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Chicago Cubs first baseman Cody Bellinger (24). David Banks-USA TODAY Sports

MLB futures: Why haven't the division-favorite Cubs re-signed Cody Bellinger?

By Chelena Goldman | Last updated 1/31/24

Cody Bellinger might not have grabbed the same number of headlines that Shohei Ohtani did when each MLB player hit free agency last fall. But that didn't stop outlets from postulating where they thought the 2017 NL Rookie of the Year would land, and the Chicago Cubs have been heavily expected to bring Bellinger back.

Now, those who were all-in on Bellinger staying in Chicago are no doubt scratching their heads. Because the start of spring training is coming into focus and the 2023 Comeback Player of the Year is still without a team.

The Cubs are now listed as 9-5 favorites at DraftKings to top the NL Central and 28-1 to win the World Series. Plus, some of his teammates from last season have been vocal about the Cubs resigning him.

So why isn't Bellinger back on the roster?

The Cubs are the most likely landing spot for Cody Bellinger, via multiple sources.

There is "no indication that Bellinger is close to choosing a team," per @jonmorosi pic.twitter.com/hUwxBSROmf
— FOX Sports: MLB (@MLBONFOX) January 30, 2024

It's easy to see why the Cubs would like to have Bellinger back, given how he played last season. He ended 2023 slashing .307/.356/.525 with 26 HR and 97 RBI on 153 hits. He was part of a haul of new players that gave Chicago its first complete winning season since 2018 -- not including the truncated 2020 campaign -- and brought them within a game of making the postseason.

So what's the holdup? Forbes speculated that the Cubs are looking to pave the way for prospects to come up the pipeline. More than likely, however, it's that Bellinger's asking price is too high given how he played before arriving in Chicago.

"He had a great year last season, yes, but for some teams, that might not be enough to overshadow how badly he struggled for the three years prior," Forbes said of Bellinger, whose asking price and length is rumored to be upwards of $200 million for an eight-year deal. "Injuries played a role in that, but Bellinger had an OPS of .542 at his lowest point in 2021. That might be cause for a few teams to balk at something high priced and long-term."

NBC Sports suggested that a deal could get done between the two parties if Bellinger is open to signing a short-term deal. This would leave the door open for Chicago to keep grooming their top prospects and for Bellinger to stay with the team. However, they also note that "could be a hard sel" for Bellinger after the season he just had.

As for those betting odds the Cubs will top their division in 2024? It's worth it to keep an eye on those as the Cody Bellinger free-agency saga continues. There's no doubt those odds will change if he returns to Wrigley. Stay tuned.

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