Right-hander Gerrit Cole has triggered the opt-out in his deal with the Yankees, per Kiley McDaniel and Jeff Passan of ESPN on X. However, he is not yet a free agent, as the club has a chance to void the opt-out by tacking on an extra year at the same $36MM salary as the rest of the contract.
Cole’s original deal with the Yanks was for $324MM over nine years with even salaries of $36MM in each season, starting in 2020. Per that deal, he could opt out after five years, walking away from the final four years and $144MM. The Yanks could then tack on another $36MM for 2029 and negate the opt-out. Now that Cole has triggered his opt-out, the Yankees now have to effectively decide if they want Cole back for $180MM over the next five years. If not, Cole will return to free agency.
For the first few years of the contract, Cole continued to pitch to his usual excellent standards. From 2020 through 2023, he tossed 664 innings, allowing 3.08 earned runs per nine. He struck out 31.1% of batters faced, limited walks to a 5.9% clip and got grounders at a 41.1% clip. He racked up 15.4 wins above replacement in that time, per the calculations of FanGraphs, fifth in the majors behind Zack Wheeler, Corbin Burnes, Kevin Gausman and Aaron Nola. He won the American League Cy Young last year by posting a 2.63 ERA over 209 innings.
Throughout that time, it seemed quite obvious how the contract situation would play out. Cole would make the no-brainer decision to trigger his opt-out while the Yanks would make the equally-easy decision to add on the extra year, bringing their total commitment to $360MM over 10 years.
But the road ahead became a little less certain as things developed in 2024. Cole dealt with some elbow inflammation during spring training and was shut down for a while. No structural damage was found but he was sent to the 60-day injured list as he underwent his non-surgical rehab. He was eventually able to get back on the mound, making his season debut in the middle of June.
He was a little shaky at first, with a 6.75 ERA through his first four starts, but his numbers were far more Cole-like from there. He posted a 2.67 ERA in his final 13 starts of the year. His 25.7% strikeout rate wasn’t quite all the way back to his usual level but his 6.8% walk rate was still quite strong. He made another five postseason starts with a 2.17 ERA, helping the Yanks reach their first World Series since 2009.
While Cole has seemed like his old self for months, the Yanks may still have to think about this one. As seen in MLBTR’s Contract Tracker, the largest deal for a pitcher aged 34 or older was the five years and $185MM that the Rangers gave to Jacob deGrom. That deal hasn’t gone well so far, as deGrom required Tommy John surgery and hardly pitched for the Rangers in the first two years of that pact. The Yankees would have to essentially match that deal to prevent Cole from getting away. As mentioned, tacking on the extra year would mean committing to paying Cole $180MM over the next five years, just shy of the deGrom deal.
Cole’s record of durability is far better than deGrom’s. Cole has thrown almost 2,000 innings to this point in his career while deGrom was just over 1300 when he signed with Texas. Still, Cole is just recovered from a notable absence related to his throwing elbow. Most of the other pitchers in this age bracket signed shorter deals with higher average annual values, with Wheeler’s recent extension with the Phillies coming in at $126MM over three years. Max Scherzer’s deal with the Mets was $130MM over three, though he was a few years older, starting that deal at age-37.
The Yankees are facing the prospect of Juan Soto hitting free agency and Cole is potentially a second superstar departure. Some have argued that the Soto situation should motivate the Yanks to keep Cole, just to stave of that possibility of losing two stars on the heels of a frustrating World Series loss. On the other hand, some have suggested that the Yanks might welcome having an extra $36MM of payroll space to use on luring Soto back to the Bronx.
The latter line of thinking would leave a big hole in the rotation, but it wouldn’t be an awful group without Cole. The projected rotation would still include Carlos Rodón, Luis Gil, Clarke Schmidt, Nestor Cortes and Marcus Stroman. If the Yanks let Cole go, they could focus on Soto and circle back to him later or pursue some other starting pitchers. They had reported interest in Blake Snell last winter and he is opting out of his deal, becoming a free agent again. The market will also feature Burnes, Jack Flaherty, Max Fried and plenty of others. Garrett Crochet, Erick Fedde and dozens of other could be available in trade.
