New York Yankees ace Gerrit Cole opted out of the final four years and $144 million remaining on his contract, reports ESPN. The team has not confirmed the option decision. Option decisions are expected no later than next Monday.
Although Cole opted out of his contract, the Yankees have a say in the matter. His contract allows the Yankees to waive the opt-out clause by adding one year at $36 million to his contract. That would turn his nine-year, $324 million contract into a 10-year, $360 million contract. It seems very likely that the Yankees will add a 10th year to Cole’s contract and keep him.
MORE: Other Notable MLB Contract Option Decisions
That said, there is an argument for Cole leaving. He turned 34 in September, his speed and swing-and-miss rates have declined this year and he’s had some injuries. Cole did not make his season debut until June 19 after suffering from nerve inflammation in his elbow during spring training, and he saw his start delayed due to “general body fatigue” in July.
The Yankees are expected to reduce their payroll next year and will strive to keep Juan Soto. In a vacuum, letting the 34-year-old ace pitcher go so you can keep the 26-year-old superstar hitter is a no-brainer. Then again, it’s the Yankees, and it doesn’t have to be one or the other. They can keep both Coles And SO.
New York’s rotation depth chart without Cole looks like this:
- LHP Carlos Rodon
- RHP Luis Gil
- LHP Nestor Cortés
- RHP Clarke Schmidt
- RHP Marcus Stroman
- RHP Cody Poteet
- RHP Will Warren
Five solid starters and enough depth, but no real ace either. Of course, there’s no guarantee that Cole will be an ace in the future. He won the Cy Young in 2023, but was missing an ace in 2024, and he’s now at the age where even the best pitchers start to decline. If the Yankees don’t retain Cole, they will likely look to bring in another starter.
Once healthy this year, Cole pitched to a 3.41 ERA in 17 regular season starts, and he pitched very well in the postseason as well. Cole scored no hits in the fifth inning of Game 5 of the World Series before New York’s defense collapsed – Cole did not cover first base on what would have been the third out – and the game got away from them.
In five seasons with the Yankees, Cole had a 3.12 ERA and 4.8 WAR in 30 starts. He received Cy Young votes every year from 2020 to 2023, including finishing second in voting in 2021 and winning the award in 2023. Cole is a six-time All-Star, including three times with the Yankees.
Separately, the Yankees announced they had declined Anthony Rizzo’s $17 million club option and would pay him a $6 million buyout. They picked up their $2.5 million club option to move closer to Luke Weaver.