ESPN: Yankees seasoned right-hander opts out of contract

By adding an extra year and $36 million to his nine-year, $324 million contract, the New York Yankees can keep their ace after Gerrit Cole opted out of the remaining four years and $144 million, according to an ESPN story on Saturday.
Less than a week after losing to the Los Angeles Dodgers in Game 5 of the World Series, Cole, 34, decided to opt out. As the Yankees attempted to force Game 6, the seasoned right-hander held Los Angeles hitless through four innings. However, everything collapsed in a five-run fifth inning, with all five runs against Cole being declared unearned. At Yankee Stadium, the Dodgers went on to win 7–6 and raise the World Series trophy.

Cole’s contract would be extended to five years for $180 million, and the Yankees have until Monday at 5 p.m. to add another year, according to the story. The general consensus is that New York will retain the pinstripes of the 2023 American League Cy Young Award winner.

One of the finest pitchers in the league would be forced to join a group of outstanding free-agent starters that includes Blake Snell, Max Fried, Jack Flaherty, Corbin Burnes, Walker Buehler, Sean Manaea, Luis Severino, and Yusei Kikuchi if the Yankees decide not to nullify Cole’s opt-out clause.

First baseman Anthony Rizzo, 35, will enter free agency in 2025, and the Yankees rejected his $17 million club option earlier Saturday.

Despite missing the first two and a half months of this season due to an elbow ailment, Cole, who won the Cy Young Award in 2023, went 8-5 with a 3.41 ERA in 17 starts, recording 99 strikeouts and 29 walks in 95 innings.

Cole signed a $324 million contract with the Yankees prior to the 2020 season, and during his five seasons there, he finished fourth in the Cy Young voting in 2020, second in 2021, and ninth in 2022. He won the coveted award in 2023, a season in which he went 15-4 with 222 strikeouts and an AL-best 2.63 ERA in 209 innings.

Cole had a 2.17 ERA in five starts over 29 innings, with 22 strikeouts and 10 walks, which was remarkable throughout this year’s postseason. He has a 2.77 ERA and an 11-6 record in 22 career postseason starts.

With 317 starts (1,954 innings) with 2,251 strikeouts and 500 walks across 12 seasons with the Pittsburgh Pirates (2013–17), Houston Astros (2018–19), and Yankees (2020–present), the six-time All-Star is 153–80.