Gerrit Cole opted out of his contract with the New York Yankees on Saturday, November 2, just days after the Bronx Bombers’ home-field World Series loss to the Dodgers. Cole was singled out as one of the players responsible for the costly first-base situation involving Anthony Rizzo during the series.
However, the Yankees reportedly have a way to encourage Cole to reconsider his future with the team. By November 3 evening, they need to decide whether to extend the ace’s contract for one more year, which would add $36 million to his pay.
Gerrit Cole still had four years remaining on his contract, with a player option allowing him to exit at the end of the 2024 season—which he exercised. His move is likely a strategic effort to push the Yankees to add an extra year to his current deal or let him test free agency.
At 34 years old, some believe the Yankees should let go of a pitcher seeking higher pay at this stage. Yet, it’s worth noting that pitchers like Jacob deGrom, despite injury histories at similar ages, have secured long-term deals—deGrom recently signed a five-year contract worth nearly $190 million.
NEW YORK, NEW YORK – OCTOBER 30: Manager Aaron Boone #17 of the New York Yankees relieves starting pitcher Gerrit Cole #45 during the seventh inning of Game Five of the 2024 World Series against the Los Angeles Dodgers at Yankee Stadium on October 30, 2024 in the Bronx borough of New York City. (Photo by Elsa/Getty Images)
Gerrit Cole’s Contract with the Yankees
Cole originally signed a nine-year, $324 million contract with the Yankees in 2020. In his first year, he earned $13.33 million, with a $36 million annual salary for the remaining years up to 2024. At that point, the Yankees owed him a total of $144 million. If Cole succeeds in negotiating an added year, his contract would extend to five more years, bringing an additional $36 million for a total of $180 million.
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No Comments After Game 5 Loss
After the Yankees’ Game 5 loss to the Dodgers, Cole made no comments about his future with the team. He only addressed the costly first-base misplay with Rizzo and the disastrous fifth inning, which he acknowledged effectively ended the Yankees’ World Series hopes. No reporter ventured to ask him about his contract status or future.
