Gerrit Cole may be a Yankee fan today, tomorrow, forever, but that didn’t stop him throwing New York’s front office a curveball on Saturday by opting out of his contract.
According to ESPN’s Jeff Passan and Kiley McDaniel, the Yankees’ ace informed the team of his decision to forgo the remaining four years and $144 million on his contract to become a free agent.
However the Yankees don’t have to let him walk away. The team can nullify Cole’s opt out clause by adding an additional one year and $36 million to his contract and lock up the pitcher through 2029 (bringing his remaining term to five years, $180 million).
New York has until Sunday night to invalidate the opt out and, according to Passan, the belief is that he’ll stay put:
The expectation is that the Yankees will add the $36 million to keep Cole at the top of their rotation and ensure that they don’t potentially lose multiple integral players, with star outfielder Juan Soto hitting free agency.
It’s certainly a bit of awkward timing for the 34-year-old righty who signed a Yankees’ franchise record nine-year, $324 million contract in 2019.
While Cole won the American League Cy Young Award in 2023, he only pitched the second half of the season in 2024 while dealing with an elbow injury. In Game 5 of the World Series against the Dodgers on Wednesday, Cole contributed to five unearned runs scored by L.A. after not covering first base during New York’s meltdown in the fifth inning.
If the Yankees decline to meet Cole’s demands, the pitcher will be among the most sought-after players on the open market.
