Yankees Decline Anthony Rizzo's 2025 Club Option, Gerrit Cole Opts Out of Contract

The first baseman is set to become a free agent while New York can void the pitcher's opt-out by adding an extra year to his current contract.

New York Yankees first baseman Anthony Rizzo reacts after striking out against the Los Angeles Dodgers in the second inning during game four of the 2024 MLB World Series at Yankee Stadium. / Vincent Carchietta-Imagn Images

On the heels of a disappointing World Series defeat to the Los Angeles Dodgers, the New York Yankees on Saturday announced that they've declined the 2025 club option for first baseman Anthony Rizzo.

Additionally, New York ace starting pitcher Gerrit Cole has reportedly opted out of his contract, sources told Jeff Passan and Kiley McDaniel of ESPN. The Yankees can void the opt-out by adding one year and $36 million to the current four years and $144 million remaining on Cole's deal. New York has until Sunday evening to make the decision.

The move to decline Rizzo's option was hardly unexpected, as the 35-year-old was set to earn $17 million in 2025 had the Yankees picked up the option. Now, they'll pay him $6 million via a buyout and he will become a free agent.

Rizzo, who spent 10 of his 14 MLB seasons with the Chicago Cubs, was dealt to the Yankees before the trade deadline in July of 2021. He slashed .234/.326/.409 with 60 home runs, 172 RBIs and 192 runs scored in four seasons in New York.

Meanwhile, Cole—just a year removed from winning the American League Cy Young Award in 2023—missed the first two-and-a-half months of the season due to discomfort in his pitching elbow. He returned to pitch 95 innings for New York in the regular season, recording a 3.41 ERA.

Then, Cole helped lead the Yankees to its first American League pennant since 2009 and to the World Series, where the club was dispatched in five games by the Dodgers. Save for a disastrous fifth inning in Game 5 of the World Series, Cole was masterful in the postseason. He allowed just seven earned runs in 29 innings pitched in the postseason, including just one earned run to the mighty Los Angeles lineup.

It's possible that both Rizzo—at a discounted price—and Cole return to New York in 2025. But will the Yankees want to commit an additional $36 million and another year to Cole, who already dealt with elbow troubles this past season?

That remains to be seen. The Yankees also on Friday exercised the 2025 club option for relief pitcher Luke Weaver. MLB's free agency period begins on Nov. 4.

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