MLB Rumors: Gerrit Cole "Expected To Opt Out" Of Contract With Yankees

September 01, 2024

New York Yankees' ace Gerrit Cole is expected to opt out of his contract this winter, according to ESPN insider Jeff Passan. 

After returning from a right elbow injury earlier this year, Cole has shown solid form, posting a 5-2 record with a 3.72 ERA and 62 strikeouts over 58 innings. 

Despite having four years and $144 million remaining on his nine-year, $324 million deal, Passan notes there is a "strong expectation" that the 34-year-old pitcher will test the free-agent market in search of a more lucrative contract.

However, the Yankees are prepared for this scenario and hold a powerful option to retain their star pitcher. 

If Cole opts out, the team can nullify his decision by adding a 10th year to his original contract, worth an additional $36 million. 

This move would extend Cole's deal through his age-39 season, ensuring that he remains in the Bronx. With Cole's value and the demand he would likely generate on the open market, it's almost certain the Yankees will take this step if necessary to keep him as the anchor of their rotation.

Cole's situation is just one part of what promises to be a pivotal offseason for the Yankees. The team also faces the free agency of superstar outfielder Juan Soto, who could command a contract rivaling that of Shohei Ohtani. 

Balancing the potential deals for Cole, Soto, and Aaron Judge, who is already locked into a massive contract, will be a significant challenge for the Yankees' front office.

Photo Credit: David Rodriguez Munoz / USA TODAY NETWORK



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