The New York Yankees are sticking with pitcher Gerrit Cole for the long term. Cole opted out of his contract this weekend, but the Yankees voided the opt-out by adding an additional year to his existing contract, according to Jon Heyman of the New York Post and Bob Nightengale of USA Today.
Cole signed a nine-year, $324 million deal in 2019 — the richest contract in league history at the time — to bring him to New York through 2028. To void the opt-out, the Yankees added a year to the contract, keeping the asset. in New York through 2029. The team will pay Cole an additional $36 million on top of the $144 million he will make over the next four seasons. Cole will turn 39 years old in the final year of the deal.
New York had until 5:00 PM ET on Monday to decide whether to restructure the deal.
Cole, a six-time All-Star, missed the start of the 2024 season due to nerve inflammation. He finished the season with 99 strikeouts and a 3.41 ERA over 95 innings in 17 games.
Cole is one season removed from unanimously winning the AL Cy Young award in 2023, and he started in the 2023 All-Star Game for the American League.
This is shaping up to be a busy offseason for the Yankees, who will need to re-sign or find replacements for free agents including Juan Soto, Gleyber Torres, Alex Verdugo and Clay Holmes. New York declined a team option on first baseman Anthony Rizzo and declined the option on pitcher Lou Trivino, but did exercise the team option on reliever Luke Weaver.
