I think, broadly, they're the same caliber of player and at positions of similar need for the 2024 club. So I think it's helpful to look at a list of pros and cons for each.
Bellinger Pros
- Bellinger is 2.5 year younger. This is a huge deal on long term contracts
- Bellinger's offensive style fits the club better. Chapman is a RHH hitter with poor contact, particularly on pitches up, and light tower power. We already have two of those in Wisdom and Morel, they just can't play anywhere near Chapman’s caliber of defense
- Bellinger's already tight with the team, showed he works well with the coaches, etc. Basically he's shown he's an A+ fit with any soft factors you might consider
- Bellinger can float between 1B or any OF spot and play plus defense. As he gets older he should be able to gracefully slide down tbe defensive spectrum. Chapman’s a superb 3B defender, but that's that. And when he gets older 1B is the logical transition spot
- Bellinger doesn't cost a draft pick. There is the opportunity cost of the pick we would gain if he signs elsewhere, but even there we're talking pick ~75 vs. pick ~45
Chapman Pros
- Chapman’s probably going to get quite a bit less money. Jeff Passan ballparked it as $175M for Bellinger and $125M for Chapman
- Chapman is a MUCH safer bet to perform. Last year's 3.5 WAR was the worst season of his career on a per inning basis, he'd never been below 4 (on a prorated basis his rookie year and 2020) before that
- I think most of us would agree that we feel better about the internal options at CF and 1B more than 3B. So on this roster replacement level is a lower bar for Chapman to climb over
I've said this elsewhere but essentially what it boils down to for me is I think Chapman’s a better option purely for 2024 while Bellinger is a guy I'm more likely to still want on the team in the back half of his deal.