It’s one of the more interesting decisions of the offseason. Most free agent contracts bring back the best returns in the early years and get more painful as the deals go along. The Yankees have a chance to walk away after the best years and perhaps avoid the downside. But doing so would mean letting one of the best pitchers in the league slip through their fingers. They have until Sunday evening to decide, per Bob Nightengale of USA Today on X.
Kolukonu
Honestly? Let him walk. Go after Burnes.
SweetBabyRayKingsThickThighs
Sometimes you have to let the bigman go away. When Cannibal Corpse kicked out Chris Barnes and replaced him they never looked back while Barnes became a living meme.
Fever Pitch Guy
Sweet – Agreed! Cole has proven to not be a big game pitcher.
He should make a new sign:
“Yankee pitcher who can’t be bothered to cover first base
Today
Tomorrow
Forever”
NYCityRiddler
@Fever That’s beautiful baby, beautiful, f#€\ Cole!!
Gforce
Better yet:
YANKEE FAN TODAY TOMORROW FOREVER
(AS LONG AS YOU GIVE ME ANOTHER 36 MILLION DOLLARS)
MWeller77
I think it’s a little unfair to single out Cole for that one mistake. Yes, it was a huge mistake, but his defense had already given the Dodgers two extra outs. If Volpe OR Judge makes their play, then Cole strikes out Ohtani to end the inning and the narrative is very different.
He also went two solid innings after the 5th to keep the Yankees in the game.
As a Dodger fan, I’ll admit that I literally laughed out loud with joy and relief when Mookie reached first. The Yankees also might be wise to let Cole walk. But putting that 5th-inning collapse all on Cole is a bit harsh.
AgentF
Hahaha… what an excellent comparison. Respect!
Unclemike1525
Happiest man in America right now? Cashman.
thickiedon
Sweetie, with all due respect to Corpsegrinder, CC post-Barnes is incomparable. And Barnes has been way more successful in SixFeetUnder.
Maybe the appropriate comp is Sepultura post-Max because we all know Derrick Green ain’t no Cavalera
Badfinger
I’d be careful with Burnes. His numbers are trending in the wrong direction.
slider32
Word has it Burns is going to Cali- either Dodgers/ Angels
gbs42
slider, where are you getting the “word” about Burnes wanting to go to LA?
El Kabong
Ha. There is no word. Not that it matters. The Dodgers will be fine regardless. They’re always looking to get better.
Gasu1
So are Cole’s. And only 95 innings this year. He’s 34. I would gladly give him $36M per for a 3 year contract. But not 5.
Brian Cashman Fan
I’d rather have Cole than Burnes. The latter’s peripherals are quite troubling and he’d want a much longer deal..
Anthony maresca
Burnes is only 30 , Cole 35 so ask yourself Burnes for 7/255 or Cole 5/180 thru age 39?
ohyeadam
Snell is out there too. He’s looked better than Cole/Burnes
Anthony maresca
Snell wont shave his goatee
Yankee Clipper
He doesn’t have to… it’s obviously fake facial hair.
ohyeadam
Dang I forgot about the chin hahaha
mlb fan
“won’t shave goatee”…Scott Boras will shave off his goatee for him for the right offer. Wait and see. I’ve never heard of anyone liking facial hair more than they like $200M+.
mab51357
I think it’s more about him disliking the Yankees.
highflyballintorightfield
As a guy, I’m not a great judge of these things, but Cole strikes me as a much better-looking dude without a beard. I would not have expected that and maybe the same will be for Snell.
