Yankees ace Gerrit Cole has reportedly opted out of his nine-year, $324 million contract with four years remaining, according to ESPN’s Kiley McDaniel and Jeff Passan.
New York can void the opt-out by adding one year and $36 million to Cole’s current deal which ends after the 2028 season and still has $144 million left on it. If the Yankees void the opt-out and bring Cole back, the right-hander will make $180 million over the next five years.
Cole, 34, pitched in 17 games for New York in the regular season after starting the year on the 60-day IL with right elbow inflammation. He made an additional five starts in the postseason, including the decisive Game 5 of the World Series in which the Yankees lost to the Los Angeles Dodgers.
In that game, Cole had a no-hitter entering the fifth inning with his team up 5-0. However, a comedy of errors, including one by Cole who didn’t cover first base on a ball hit to first baseman Anthony Rizzo, led to the Dodgers tying the game and ultimately winning.
Nevertheless, Cole had a 3.41 ERA in 95 innings in the regular season and a 2.17 ERA in 29 innings in the postseason.
In five years pitching for New York, the right-hander is 59-28 with a 3.12 ERA.
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