NEW YORK – New York Yankees ace Gerrit Cole has opted out of his nine-year, $324 million contract, a league source confirms.
But there’s a twist to his potential free will.
The Yankees can void Cole’s opt-out by adding a 10th year and another $36 million to his current deal, which would restore his status as the highest-paid pitcher in baseball by a total dollar amount after Los Angeles Dodgers starter Yoshinobu Yamamoto signed a $325 million contract. contract last season.
It is widely expected that the Yankees will not allow Cole to test free agency given his importance to the franchise alongside Aaron Judge. Owner Hal Steinbrenner is in regular contact with both players to gain insight into the clubhouse dynamics.
If the Yankees choose to void his opt-out, the remaining balance of Cole’s contract would be five years and $180 million. You could argue that letting Cole walk could be a strategic move for the organization.
He will be 34 years old next season and after suffering an elbow injury this year, there is uncertainty as to whether Cole would get a contract of that size if he were to hit free agency. His velocity and swing-and-miss percentages declined this season, possibly due to lingering effects of his elbow problem during spring training or the natural progression of aging.
Should the Yankees decide to let Cole go, they could explore other options such as Baltimore Orioles ace Corbin Burnes, who is four years younger and also available as a free agent.
Ultimately, however, the Yankees are expected to void his opt-out and retain their best starting pitcher rather than let him leave the organization.
What it means for the Yankees
At the start of the season, it seemed like a slam dunk that Cole would opt out of his deal.
Then the elbow injury and his strangely low pitch count in his first four postseason starts clouded the idea for some. Would the Yankees call Cole’s bluff?
Before retiring, Cole was set to make $144 million over the next four years. Does he get that elsewhere? And a team he wants to play for?
Cole is an important part of the Yankees’ culture. During his introductory press conference, he unveiled the cardboard sign he brought to a World Series game as a child. It read: “Yankees fan today, tomorrow, forever.” It’s highly unlikely that Cole wants his tenure with the Yankees to end, but it’s at least worth it for him to explore his option.
And remember, the 10th year option isn’t the only way this could lead to a happy ending for the Yankees and Cole. The parties could agree to something else – for example, a deal with a lower annual average value but a higher total payout – that would benefit them both. Cole certainly doesn’t want to make the Yankees’ pursuit of Juan Soto even more difficult. – Brendan Kuty, Yankees beat writer
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