MLB Rumors: Gerrit Cole to Stay With Yankees on 4-Year, $144M Contract After Opt-Out

New York Yankees pitcher Gerrit Cole is set to spend the next four seasons in the Bronx after the two sides agreed to stay together on Monday.

Despite previously opting out of his contract, Cole will remain with the team under the terms of the original contract, which had four years and $144 million remaining, according to Jon Heyman of the New York Post and Jeff Passan of ESPN:

Under the terms of the contract, the Yankees could have voided the opt-out by adding another year and $36 million to Cole's deal, keeping him on the team through 2029 on a contract now worth $180 million. However, the two sides have reportedly agreed to remain together even without the extra year being added on.

The opt-out came three days after Cole started for the Yankees in Game 5 of the World Series. The Yankees lost 7-6 as the Los Angeles Dodgers claimed the title at Yankee Stadium.

Cole is playing on the nine-year, $324 million deal he signed with the Yankees ahead of the 2020 season. At the time, the contract was the fourth-largest in MLB history.

He won the Cy Young Award after recording an AL-best 2.63 ERA in 2023, but he had a delayed start to the 2024 season after dealing with inflammation in his throwing elbow during the spring.

Cole made his season debut on June 19. He made 17 starts and went 8-5 with a 3.41 ERA while recording 99 strikeouts in 95 innings.

He improved to a 2.17 ERA in five postseason starts, including two in the World Series. After allowing four hits and one earned run in six innings during a Game 1 loss, neither he nor Anthony Rizzo were able to cover first base in time to earn a crucial third out during the Dodgers' five-run fifth inning in the season-ending Game 5.

By keeping him, the Yankees have avoided the uncertainty of losing an ace in addition to the potential departure of Juan Soto. The New York Mets are also expected to pursue Soto, who could be seeking a contract worth around $700 million over 13 or 14 years, per Heyman.

The Yankees will now hope Cole, who turned 34 in September, is able to stay healthy as he prepares for his 13th MLB season and his sixth in the Bronx.