Behind Gerrit Cole’s Decision to Opt Out of Yankees Contract

One of the biggest winners in free agency during his career, Gerrit Cole punched himself out of his existing contract with the New York Yankees.

Now it’s up to the Yankees whether the 34-year-old Cole gets to take another tour of free agency, or remains the frontman for a rotation that would take a big hit without him. 

If the Yankees inform agent Scott Boras by Sunday night that they’ll bring Cole back, the cost is already set in black and white as part of Cole’s original $324 million contract. The team option construction by Boras would tie the Yankees to Cole for the rest of his current deal. That’s $144 million for the next four seasons. It would also tag on another year – at $36 million — and become a five-year, $180 million pact. 

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New York needs Cole. Or at least it must have a frontline ace to remain in the World Series conversation. 

The mind-bending decision is whether they can better invest their millions. 

Juan Soto is going to command more than $500 million in free agency, which is the Yankees’ next call to make. Pay Soto, or pile money and chase a pair of free agents such as Mets first baseman Pete Alonso and Astros infielder Alex Bregman?

By picking up the option on Cole, his contract shifts to a 10-year, $360 million deal. The former Cy Young Award winner pitched 95 innings in the regular season because of a nerve issue in his right elbow. His first start came June 19. 

He looked better than fine in the playoffs – 22 strikeouts and a 2.17 ERA in 29 innings — and there’s precedent for power pitchers making it to 38 or 39 years old without breaking. He’ll be 40 in 2029.

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