Yankees must decide on Cole opt-out by Monday at 5pm ET
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The New York Yankees have a major decision to make on Monday.
According to multiple reports, the team faces a dilemma with ace Gerrit Cole, who opted out of his contract last week. The Yankees can void the opt-out by adding one year and $36 million to the end of his deal, which would make him owed $180 million over the next five seasons, taking him through his age-38 season. If New York declines to add the extra year, Cole will become a free agent. The deadline is set for 5:00 p.m. ET on Monday.
He had four years and $144 million remaining on the nine-year, $324 million contract he signed with the Yankees in December of 2019.
On one hand, Cole remains an elite starting pitcher who has carried the Yankee rotation for his five seasons in the Bronx, winning the Cy Young Award in 2023 and finishing inside the top five in voting in 2020 and 2021. Cole also allowed just seven earned runs in 29.0 postseason innings this year as the Yankees reached the World Series for the first time since 2009.
However, all five of the runs he allowed in Game 5 of the Fall Classic came in what eventually turned out to be a fatal fifth inning for the Yankees, aided in part by Cole not covering first base on a ground ball. The Los Angeles Dodgers eventually went on to win 7-6 to lock up their second championship in five seasons.
Cole turned 34 earlier this fall and was limited to just 17 starts and 95.0 innings this season because of an elbow injury, which were both career-lows outside of the pandemic-shortened 2020 season. The Yankees also have Juan Soto set to hit free agency and are expected to make a big push to bring him back on what would likely turn out to be one of the largest deals in sports history.
If the Yankees decline to match on Cole, their 2025 starting rotation would consist of Carlos Rodon, Luis Gil, Marcus Stroman and Nestor Cortes heading into the off-season. Pitchers available on the free agent market include Corbin Burnes, Max Fried, Blake Snell, Jack Flaherty, Shane Bieber, Nathan Eovaldi and Yusei Kikuchi.
A six-time All-Star, Cole has gone 153-80 in 12 big league seasons split between the Pittsburgh Pirates, Houston Astros and Yankees. He's won two ERA titles, one coming in 2019 (2.50) and the other coming in 2023 (2.63) when he won the Cy Young.
The Newport Beach, Calif., native has a lifetime 3.18 ERA in 317 MLB outings, all of them starts.