Perksy
Snell is also a walking injury
Anthony maresca
Snell not getting anywhere near $200 million. Yankees 6/150 last winter was his best chance of a long term deal so if he get 4/115 he be very lucky but Ill peg him at 3/90
Albert Belle's corked bat
After leaving Tampa, Snell stayed on the west coast. He lives in Seattle and had a recent child. No way he comes back East.
letitbelowenstein
True, Kol. Cole is on the verge of a real downswing. They actually would be better off pursuing Snell and then going after Flaherty or Pivetta.
rct
Burnes? Please check out his K numbers, ERA, EV, etc. He’s trending in the wrong direction. If he keeps this up he’ll be league average in a couple of years.
padam
Agreed. Sadly, I think this may be a move Stearns makes that could be regrettable.
angelsbroncosfan
This will be an interesting decision for the Yankees
kc38
Not even close. This is an easy yes from NY
Fever Pitch Guy
kc – Your post may not age very well at all.
Do you have access to his medicals?
Would you rather have him instead of Soto?
How many titles has he led his teams to?
He’s a very good pitcher, but not elite.
dpcollects
He’s elite. But do they want to pay for very good in years 3-5?
Yankee Clipper
I agree. Cashman called Cole his “White Whale” when he was able to sign him in FA. Although I think it could be argued that the Yankees {should} let him walk, I don’t think they will. I don’t believe it’ll even be a discussion internally.
GaryWarriorsRedSoxx
I think it’s an easy decision to let him walk. They would have gladly signed him for 5 years and all that money but it required 9 years and four more at the same money to secure him.
With his opt out, it works out as great for the Yankees for 5 years and now move on. The extra 4 years and being held over a barrel with the original signing is gone and thankfully so in my opinion.
Yankee Clipper
Gary, I don’t think you’re wrong for your opinion, but I don’t think that Yankees are quite as astute. I want Cole to stay, I think he will, but allowing him to leave is not a bad decision if I’m being objective.
BronxBombers23
Yankees need an Ace. Who are your options? Do you rather have Burnes? I don’t trust him long term. There are some red flags.
And Snell only shows up in the second half, if he shows up at all.
BronxBombers23
Cole/Snell/Burnes, Rodon, Schmidt, Gil isn’t enough. How about trading for Alcantara or Crochet? If healthy, Sandy is one of the best in Baseball.
TerryTurnbuckle
It’s their money but dumb to void it. Let that sob walk and wind up with some ridiculous club so he sees how good he had it in NY
just_thinkin
Lol the salt
njbirdsfan
lol the defending a team who couldn’t care less if you were on fire at their stadium
just_thinkin
What? I hate the Yankees, and I am laughing at the salty Yankees fan tears
TerryTurnbuckle
I’m sure they have a contingency plan for fans that are on fire in the stadium since it happens so often. Baseball has a fan on fire issue. Always has. Always will
Oddball Hererra
Can they make a new contract contingent upon covering first base?
DanM-9727
Best comment so far
Lindor's Bodyguard
Contingent on pitching well against the Mets.
nando390
Future dodger
DerekBellsMoistMoustache
That’s two time World Series loser Gerrit Cole to you
Erebus
In all fairness if AJ Hinch brought in Cole instead of Will Harris the stros probably win that World Series. Cole was pissed as soon as it happened
slider32
Cole should have won both starts with average defense!
Erebus
They ran into a juggernaut team who practically prints money. Still a hell of a season for the Yankees after what they looked like in 2023
DanM-9727
The Yankees print money and lose. By the way, before signing Ohtani, Yamamoto and Teoscar last offseason, the Dodgers, despite being a big market team had been “responsible” with their free agent acquisitions, having only signed Freeman, Trevor Bauer and AJ Pollock during the Andrew Friedman era. Betts’s large contract was an extension, not a free agent signing. No one is saying anything about the Padres having spent nearly a billion dollars a couple years ago in their attempt to overtake the Dodgers. By your account, they print money and lose too. Like the Yankees.
