Yankees' Superstar Ace Opts Out of Deal; Will New York Retain Him?

New York Yankees ace Gerrit Cole has opted out of his contract. What does this mean for his Yankees future?

Oct 30, 2024; New York, New York, USA; New York Yankees pitcher Gerrit Cole (45) walks off the field after being relieved during the seventh inning against the Los Angeles Dodgers in game four of the 2024 MLB World Series at Yankee Stadium. Mandatory Credit: Brad Penner-Imagn Images / Brad Penner-Imagn Images

The New York Yankees' biggest story this offseason was always going to be whether they will re-sign Juan Soto (and for good reason). However, another story that may be just as important for the Yankees' future is what happens with ace Gerrit Cole's contract.

The first component of figuring this out came to fruition on November 2, when ESPN baseball insider Kiley McDaniel wrote on X, "BREAKING: New York Yankees ace Gerrit Cole opted out of his contract, sources tell me and @JeffPassan. The Yankees can void the opt-out by adding one year and $36 million to the four years and $144 million that Cole had remaining on his deal."

BREAKING: New York Yankees ace Gerrit Cole opted out of his contract, sources tell me and @JeffPassan. The Yankees can void the opt-out by adding one year and $36 million to the four years and $144 million that Cole had remaining on his deal.

— Kiley McDaniel (@kileymcd) November 2, 2024

While Cole opting out of his contract might be jarring for some fans, he was predicted to do so by many insiders, and the move is a wise financial decision on his end that doesn't necessarily signal any desire to leave the Yankees.

Cole's failure to cover first base (which culminated New York's defensive meltdown and ensuing five-run slide) in the disastrous 5th inning of Game 5 of the World Series might have left a bad taste in fans' mouths regarding their ace and 2023 AL Cy Young Award winner.

However, the Yankees probably would not have even made it to the World Series without Cole. This is why the assumption is that New York's front office will elect to void the opt-out that McDaniel's post mentioned, which will then keep Cole in pinstripes through the 2029 season.

Therefore, Yankees fans don't need to feel dismayed about Cole opting out of his deal. Not yet, at least.

The Yankees have until Monday at 5 p.m. ET to decide on adding another year to Cole's deal, according to MLB.com's Mark Feinsand. Should they not opt-in, Cole would become a free agent.