Yankees fans may not have even had the possibility of their ace leaving on their radar a week ago, but a clause in Cole’s contract briefly allowed for the possibility.
Cole had the option to opt out of the four years and $144 million remaining on his deal. The Yankees, however, could have voided the opt-out by tacking on an extra season and $36 million as long as they did so by Monday evening at 5 p.m. ET.
The 2023 Cy Young winner initially decided to opt out, officially putting the Yankees on the clock to offer him that extra year. But, as USA Today’s Bob Nightengale reported, both sides agreed to revert to the original status of the deal. They can still negotiate an extension if they want, but the Yankees are no longer bound by the constraints of a Monday evening deadline. Nightengale added that Cole and the Yankees are not currently in negotiations.
Cole and the Yankees originally agreed to a nine-year, $324 million deal before the 2020 season. In five seasons with the Yankees, Cole has a 3.12 ERA with three All-Star appearances, a Cy Young, and an ERA crown. After the Yankees lost in five games to the Los Angeles Dodgers in the 2024 World Series, Cole is still looking for his first ring with his childhood favorite team.
Gerrit Cole enters the second half of his Yankees deal with some pressure
The Yankees won the 2024 American League pennant, but the goal in the Bronx is always to win the World Series, and they fell short. Just like they’ve fallen short every season since 2009.
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With the Yankees not guaranteed to have Juan Soto on the roster in 2025, 2024 represents a massive missed opportunity for the current New York core. That includes Cole, who now hits the back half of his contract at 34 years old and off of an injury-plagued season.
Cole didn’t make his season debut until June and struggled to find consistency as he caught up to bats that were already in midseason form. He seemed to find himself in the World Series, throwing six innings of one-run ball in Game 1, then gutting through 6.2 innings in Game 5. Cole gave up five runs in that game but none was earned after a bevy of errors in a disastrous fifth inning. That included a play where Cole failed to cover first on a ground ball to first baseman Anthony Rizzo, prolonging the inning.
The Yankees ace will surely remember that moment more than how he battled through the next two innings to keep his team in the game. Cole should enter 2025 with a chip on his shoulder and plenty to prove.
Russell Steinberg covers Major League Baseball and the New York Liberty for ClutchPoints. A baseball and basketball lifer, he has written for Boardroom, SLAM, SB Nation, The Next, and more. He graduated from NYU in 2012 and still returns to serve as PA announcer and occasional broadcaster for the school’s basketball and volleyball teams.
