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MLB Rumors: Gerrit Cole opts out of Yankees contract; New York may cancel deal by adding $36 million to deal | News, results, highlights, statistics and rumors

Posted on by L. Dreeye
MLB Rumors: Gerrit Cole opts out of Yankees contract; New York may cancel deal by adding million to deal | News, results, highlights, statistics and rumors

NEW YORK, NEW YORK – OCTOBER 5: Gerrit Cole #45 of the New York Yankees pitches against the Kansas City Royals during the first inning in Game 1 of the Division Series at Yankee Stadium on October 5, 2024 at New York. (Photo by Luke Hales/Getty Images)

Luke Hales/Getty Images

New York Yankees starting pitcher Gerrit Cole will reportedly exercise the opt-out clause in his contract, giving up the remaining four years and $144 million to become a free agent.

However, the Yankees now have the option to void that waiver, guaranteeing him $36 million through the 2029 season. This will keep Cole in the city for the next five years with $180 million in revenue. ESPN’s Keely McDaniel and Jeff Passan reported this on Saturday.

Keely McDaniel @Kilimkd

BREAKING: New York Yankees ace Gerrit Cole has opted out of his contract, sources tell me and @JeffPassan. The Yankees could void the waiver by adding one year and $36 million to the four years and $144 million Cole had left on his deal.

According to Passan“The Yankees are expected to add $36 million to keep Cole at the top of their rotation and ensure they don’t potentially lose multiple full-time starters while star outfielder Juan Soto becomes a free agent.”

In December 2019, the Yankees signed Cole to a nine-year, $324 million contract, setting a record for the most money (and salary) ever paid to a pitcher. The deal included a five-year opt-out and a no-trade clause.

From 2020 to 2024, Cole went 59-28 with a 3.12 ERA, 1.03 WHIP and 10.8 K/9 in 125 starts. He led the American League with 16 wins in 2021 and a 2.63 ERA in 2023. Cole also paced the majors with 257 strikeouts in 2022 and a 0.98 WHIP in 2023. Cole also won his first-ever Cy Young Award this year.

In 2024, Cole began the year on the 60-day injured list due to inflammation in his right elbow. He was activated off the IL in June and went 8-5 with a 3.41 ERA (1.13 WHIP) in 17 starts, striking out 99 in 95 innings.

In this year’s playoffs, Cole went 1-0 with a 2.17 ERA (1.28 WHIP), striking out 22 in 29 innings over five starts. With Cole as their ace, the Yankees reached the World Series for the first time since 2009 and then lost to the Los Angeles Dodgers in five games.

Cole has never hidden how much he enjoys being a Yankee. He was a Yankees fan growing up, and his dream of wearing pinstripes became a reality five years ago.

Cole still enjoys being a Yankee, as evidenced in part by his remarks in August.

YES Network @YASnet

Gerrit Cole: It’s a blessing to be a Yankees pitcher, I’ll tell you that. 😄 pic.twitter.com/wXKAlL2qZl

There is no evidence that the position has changed. Cole’s waiver could ultimately make him a free agent, but right now the ball is in the Yankees’ court.