What's next for Yankees after World Series loss?

The New York Yankees reached the World Series for the first time since 2009, but the season ended with one of the worst losses in the franchise's history, leaving a sour taste in the Bronx that will likely linger all winter.

Gerrit Cole called the Game 5 loss "as bad as it gets," while Aaron Judge said losing the World Series "will stick with me until I die." Aaron Boone, who will reportedly return next season, was emotional while speaking about how the season ended, saying the loss "will sting forever."

It was a year that was supposed to be celebrated - an AL pennant, another MVP award for Judge, and a generational player hitting ahead of him in Juan Soto. That would be enough to consider the season a success in most markets, but winning World Series No. 28 is all that matters in the Bronx.

As the players take the next few months to digest the loss, the Yankees' front office has no time to lick its wounds, as one of the more important offseasons for the franchise is already underway.

Here are some of the biggest questions facing New York this winter.

Does Soto return to Bronx?

The offseason revolves around Soto. There is no Plan B that provides the same impact.

Soto didn't go as far as wearing a Boras hat to his end-of-season media availability after the Game 5 loss, but he did make it clear that he has no loyalty to any team and is open to negotiate with whoever is interested.

The four-time All-Star said he enjoyed his time playing in New York alongside Judge, and both players were incredibly productive together. Can the Yankees really justify letting a Hall-of-Fame-caliber Soto leave in his prime after losing the World Series?

After turning down $440 million from the Washington Nationals two years ago, Soto has only increased his value. Bidding is expected to exceed $500 million, so the Yankees will almost certainly need to hand out the richest contract in the franchise's history, one that surpasses Judge's $360-million deal.

Soto's already won a World Series, and while he'll likely want to join a team that gives him a chance to win another one, his main motivation appears to be securing the largest financial commitment he can. He probably won't reach Ohtani money, but he'll at least be in the same stratosphere. The Yankees have the financial means to pay Soto whatever he wants. However, whether or not Hal Steinbrenner is willing to do so is another question.

The Yankees' biggest threat looks like it will come from Queens. The New York Mets enjoyed a resurgent season, and Steve Cohen has the funds to sign any player. A shot at signing a generational talent will inevitably result in a lot of interest, so expect the San Francisco Giants, Toronto Blue Jays, Boston Red Sox, Chicago Cubs, Philadelphia Phillies and even Los Angeles Dodgers to be in the picture. You can't rule out the San Diego Padres and Washington Nationals, either, and maybe even the Baltimore Orioles with their new ownership. Almost every team should try and speak with Soto and Boras.

Decisions on Cole and Rizzo

Brian Cashman has several options he'll need to make decisions about by Tuesday.

Cole's contract allows him to opt out of the remaining four years, $144 million on his deal and hit free agency. However, the Yankees can void that opt-out by tacking on an additional year at the end of his contract at $36 million, bringing the remainder owed to $180 million through the 2029 season. Even entering his age-34 season, and coming off an injury-shortened year, Cole would likely make more through free agency. The Yankees picking up that option therefore makes some sense.

The Yankees also hold a $17-million team option on first baseman Anthony Rizzo that includes a $6-million buyout. Rizzo is a valued member of the clubhouse, but it's difficult to justify that salary given his offensive decline. The most likely scenario is the franchise declines that option and negotiates a new deal. The club could also go in a different direction at first base with a more productive offensive player.

Luke Weaver's emergence at the back end of the bullpen helps soften the blow of a number of departing relievers. Exercising his $2.5-million option might be the biggest no-brainer this winter.

The other free agents

While Soto gets all the oxygen, there are a number of other key players hitting free agency. Longtime infielder Gleyber Torres, outfielder Alex Verdugo, and relievers Tommy Kahnle, Clay Holmes, Jonathan Loáisiga, and Tim Hill are now on the market.

Those departures clear almost $70 million in payroll, but the Yankees still have over $210 million on the books for next season, and New York will need to add a pair of corner outfielders should Soto and Verdugo not return. They could move Jazz Chisholm to center field and slide Judge back over to right, but that would create a void at third base. Chisholm's defensive versatility will be an asset when building the puzzle this winter. The door is open for Jasson Domínguez to get meaningful playing time next season. Either way, at least one corner outfielder needs to be added, as well as an infielder that can play second or third base. That's all in addition to a bullpen that needs a lot of work.

Offseason targets

Judge, Anthony Volpe, Giancarlo Stanton, Chisholm, and Austin Wells appear to be the only 2025 everyday players currently on the roster. There are openings for some younger players like Oswald Peraza and Oswaldo Cabrera, but expect the Yankees to make a number of adds to the offense.

While Soto is the top priority, bringing him back does not solve all the team's issues, and there are numerous free agents available that fit their needs. Pete Alonso could be the Yankees' next first baseman and middle-of-the-order bat. He's handled the pressures of New York with the Mets, though his OPS declined in each of the last three seasons, and it's always a gamble paying a first baseman a lot of money. Christian Walker could be a less expensive option if they don't bring back Rizzo.

Shortstop Willy Adames could be an option if he's willing to move to third base, or maybe Adames is signed to play shortstop and Anthony Volpe is packaged away in a trade. The Yankees could sign longtime Houston Astros third baseman Alex Bregman, though there's still a lot of animosity from Cashman and the fans over the sign-stealing scandal. After Soto, the corner outfield market contains sluggers Anthony Santander, Teoscar Hernández, and Tyler O'Neill.

The Yankees have done very well in trades over the years, and that could be an avenue they go down. Oakland Athletics outfielder Brent Rooker would be a perfect target, even though there will be a lot of interest and the acquisition cost will be significant. Cashman traded a lot away in order to acquire Soto and might be reluctant to part with more young pieces. Still, it always seems like the Yankees have the assets to land whoever they want. With the St. Louis Cardinals cutting payroll, taking on the remainder of Nolan Arenado's contract could also be an option at third base. Maybe closer Ryan Helsley can be included in a deal.

Should Cole return, the entire rotation from this year is under contract next season. Marcus Stroman did not pitch during the postseason despite being healthy, so there's a possibility the front office looks to move off him and add another veteran starter.

Whatever the Yankees decide to do, the front office needs to focus on bringing in players that are fundamentally sound. Poor defensive play and numerous baserunning issues plagued the Yankees throughout the season and into the playoffs. That will need to be addressed to avoid the same results in 2025. Meanwhile, there's nothing the front office can do to help eliminate Judge's postseason struggles other than hope things turn around in the future. Judge, Stanton, Cole and the rest of the core will be another year older next season, so keeping this window open remains imperative.

New York should be one of the top teams in the AL next season, but as they demonstrated in the World Series, there's another level the team needs to get to in order to compete with the likes of the Dodgers.

The big question remains the same - how much will defeat fuel Steinbrenner to spend?

If the Yankees don't bring Soto back, they better have a hell of a Plan B.