Yankees Ace to Remain in Pinstripes

Photo by Sports Illustrated

BRONX, NY: According to Jon Heyman of The New York Post on X, right-hander Gerrit Cole will rejoin the Yankees. Cole and the Yankees agreed to a nine-year contract in 2020 that guaranteed him $324 million and a salary of $36 million each season.

Cole had the option to opt out of that contract after 2024, but the Yankees may waive that option by adding a further $36 million season for 2029. The Yankees had to choose whether to add the extra year or not once he did, in fact, trigger that opt-out a few days earlier.

They would essentially have to choose between Cole being a free agent and keeping him for $180 million and five years.

Brian Cashman talked about the Cole situation in great detail. He claimed that although the team wasn't comfortable adding the fifth year, everyone wanted him to stay a Yankee. There are currently no ongoing extension discussions, however Cole agreed to the remainder of his contract and will finish out his original contract.

Cole performed at an ace level throughout the first four years of the contract, making it seem inevitable that he would use his opt-out, but the Yanks added the last year and kept him on. One year ago, when Cole won the 2023 American League Cy Young award with a 2.63 ERA in 209 innings over 33 starts, that was the prevailing opinion.