MLB Rumors: Yankees 'Extremely Unlikely' to Sign Snell, Pricey SP amid Cole's Injury

The New York Yankees are reportedly not expected to spend big in free agency to replace injured ace Gerrit Cole in their starting rotation.

Cole underwent an MRI on his pitching elbow this week in an effort to find a potential issue after he was having trouble recovering between spring starts. According to Jon Heyman and Mark W. Sanchez of the New York Post, the expectation is that Cole will miss at least one to two months of action.

While no tear was found in Cole's UCL, Heyman and Sanchez noted that he is set to meet with surgeon Dr. Neal ElAttrache.

With Cole likely to begin the regular season on the injured list, it left Yankees fans wondering if the team might make a big splash to replace him, but it reportedly doesn't appear as though that will be the case.

Per ESPN's Buster Olney, it is considered "extremely unlikely" that the Yanks will spend significant money on one of the top remaining free-agent starting pitchers such as Blake Snell or Jordan Montgomery.

Olney noted that Cole's contract is insured, which means the Yankees can get some financial relief depending on how long he is out. If his absence is projected to be longer than the one to two months that is being estimated currently, it could change the organization's stance.

According to Spotrac, the Yankees are projected to have to pay $42.8 million in luxury taxes this year, which is the third-highest total in Major League Baseball behind the New York Mets and Los Angeles Dodgers.

Their reported hesitancy to hand out another big contract likely stems from the fact that it would drive their tax bill even higher.

Cole has been every bit as good as advertised since the Yankees signed him to a nine-year, $324 million contract in 2019.

Last season was his best in pinstripes, as he went 15-4 with a 2.63 ERA, 0.98 WHIP and 222 strikeouts over 209 innings en route to winning his first career Cy Young Award.

Although the Yankees struggled last season due largely to injuries and missed the playoffs with an 82-80 record, expectations were high entering the 2024 campaign thanks to the acquisition of superstar outfielder Juan Soto from the San Diego Padres.

The expectations have since been tempered, though, as New York is now without a clear ace in its rotation for at least the next month.

Snell would undoubtedly be able to fill that role, as the power-pitching lefty went 14-9 with a 2.25 ERA for the Padres last season and won his second career Cy Young Award.

Montgomery is perhaps a tier below Snell, but he spent his first six seasons with the Yankees, so he has familiarity regarding what it is like to pitch in the Bronx.

Monty also went 10-11 with a 3.20 ERA last season and won a World Series with the Texas Rangers.

If the Yankees refuse to go after a big name like Snell or Montgomery, they could fill their rotation with an in-house option like Luke Weaver or Clayton Beeter, or they could try to sign a less-costly free agent such as Michael Lorenzen, Mike Clevinger or Noah Syndergaard.

The Yankees already had question marks in a rotation made up of Marcus Stroman, Carlos Rodón, Nestor Cortés and Clarke Schmidt, though, and none of the aforementioned options would alleviate those concerns.