The Yankees and ace Gerrit Cole have agreed to stay together.
Cole had opted out of his original nine-year, $324 million contract signed before the 2020 season, but the Yankees could have voided that opt-out by adding an additional year at $36 million.
Instead of that happening, though, Cole is returning to the Yankees on the four years and $144 million that was left on his original deal, per multiple reports.
Speaking with reporters at the annual GM Meetings in San Antonio, Brian Cashman said that both sides wanted Cole to remain a Yankee, but the club was not comfortable adding a fifth year to the deal, according to SNY MLB Insider Andy Martino.
The GM indicated they were glad to have the ace back, and there were no active extension discussions as of right now. Cashman emphasized that the tone and tenor of talks were positive.
It is expected that there could be extension talks as the offseason moves forward.
In essence, this move erases the fact that Cole ever opted out in the first place.
Had the Yankees added the extra year, Cole’s new deal would have been for five years and $180 million, taking him through the 2029 season.
Keeping Cole gives the Yankees certainty atop their rotation, with Cole, Carlos Rodon, Clarke Schmidt, and Luis Gil expected to headline it in 2025.
Cole missed roughly the first three months of the 2024 season due to a UCL injury that did not involve a tear.
After returning on June 19, he had a 3.41 ERA (3.69 FIP) and 1.12 WHIP while striking out 99 batters in 95.0 innings over 17 regular season starts.
In the postseason, Cole pitched well, with a 2.17 ERA in 29.0 innings over five starts in the ALDS, ALCS, and World Series. Cole did not have his best start in Game 5 of the World Series, but all five runs charged against him were unearned due to the Yankees’ error-filled fifth inning.
Cole has a 3.12 ERA and 1.02 WHIP in five seasons with the Yankees, spanning 759.0 innings over 125 starts.
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