Yankees ace Gerrit Cole has reportedly opted out of his nine-year, $324 million contract with four years still remaining, according to ESPN’s Kiley McDaniel and Jeff Passan.
However, New York is expected to void the opt-out by adding one year and $36 million to Cole’s current deal which ends after the 2028 season and still has $144 million left on it. If the Yankees do in fact bring Cole back (they have until Sunday evening to make a decision) the right-hander will make $180 million over the next five years.
Cole, 34, pitched in 17 games for New York in the regular season after starting the year on the 60-day IL with right elbow inflammation. He made an additional five starts in the postseason, including the decisive Game 5 of the World Series in which the Yankees lost to the Los Angeles Dodgers.
In that game, Cole had a no-hitter entering the fifth inning with his team up 5-0. However, a comedy of errors and misplays, including one by Cole who didn’t cover first base on a ball hit to first baseman Anthony Rizzo, led to the Dodgers tying the game and ultimately winning.
Nevertheless, Cole had a 3.41 ERA in 95 innings in the regular season and a 2.17 ERA in 29 innings in the postseason.
In five years pitching for New York, the right-hander is 59-28 with a 3.12 ERA and won the 2023 AL Cy Young Award.
