Gerrit Cole opted out of his contract with the New York Yankees on Saturday, but the star pitcher has now essentially changed his mind.
Cole exercised the opt-out clause in his contract on Saturday, which initially meant the Yankees had to either add an additional year and $36 million to his deal to keep him or allow the right-hander to test free agency. Cole had four years and $144 million remaining on his contract prior to opting out.
According to multiple reports, Cole and the Yankees reached an agreement on Monday for the 34-year-old to remain with the team under his current contract — without adding an additional year and $36 million. The expectation is that the two sides will negotiate an extension.
Cole will continue on with his existing agreement with the thought extension discussion will occur later. Both sides wanted to stay together, so they did. https://t.co/6zunrNLzfX
— Jon Heyman (@JonHeyman) November 4, 2024
Cole signed a record 9-year, $324 million contract with the Yankees prior to the 2020 season. He was named an All-Star every year from 2021-2023 and won the AL Cy Young Award last season.
Cole missed more than two months at the start of 2024 due to elbow inflammation. He ended up making 17 starts and went 8-5 with a 3.41 ERA. Cole elevated his game in the playoffs and posted a 2.17 ERA with 22 strikeouts in five starts while helping to lead the Yankees to the World Series.
The Yankees could potentially lose another star player in free agency this winter, which is likely a factor in why they made sure to keep Cole with the team.
