Breaking news: Brian Cashman acknowledges that the Yankees are just too cheap to find Gerrit Cole replacement.
It doesn’t look good.
When it was announced that Gerrit Cole had sustained a season-ending elbow injury before to the start of the regular season, the New York Yankees were delivered heartbreaking news. In addition to missing some of the 2026 season, the right-hander will have Tommy John surgery.
Yankees supporters are expecting Brian Cashman to make a big deal because of how serious Cole’s condition is. After all, he took in a number of players to be ready for the 2025 season only days after losing Juan Soto to the New York Mets. Regretfully, Cashman made it quite evident on Tuesday that Yankees supporters shouldn’t anticipate seeing a Cole replacement arrive anytime soon.
Cashman has good reason to hold off on acquiring a Cole successor at this time. His statement that “very little is available” on the market makes perfect logic. This injury happened in March, only a few weeks before Opening Day, rather than in December, when free agency was at its peak. Right now, teams are generally happy with their rosters, and there aren’t many excellent choices available in free agency. Cashman’s statement that the Yankees will “rely on what we have internally for the time being” makes sense in light of this.
However, Cashman thinks the Yankees are sticking with their internal choices for other reasons besides the dearth of good options. According to him, it is “less likely” that they will add an external choice because of the luxury tax penalty they would incur by adding another option. That is a cause for concern.
The Yankees’ reluctance to replace Gerrit Cole boils down to Hal Steinbrenner’s financial interests.
It is easy to understand why Cashman is acting in this manner. According to Spotrac, the Yankees presently have the fourth-highest luxury tax payroll in MLB, at $293.8 million. Three of the four luxury tax categories have now been reached in New York, and the city is about $3 million short of the fourth and final category, which is referred to as the “Cohen Tax.” The Yankees would be subject to a 110 percent penalty on each dollar over the $297 million spending cap if they were to venture into those waters. It’s a huge sum of money, and Steinbrenner refuses to pay the high tax.
Although it would be reasonable for a small-market owner to avoid the “Cohen Tax,” the Yankees actually make more money than almost any other club. We’re talking about the New York Yankees, after all. Despite having the money to spend, Steinbrenner is unwilling to do so.
The Yankees are in a difficult situation as a result. The Yankees still have Fried, Carlos Rodon, Clarke Schmidt, Marcus Stroman, and Will Warren healthy, so Steinbrenner’s decision to forgo spending isn’t the end of the world just yet. Even though Yankees fans will have to wait a bit to see him, Luis Gil is also scheduled to return this season. But the Yankees lack any kind of depth if someone gets hurt. Steinbrenner’s reluctance to spend will become quite difficult at that point. Other than Steinbrenner’s low cost, the Yankees have no excuse not to sign one of the free agents Kyle Gibson, Lance Lynn, or Spencer Turnbull to boost depth.
Dylan Cease and Sandy Alcantara are unlikely to show up at this time, but what if they do? What if they become available in July? For financial considerations alone, will Cashman and Steinbrenner decline to trade for an arm of that quality? I’m hoping that’s not the case.
