ESPN: Yankees’ Sensational Is Said to Opt Out of Remaining $144 Million Deal
The New York Yankees will have to make other difficult decisions throughout the offseason in addition to Juan Soto’s impending free agency. If the Yankees choose not to add a 10th year at $36 million to right-hander Gerrit Cole’s current contract, Cole may choose to become a free agent and forego the remaining $144 million in his contract.
The Yankees may be trying to make other savings in light of the potential to spend $500 million to $700 million on Soto.
Cole, on the other hand, believes that opting out makes sense because it would allow him to continue his profession for an additional year at a significant salary.
Bleacher Report’s Tim Kelly projected that Cole would do precisely that—highlight important details.
It would have been obvious for Cole, the winner of the AL Cy Young Award, to choose to opt out of his contract a year ago. And on October 17, Kelly wrote, “And the Yankees would have had no qualms about assuring their ace a tenth year at $36 million and keeping him off the open market.” “Gerrit Cole was sidelined with right elbow tendinitis until mid-June, when he made his 2024 debut. Nevertheless, for once, the rest and rehab strategy worked…
The offseason will witness an intriguing game of cat and mouse between the Yankees and Cole, a client of Boras. Currently 34 years old, he has played in over 1,950 innings. However, it’s likely that the Yankees need him more than he needs them, and if he pushes them, they’ll end up giving him a $36 million guarantee for his age-37 season in 2028.
How Keeping Cole Might Affect the Yankees’ Prospects of Signing Soto Again
It is plausible that the New York Yankees may attempt to find other ways to save money in order to rehire Soto. Owner Hal Steinbrenner stated in May 2024 that the Yankees salary is “not sustainable,” as reported by Chris Kirschner of The Athletic.
Re-signing Soto to a long-term contract and not keeping their ace would be a dubious move, as the goal would be to win several World Series throughout Soto’s stay with the club. However, clearing Cole from the books would help with that.
The Yankees may “reallocate” some of their resources to Soto, according to Ryan Finkelstein of Just Baseball, which might alter Cole’s prospects in New York.
Finkelstein wrote on August 28 that “on the surface, it still feels like a no-brainer to keep Cole, who has showed no signs of slowing down when on the mound.”
However, he will turn 34 on September 8 and is probably going to end this season with the fewest innings pitched of his career (2020 not included). This season, the Yankees won a lot of games without Cole. If they are truly concerned about having enough space in the future under the luxury tax, they may choose to reallocate those dollars to Soto.