Erebus
They deferred 700 million to Ohtani. Doesn’t matter what they did it years past they print money at this point
DanM-9727
By the way, just to educate you further, the Yankees print a lot more money than the Dodgers. See the top MLB payrolls in 2024:
New York Mets $311M
New York Yankees $306M
Houston Astros $249M
Philadelphia Phillies $245M
Texas Rangers $232M
Atlanta Braves $229M
Toronto Blue Jays $227M
Los Angeles Dodgers $225M
Erebus
You forgot the 700 million deferred loophole. Hey they even deferred some of Teoscers 23 million
The dodgers spent over a billion dollars this last offseason. Maybe you should educate yourself there Danny boy
DanM-9727
Ohtani deferred that money. The Dodgers weren’t going to say no to that. You could have said they ran into a great team and flat out lost. Almost got swept hadn’t been for the bullpen game that was more of a punt game. Roberts didn’t pitch any of his high leverage arms in that game, saving his elite relievers for the remaining games.
DanM-9727
The point is you have no argument saying the Yankees lost because they ran into a juggernaut that prints money when the Yankees, per their payroll, prints more money than the Dodgers. When the Yankees lost to the lowly Marlins in 2003, what was your reasoning then? Because you were the juggernaut then and still lost. It’s not the money, it’s the performance. And the Yankees choked!!! Period.
padam
Outside of Machado and Bogy, who did the Padres spend billions on in free agency? Tatis was an extension. Snell was a year. Darvish was reasonable. They are no different than any other team out there, such as the Dodgers and Giants. They’re just trying to keep up with them.
gbs42
Derek with the most foolish take.
sports_fan1
What a decision to make for them o would be clueless that’s why I’m not a manager
rememberthecoop
Especially since you apparently think that the manager makes this decision.
gbs42
The manager isn’t making that decision.
receo
It’s a no-brainer for the Yanks…hard pass
Jonathan (NYSportsFan4Life)
Tough decision emotionally, personally I’d let him walk to save MORE money for Soto and even go for Burnes… but I LOVE Cole so much, we betrayed him over the years by not winning a chip and both WS games he started.
debubba
I didn’t know you were part of the team. What position did you play?
gbs42
A “chip?” Is that supposed to be lingo for “championship?” If so, it’s mid
Rick Pernell
What if Cole and Soto were both to walk???
Could the Yankees acquire enough pitching to balance the table? How do the Yankees plug all the holes in their lineup? Can New York run the bases aggressively and not rely so much on the home run?
Yankee Clipper
No and no. If they both walk Yankees will be lucky to make the postseason, imho. They have neither the stomach nor the business acumen to mitigate those losses.
It’s also why I feel that the Soto decision is the *only way to keep this team close – yes, it can be easily argued that Soto’s money would be better spend by filling multiple holes, but what worries me is the Fishman/Cashman combo of deciding where to spend it.
Fever Pitch Guy
Clip – Any team with a healthy Judge (at least 140 games played) will make the postseason.
It’s not like the Yankee would pocket the money saved on those two, they would surely spend to acquire additional talent.
Yankee Clipper
You’re right FPG, but they had Judge in ‘23 and they didn’t. Granted your exception ‘healthy Judge’ is noted, but I’m not so sure he going to stay healthy as he ages.
Fever Pitch Guy
Clip – Judge missed more than a third of the 2023 season. Sure there’s no guarantee of future health, but with the Yankees you can basically punch their postseason ticket every year as long as the injuries are avoided.
slider32
If they walk the Yanks could sign Fried, Alonzo, Bregman, Adames, Scott, Bummer, Lopez and still have money left over.
rickoppelt
He’s in the twilight of his career. Anyone who thinks he’s worth $36m a year for the next five years is insane. Yankees just got a gift from Cole.
laynestaley2002
Exactly and perfectly said.
Erebus
He won the Cy Young in 2023 and was injured this year and pitched only 95 innings and still managed a 3.69 fip. How is that twilight of his career
Fever Pitch Guy
rick – You are 100% correct!
