TAMPA, Fla. — Gerrit Cole says he always intended to remain with the New York Yankees.
The 34-year-old right-hander exercised his right to opt out of his contract on the third day after the World Series, giving up $144 million over four years and starting a two-day window for the team to void the opt by adding a $36 million salary for 2029.
New York decided not to add the year, and Cole then elected to keep his contract.
“The intention wasn’t to do anything other than stay,” Cole said Wednesday as the Yankees started spring training workouts. “I was happy to be where my feet were, back in Yankee Stadium.”
Cole signed a $324 million, nine-year contract before the 2020 season. After winning the 2023 AL Cy Young Award, the six-time All-Star didn’t make his first start last year until June 19 because of nerve irritation and edema in his right elbow. He went 8-5 with a 3.41 ERA in 17 starts, and then was 1-0 with a 2.17 ERA in five postseason starts.
“We had good conversations as a group and ultimately decided to continue along the path we were at,” Cole said. “Maybe at some point in the future pick the conversation back up?”
New York manager Aaron Boone said he held no grudges against Cole for opting out.
“Obviously, I’m excited he came back,” Boone said. “Great pitchers are really attractive on the market. You never know.”
Cole is represented by Scott Boras, who negotiated a record $765 million, 15-year contract for outfielder Juan Soto to leave the Yankees for the New York Mets.
“It’s large. It’s a very large amount of money,” Cole said. “It’s hard to underestimate great players. It’s hard to underestimate Scott, too. He does a good job at what he does. So it is a large number and it’s a historic contract. It’s good for all players and good for the game. Obviously the Mets and the Mets fan base are thrilled about it, too.”
After losing Soto, the Yankees added left-hander Max Fried, outfielder Cody Bellinger, first baseman Paul Goldschmidt and closer Devin Williams.
“Juan will be missed to an extent, but the beauty of the Yankees is the ability to go out and fill the roster,” Cole said.
Cole said he’s fully healthy and ready to begin his sixth year with the Yankees. Last year ended when he failed to cover first base on a Mookie Betts grounder in the fifth inning of World Series Game 5 as the Dodgers overcame a 5-0 deficit to win the title.
“Just a real terrible feeling,” Cole said. “Every time you step on the field it makes you tougher. It’s another log on your fire that inspires you to put the work in. It’s what fuels you to a certain extent, both winning and failure.”
He heads a projected rotation that includes Fried, Carlos Rodón, Clarke Schmidt and Luis Gil, with Marcus Stroman also an option. The Yankees signed Fried as a free agent to a $218 million, eight-year contract, the richest for a left-handed pitcher.
“It looks really good on paper,” Cole said. “We certainly like the position we put ourselves in. Everybody is feeling good and that’s a great place to start.”
Fried was 73-36 in eight seasons with Atlanta, winning the final game of the 2021 World Series.
“Max has come from an organization that has – obviously has deep roots in pitching, going back to the days that inspired really my generation of how to throw with Greg Maddux and John Smoltz and Tom Glavine,” Cole said. “They really stick to some of those kind of old-school, core principles, and they’ve obviously ingrained a lot of those things in Max.”
Schmidt is excited to have Cole as a teammate for at least four more years.
“That’s the pinnacle of all good staffs. You need an ace,” Schmidt said. “We have a certified ace in Gerrit. We’re lucky to have a guy like that on our side.”
New York said pitching prospect Eric Reyzelman had an allergic reaction and the 23-year-old right-hander was taken to a hospital for observation.
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