Yankees and Gerrit Cole Opt to Stay Together: ‘Essentially, It’s the Same as if Cole Did Not Opt Out’

The New York Yankees and pitcher Gerrit Cole are continuing their partnership despite Cole opting out of his contract over the weekend. According to multiple reports from the New York Post’s Jon Heyman and ESPN’s Jeff Passan, both sides have agreed to maintain their arrangement, keeping Cole in New York while working on a potential extension to his current four-year, $144 million deal, told Bleacher Report.

“Right-hander Gerrit Cole is remaining with the New York Yankees on the four-year, $144 million deal that he had opted out of,” Passan reported, indicating that the opt-out decision hasn’t changed their working relationship. “Essentially, it’s the same as if Cole did not opt out.”

Cole originally joined the Yankees on a record-breaking nine-year, $324 million contract in 2019, making it the highest-valued deal for a pitcher at the time. That deal was designed to keep the ace in pinstripes through 2028, when Cole will be 38 years old. The Yankees had until 5 p.m. ET on Monday to make a decision on restructuring Cole’s deal, ultimately opting to move forward as if nothing had changed, according to the AP News.

The 2024 season proved challenging for Cole, who missed the start due to nerve inflammation but ultimately returned to contribute solidly to the Yankees’ rotation. He finished the year with 99 strikeouts and a 3.41 ERA over 95 innings in 17 games. This came just one year after his remarkable 2023 season, during which he won the American League Cy Young Award unanimously and started the All-Star Game.

For the Yankees, retaining Cole provides stability as they face a busy offseason. New York has key free agents to address, including Juan Soto, Gleyber Torres, Alex Verdugo, and Clay Holmes. In addition, the team declined the option on first baseman Anthony Rizzo and pitcher Lou Trivino but exercised the option for reliever Luke Weaver.

The decision to keep Cole suggests the Yankees’ commitment to maintaining a competitive roster, with Cole as a cornerstone of their pitching staff. With discussions of a potential extension in the works, both the Yankees and Cole appear poised to extend their relationship well into the future, ensuring a continued partnership as New York reshapes its roster for the coming seasons.