With Gerrit Cole opting out of the remaining four years and $144 million on his contract, the New York Yankees can retain their ace by adding an additional year and $36 million to his nine-year, $324 million deal, ESPN reported on Saturday.
Cole, 34, opted out less than a week after losing the World Series-clinching Game 5 to the Los Angeles Dodgers. The veteran right-hander held Los Angeles hitless through four innings as the Yankees tried to force Game 6, but it all fell apart in a five-run fifth, with all five runs unearned against Cole. The Dodgers went on to win 7-6 and hoisted the World Series trophy at Yankee Stadium.
Per the report, the Yankees face a Monday 5 p.m. ET deadline to add a year to Cole’s deal, which would be extended to five years for $180 million. The prevailing thought is that New York will keep the 2023 American League Cy Young Award winner in pinstripes.
If the Yankees decline to void Cole’s opt-out clause, one of the game’s best pitchers would be cast into a pool of stellar free-agent starters, including Blake Snell, Max Fried, Jack Flaherty, Corbin Burnes, Walker Buehler, Sean Manaea, Luis Severino and Yusei Kikuchi.
Earlier Saturday, the Yankees declined the $17 million club option for 2025 for first baseman Anthony Rizzo, 35, who will enter free agency.
Coming off his Cy Young Award win in 2023, Cole missed the first 2½ months of this season due to an elbow injury, but he went 8-5 with a 3.41 ERA in 17 starts, notching 99 strikeouts and 29 walks over 95 innings.
In his five seasons with the Yankees, whom he signed his $324 million deal with before the 2020 campaign, Cole finished fourth (2020), second (2021) and ninth (2022) in the Cy Young voting before taking home the coveted award in 2023, when he finished 15-4 with 222 strikeouts and an AL-best 2.63 ERA in 209 innings.
Cole was impressive in this year’s postseason, notching a 2.17 ERA in five starts, spanning 29 innings, with 22 strikeouts and 10 walks. In 22 career playoff starts, he is 11-6 with a 2.77 ERA.
Over 12 seasons with the Pittsburgh Pirates (2013-17), Houston Astros (2018-19) and Yankees (2020-present), the six-time All-Star is 153-80 over 317 starts (1,954 innings) with 2,251 strikeouts and 500 walks.
–Field Level Media
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