The Fascinating Contract Situation Facing Gerrit Cole and the New York Yankees

New York Yankees' ace Gerrit Cole and the team face a fascinating contract situation after the 2024 season.

New York Yankees' ace Gerrit Cole and the team face a fascinating contract situation following the 2024 season.

Cole, who signed a nine-year deal worth $324 before the 2020 season is coming up on year five of his deal.

Once the 2024 season ends, he'll have an opt-out available in his contract. That opt-out will come with four years and $144 million left.

Cole could obviously opt-in and take the contract, but he could opt-out, seeking a more lucrative payday.

If he opts-out, the team then has the ability to void that decision and give him a fifth remaining year at $36 million, effectively giving him five years for $180 million.

The following appeared in a notebook from Bob Nightengale of USA Today:

– Yankees ace Gerrit Cole has an opt-out in his contract after this season, but the Yankees can eliminate that by tacking on a $36 million salary in 2029, bringing his total to $360 million over 10 years.

“We would anticipate that those things are going to happen,” said Scott Boras, Cole’s agent. 

No one is going to sneeze at a five-year deal worth $180 million and maybe Cole will be happy to have that deal and likely end his career in New York, but perhaps he would have liked to chase an even bigger payday.

There's also the possibility that Cole opts-out and the Yankees don't offer the deal, allowing him to become a free agent after the 2024 season. While they of course would want Cole on the team, maybe they'd like the possible savings to make a run at locking up Juan Soto, who they just acquired.

Cole went 15-4 last season and won the Cy Young in the American League.

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