by New York Yankees CEO Gerrit Cole is staying in the city. Cole remains with the Yankees on the original four-year, $144 million deal he had left on his contract despite opting out a few days ago, ESPN reports.
It’s an unexpected development in that Cole’s contract included a provision that if he opted out, the Yankees could void that decision by adding a $36 million year to his deal. That didn’t happen here. Rather, it’s as if Cole rescinded his opt-out without the Yankees relenting. Instead, the two sides have opted to keep the four-year, $144 million contract, according to ESPN.
Cole and the Yankees are expected to discuss an extension at a later date.
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Despite Cole’s success with the Yankees, there was an argument for him leaving. He turned 34 in September, his velocity and swing-and-miss percentages dropped this year and a few injuries cropped up. Cole did not make his season debut until June 19 after suffering a nerve infection in his elbow during spring training, and was set back in July by “general body fatigue.”
The Yankees are expected to cut payroll next year and will do their best to keep them Juan Soto. In a vacuum, letting the 34-year-old top pitcher leave so you can keep the 26-year-old superstar hitter is a no-brainer. But then again, these are the Yankees, and it doesn’t have to be either/or. They can both keep Cole And Soto.
Of course, there’s no guarantee that Cole will be a top prospect in the future. He won the Cy Young in 2023 but was without an ace like in 2024, and he’s now at the age where even the best pitchers are starting to decline.
Once healthy this year, Cole pitched to a 3.41 ERA in 17 regular season starts, and pitched quite well in the postseason. Cole took a no-hitter in the fifth inning of World Series Game 5 before New York’s defense fell apart — Cole didn’t cover first base on what would have been the third out – and the game escaped them.
In five seasons with the Yankees, Cole has pitched to a 3.12 ERA and averaged 4.8 WAR per 30 starts. He received Cy Young votes every year from 2020-23, including finishing second in the 2021 voting and winning the award in 2023. Cole is a six-time All-Star, including three times with the Yankees.
