Losing Juan Soto to the rival New York Mets still stings, but the New York Yankees rebounded in an encouraging way on Tuesday, acquiring former Atlanta Braves ace Max Fried on a massive eight-year deal. Fried gives New York some much-needed firepower in its starting rotation, a true running mate as Gerrit Cole ages into his mid-30s. Even beyond the on-field impact, though, it was encouraging to see the Yankees move like the Yankees again, pouncing on the best available free agent so resoundingly that they gave him no choice but to say yes. Maybe whiffing on Soto was the wake-up call that Hal Steinbrenner and Brian Cashman needed.

Or maybe not. Even with Fried now on board, there’s still a ton of work to be done to put New York in position to contend for a World Series in 2025. The bullpen needs to be rebuilt. There are holes at first base and second base. And, perhaps most glaringly of all, they need an outfielder to replace Soto, preferably someone who can play center to allow Aaron Judge to shift over to right. All of those tasks are doable, especially with the Yankees’ resources, provided that the team’s willing to use them.

Unfortunately, the latest report from the Winter Meetings suggests that Steinbrenner and Cashman are still busy playing the same old games.

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Cody Bellinger has been on New York’s radar since even before Soto made his decision. He can play center field and first base, two positions of need, and his left-handed swing seems tailor-made for the short porch at Yankee Stadium. And given the dearth of free agent options available, there simply aren’t a ton of alternatives, let alone ones that bring Bellinger’s above-average bat.

And luckily for the Yankees, the Chicago Cubs seem dead-set on dealing him, looking to free up payroll and playing time amid a glut of outfield options. All New York has to do is take the money off of Jed Hoyer’s hands — but apparently that’s too much to ask. According to Jon Heyman of the New York Post, the $52.5 million Bellinger is due over the next two years has become a major sticking point.

In a vacuum, sure, $52.5 million for Bellinger’s age-29 and -30 seasons is a bit much. But it’s not egregiously so, and more importantly, these things don’t happen in a vacuum. The Yankees need upgrades to contend, and Bellinger is the best one available. That’s not an excuse to “spend like drunken sailors,” as Cashman put it, but the team can add Bellinger’s salary to the Fried deal and still not touch the number it was prepared to pay Soto next season.

The money is there, in other words, but New York is balking at the idea of spending it. Maybe Cashman is correctly reading that the Cubs don’t have much leverage here, desperate to trade a player with limited suitors. Maybe the Yankees will win the staring contest and wind up winning themselves some extra flexibility. But the longer this goes, the more the team runs the risk of making the same mistake all over again, dying on principle rather than simply swallowing its pride to get better.