Report: Gerrit Cole Signs Record-Breaking Contract with Yankees

Cole became the first pitcher in baseball history to earn a $300 million contract.

Troy Taormina-USA TODAY Sports

The Gerrit Cole sweepstakes ended on late Tuesday night as the former Astros star pitcher has agreed to a deal with the Yankees, according to the MLB Network's Jon Heyman. 

Cole's deal is reportedly for nine years and $324 million, according to multiple reports. He became the first pitcher to earn a $300 million contract, passing the previous record set Monday when Stephen Strasburg signed for seven years and $245 million.

The 29-year-old starter can opt out of his contract after the fifth year, according to ESPN's Jeff Passan. 

Over the past two seasons, Cole emerged as one of the best starters in baseball, compiling a 2.68 ERA with a 13.1 K/9. At one point last season, he went 16-0 with a 1.78 ERA and 0.81 WHIP with 226 strikeouts over his final 22 starts, in what was one of the most dominant stretches in baseball history. 

In 2019, Cole led the majors in strikeouts with 326, smashing the Astros' franchise record, and his league-leading total came in the second fewest ever by a pitcher to record 300 K's. 

When Stephen Strasburg re-signed with the Nationals on Monday for seven-years and $245, many in the sport immediately turned their focus to predicting what team and for what price the 2019 AL Cy Young award runner-up would join.

The Yankees ultimately landed Cole, beating out both the Angels and Dodgers, who were the most serious suitors for the three-time All-Star. New York lost to Cole in the Astros in the 2019 ALCS after winning 103 games in the regular season.

Heading into the offseason, Cole was ranked No. 1 on Sports Illustrated's list of free agents.