CHICAGO, IL - SEPTEMBER 21: Cody Bellinger #24 of the Chicago Cubs removes his pads after drawing a walk against the Pittsburgh Pirates at Wrigley Field on September 21, 2023 in
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MLB Contender Is Biggest Threat to Cubs in Cody Bellinger Sweepstakes

Free agent outfielder Cody Bellinger seems destined to re-sign with the Chicago Cubs this offseason. Nothing is imminent, though, and another team could be lurking in the background.

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Earlier this winter, a report from ESPN's Jesse Rogers noted that Bellinger and his agent, Scott Boras, were searching for a contract "well over $200 million." MLB.com's Mark Feinsand said in a Jan. 20 report that while many teams have been loosely connected to the left-handed hitter, nobody has been willing to get close to his asking price.

Feinsand noted that a Bellinger-Cubs reunion is the industry expectation. However, Chicago isn't going to bid against itself just for the sake of getting the 2023 National League Comeback Player of the Year back on its roster. One team that could be the greatest threat to the Cubs in this scenario, according to Feinsand, is the Toronto Blue Jays.

The Jays have been connected to Bellinger for a while this winter. Those rumors especially ramped up once Shohei Ohtani signed with the Los Angeles Dodgers and Bellinger's fiancee posted a picture of the Toronto skyline on her Instagram story in December.

Nothing materialized in the form of an offer for Bellinger after those events. Instead, Toronto began filling out its roster with other players, such as utility man Isiah Kiner-Falefa on a two-year deal and bringing back center fielder Kevin Kiermaier on a one-year contract.

With a projected opening day outfield alignment of Daulton Varsho, Kiermaier and George Springer, the Blue Jays are certainly less desperate than the Cubs to make something happen with Bellinger. However, Toronto is still looking for someone to take at-bats as designated hitter in 2024. If they signed Bellinger, they could make it work by getting him reps in the outfield and at first base, which would allow Vladimir Guerrero Jr. an opportunity to stay fresh while remaining in the lineup as the DH.

Bellinger put up 4.1 fWAR (FanGraphs' wins above replacement calculation) with a 134 wRC+(weighted runs created plus) and .881 OPS (on-base plus slugging) for Chicago in 2023, and they haven't done yet anything major to replace his production in the lineup. That's why many think the outfielder will eventually head back to the Windy City, but not before Boras tries to ignite some kind of bidding war for his client's services.

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