees need another starting pitcher, but they would like to add one. Their current rotation would consist of 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 sought-after free agent. The Yanks have reportedly spoken to Burnes and Fried, although those plans appear to be on hold pending Soto’s decision. There were reports of “mutual interest” between the Yankees and Buehler, who showed 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.

Trading opportunities: Garrett Crochet (White Sox). The Americans don’t seem to have the capital to land Crochet. They tried in July and were turned away. Another note: Will the Yankees try to trade Stroman? He was moved to the bullpen late in the season and did not throw a pitch after September 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 throws 140 innings. (He threw 154 2/3 in 2024.)

With Holmes, Tim Hill, Tommy Kahnle, Jonathan Loáisiga and Tim Mayza all free agents, the Yankees will have to think about how they want to get the ball to the ninth inning. Luke Weaver did an excellent job after being entrusted with closer duties, but he could also be moved back into a provider role. Cashman expects to be actively looking for weapons in deals and doesn’t rule out reunions with some of those weapons (most notably Hill and Loáisiga) for depth reasons.

Free agents: Carlos Estevez, Jeff Hoffman, Tanner Scott. The Americans have cast a wide net on the aid market. The hard-throwing Estévez posted a 2.45 ERA in 54 appearances for the Angels and Phillies last year, while Hoffman posted a 2.17 ERA in 68 appearances as a reliable pick in this Philly era. Scott was on the Yanks’ wish list at the trade deadline, but went to the Padres instead. The best closer there is is on his way to making big money.