Whenever a team gives contracts of 9 or more years, they tack on the last few years knowing his performance will likely decline and therefore he will be overpaid during those final years. If the Yankees are smart, they will realize they got the 5 best years of Cole without having to overpay for the remainder of the contract. They’ve GOT to be smart enough to realize Cole gave him a gift as you said.
Erebus
Fever who do they replace him with? The odds of him being good years 4-5 are bad but he’s highly likely to be a top pitcher the first 3 years. For a team coming off a World Series appearance they have to keep him.
dmp13
If the Yankees have more SPs in the minors on the cusp of breaking through, they could get Cease from the Padres.
Acoss1331
Yankees won’t let him go. He showed he had grit, in my mind, after that horrible 5th inning to come back and give them almost 7 innings of work.
Inside Out
They will definitely add the extra year. No way he would be dumb enough to opt out unless he was assured of it. No chance he does better than $144 over 4 years as a free agent.
Erebus
Yankees have to pick up the option right? Without thinking of outside free agents who every other team has just as good of chance to get, who do the Yankees have internally who could step up in his place? Seems like an easy call since they just made it to the World Series for the first time since 2009, ride the hot hand that got you there. I know Cole gave up 5 runs in game 5 but he’s still a top 5 pitcher
slider32
Let’s not forget the Yanks played a major part of the season without Cole last year!
braves25
How long do the Yankees have before they have to make the decision? I didn’t see that in the article.
Tom E. Snyder
The article said Sunday, I think.
wayneroo
5 PM EST Monday 11/4
Champs64
Clearly surprised by his decision to opt out.
Time for the Yankees to move on. They could still offer him the same amount they owe him on the original deal and gamble that he cannot get more.
Badfinger
I would he think he already knows the Yankees are going to kick in that extra year.
brucenewton
180 million to a 34 year old? Easy pass. Younger options for the same or less.
Erebus
Name one option that is likely to happen and comparable to Cole
mlb fan
“Name one option that is likely”…No one is likely as good as Cole’s last 5-6 yrs…That being said, Cole himself is not as good as his last 5-6 yrs and his best wasn’t good enough to win a title for NY.
That also goes for Juan Soto. With the near $200M to Cole and potentially $500M+ to Soto, they could use that money($700M+) to acquire TWO top flight pitchers and still have money for 2b, LH bat and the bullpen.
The Yankees are too top heavy(and HR reliant)and could experience greater gains by more evenly spreading around their payroll.
Anthony maresca
He is going to be 35 starting year 1 of 5 to age 39. Hard pass!!!
ohyeadam
Let Cole walk, sign Snell, trade for Montgomery again, sign Walker for 1B, bring back Soto and pray one or two of the young guys step up. It’s not my money hahaha
30 Parks
That’s thirty-six million reasons to cover first base.
Old York
Good but honestly, there’s not a lot of options out there in the SP free agency pool. Might be able to get a discount on Walker Buehler and Shane Bieber
I just don’t see them getting Corbin Burnes and would be surprised if the Brewers don’t pick up the option on Freddy Peralta. I’m also not convinced that Blake Snell will age will, given he’ll want a long-term contract.
wayneroo
Brewers did pick up Peralta’s option, so he’s off the table.
sad tormented neglected mariners fan
What if they don’t keep cole so they can have enough money for Soto
The question is what is the payroll limit for Steinbrenner
Yankee Clipper
Payroll limit for Steinbrenner is: “Less”
rememberthecoop
This is a risky decision by Cole. He’s basically guessing that the Yankees will add that extra year. If they don’t, then he just made a terrible decision because whonis going to give him more than 4, 144M? Even if some team was willing to give him 5 years, it’s not going to match the AAV of his remaining salary from the one he opted out of.
El Kabong
There’s nothing risky about it. He’s already made more than $200 million in MLB salary and will get great offers to pitch elsewhere.
Doron
Gerrit Cole is a top 3 Starter in baseball right now.
