New York Yankees ace Gerrit Cole opted out of his contract Saturday, leaving the team with the ability to ensure he remains in pinstripes by adding an additional year at $36 million to the four years and $144 million that had been remaining on the contract, sources told ESPN.
Cole, 34, has been among the best pitchers in baseball over the course of his first five years with the Yankees, winning the American League Cy Young Award in 2023. After an elbow injury sidelined him for the first 2½ months of the 2024 season, he returned to make 17 starts, posting a 3.41 ERA and striking out 99 over 95 innings while walking 29 and allowing 11 home runs.
Cole's opt-out comes days after he started a Game 5 loss in the World Series. Following four no-hit innings, the Los Angeles Dodgers scored five unearned runs off Cole, with two errors and a miscommunication between Cole and first baseman Anthony Rizzo leading to the deluge.
The Yankees must decide by 5 p.m. ET on Monday to invalidate Cole's opt-out by making the remainder of his deal five years at $180 million.
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. Should New York decline its option to void Cole's opt-out, Cole would join a strong class of starting pitchers that includes Corbin Burnes and Blake Snell -- also represented by Cole's agent, Scott Boras -- Max Fried, Jack Flaherty, Walker Buehler, Yusei Kikuchi, Nick Pivetta, Luis Severino and Sean Manaea, who opted out of his deal with the New York Mets and will be a free agent, according to sources.
Before the 2020 season, Cole signed the largest free agent contract ever for a pitcher: nine years and $324 million. He finished fourth in Cy Young voting during the COVID-shortened 2020 season, second in 2021 and ninth in 2022 before winning the award in 2023, posting an AL-best 2.63 ERA with a league-high 209 innings.
An elbow injury sustained in spring training this year delayed Cole's debut until June 19. While his average fastball velocity dipped by about 1 mph from last year and 2 mph from 2022, Cole's five-pitch mix -- which includes a curveball, slider, cutter and changeup -- remained effective.
In five postseason starts this year, Cole posted a 2.17 ERA over 29 innings with 22 strikeouts, 10 walks and 1 home run allowed. Over his career, Cole is 11-6 with a 2.77 ERA in 22 playoff starts.