According to Kiley McDaniel of ESPN, New York Yankees pitcher Gerrit Cole will opt out of his contract and forgo the remaining four years and $144 million guaranteed on his deal. Cole initially signed a 9-year, $324 million deal following the 2019 season.
New York Yankees Ace Makes Decision On His Future
BREAKING: New York Yankees ace Gerrit Cole opted out of his contract, sources tell me and @JeffPassan. The Yankees can void the opt-out by adding one year and $36 million to the four years and $144 million that Cole had remaining on his deal.
— Kiley McDaniel (@kileymcd) November 2, 2024
After opting out, Cole could enter free agency as a 34-year-old ace looking to cash in one final time. However, the Yankees can void Cole’s opt-out by adding one year at $36 million to the end of the contract. That additional year will be Cole’s age-38 season in 2029.
If the team declines to take on the extra year, Cole will enter a free agency looking to secure more than $144 million.
Gerrit Cole Triggers Contract Opt-Out
One year ago, Cole’s opting out seemed like a slam dunk. He had just finished a Cy Young 2023 campaign, producing a 2.63 ERA (165 ERA+) with 222 strikeouts in 209 innings. Despite already being in his thirties, many would have expected Cole to opt out and sign a monster contract.
However, Cole missed the first two and half months of the 2024 season due to an elbow injury. The injury raised many red flags, but Cole returned and provided solid production. In 95 innings across 17 starts, the right-hander posted a 3.41 ERA (121 ERA+) with an above-average strikeout rate.
Plus, the ace tossed 22 more innings this postseason and posted a 2.12 ERA with 22 punchouts. Cole never seemed like the same guy from the prior year.
Gerrit Cole opting out of his remaining four years and $144M is a bit of a surprise. Our model projects him to be worth $107.6M in Field Value during that span.
It's clearly a leverage play to try and get the #Yankees to commit the additional $36M to keep him, but it's risky.
— Baseball Trade Values (@BaseballValues) November 2, 2024
Cole’s four-seam fastball averaged one mile per hour less in 2024 than in 2023. He also significantly increased his cutter and knuckle curve usage, relying less on his fastball and slider. His strikeout rate (25.4 percent) also represented his worst since 2017 (his final season with the Pittsburgh Pirates).
Whether these trends stem from Cole protecting his elbow or from normal strategy-based adjustments is unclear. But, if the Yankees think Cole is compromised and will be for the next few years (as he enters deeper into his thirties), they might decide to let him walk. That would represent a bold decision, but possibly the correct one.
Main Photo Credits: Brad Penner-Imagn Images