He would readily beat 144/4 if the Yankees do not pick up the option.
raz427
Let Cole walk, sign Snell, and Walker, and resign Soto of course. IF defense improves with Walker. Then try and trade for McMahon for 3B.
GaryWarriorsRedSoxx
I find it hard to believe that Cole actually opted out. Is he that confident the Yankees will tack on the extra year?
That has to be his thinking unless he really doesn’t enjoy it there and is equally confident in another new deal for big money elsewhere. Very interesting scenario.
westcasey
Basically then, NY decision on Cole (age 35,36,37,38,39) is 5/180 ?
That seems steep. It also seems Cole would not get that as FA.
NY has to make decision in just a few days I think, maybe 5 days.
Seems like a damned if you do, damned if you don’t type choice.
alumofuf
I say let him walk and then offer him a 3 year contract
YankeesBleacherCreature
I think they’ll exercise the fifth year option.
Dutch
Maybe they’re work it to 5 and 170. Gets the tax number down and Gives Cole more guaranteed.
gbs42
I love that there are commenters who are 100% sure of both outcomes. Some people will be 100% right, and others will be 100% wrong.
Yankee Clipper
Except me! I’m 1000% right!
mazbilleroski
NO player is worth that much money. No matter how good he is
olmtiant
I’ll leave it to you experts… any chance Detroit comes calling??
larkraxm
No. No chance the Yankees don’t pick up the option. This is all very predictable. We will see the story very shortly where the Yankees have picked up the option and cancelled the opt-out.
Rumors2godsears
I’m sure it’s been said but this is a mistake by Cole. Now the Yankees will turn their attention to Corbin Burns. The Yankees aren’t giving that money to a 34 year old pitcher who just showed a flash of elbow problems.
yanks2323
He along with Soto are headed to the Dodgers. LAD is the new George!
GaryWarriorsRedSoxx
You are correct in many ways but they’re not as free spending as they were recently. They’ve reeled it in a little bit.
They may go for one Soto but I doubt he gets an offer such as one the Yankees will put forth. He stays 100%.
Then another team will likely sign Cole as their much needed ace. Not sure who but not the Dodgers. They have Kershaw lol.
larkraxm
Soto didn’t like playing on the West Coast. All things being equal, he stays with the Yankees.
Doron
If I was in charge of negotiations for the Yankees, I would try to add on 3 seasons at 20 million to Cole’s current contract right now, which would lower the AAV to 30m a year.
The Yankees can not let Cole go.
He is not a fireballer, he will age well.
Doron
To put it in words.
Instead of 180/5 (after picking up the option), 240/8, buying his age 40, 41, 42 seasons.
kodion
I understand the theatrics of the opt out but it strikes me as risky. The Yankees can replace most of Cole’s production with fewer dollars.
If it was my money, I’d say goodbye. Not legging it out to cover 1st in THE MOST IMPORTANT game of the year tells me to look elsewhere for a champion!
JohnGorton77
Makes me think of Sale and mistake of Sox to give contract when it was apparent big injury was highly likely due to issues lingering.
FossSellsKeys
I don’t know, that’s pretty steep for a guy who’s gonna have to spend 2025 back in little league to learn how to cover first base.
padam
I’d pass on Cole. The Mets showed that you can make it to the LCS without a number one, two or three. Their Yankees can easily supplant Cole with a Manaea/Severino combo for the same cost and have depth on a shorter term scale that offers future flexibility and concentrate on Soto, the bigger piece to the team.
El Kabong
Huh? The Yankees, with Cole, advanced further than the Mets with Manaea/Severino. And there’s no guarantee that Soto will return to the Yankees.
Begamin
If this is between Cole and Soto, im sorry but the decision is easy. If you look at past top SP FA options the last 3 years, Im not sure Cole lands the money hes looking for coming off an injury and his age. Though he did look good this postseason so that mightve settled the injury concerns for him