Yankees Reach Unexpected Agreement with $324 Million Star
November 4, 2024
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By Joey Copponi
Contributing Sports Writer
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The New York Yankees have reportedly reached an agreement with their star pitcher that will keep him in the Bronx for years to come.
On Saturday morning, it was reported that Yankees ace Gerrit Cole would be opting out of the remainder of his $324 million contract with the Yankees. The 34-year-old’s decision left the Yankees with the choice to either add one year and $36 million to the remaining four years and $144 million left on Cole’s deal, or to let him walk and become a free agent.
NEW YORK, NEW YORK – OCTOBER 30: Starting pitcher Gerrit Cole #45 of the New York Yankees pitches during the first inning of Game Five of the 2024 World Series against the Los Angeles Dodgers… NEW YORK, NEW YORK – OCTOBER 30: Starting pitcher Gerrit Cole #45 of the New York Yankees pitches during the first inning of Game Five of the 2024 World Series against the Los Angeles Dodgers at Yankee Stadium on October 30, 2024 in the Bronx borough of New York City.
Al Bello/Getty Images
According to Mark Feinsand of MLB.com, the decision on whether or not to grant the extension had a deadline of Monday, Nov. 4 at 5 p.m. ET. With minutes to spare, Jon Heyman of the New York Post reported that the sides had reached an agreement.
Despite opting out just 48 hours prior, Gerrit Cole and the Yankees have agreed to remain with their initial agreement.
“Right-hander Gerrit Cole is remaining with the New York Yankees on the four-year, $144 million deal that he had opted out of,” ESPN’s Jeff Passan reported Monday. “Discussions on a potential contract extension will continue. Essentially, it’s the same as if Cole did not opt out.”
With a handshake agreement on continuing extension talks, the Yanks’ right-hander essentially walked back his decision to opt out. Some are speculating this was Cole’s intention all along, and rather than truly wanting to test free agency, was instead making an attempt at securing an additional year and $36 million onto his existing contract.
With an offseason ahead that very well may include losing Juan Soto, the Yankees could not afford to lose Cole as well. Whether or not this was the plan from the moment Cole opted out, we may never know. What is certain now though is that Cole will be in the Bronx for, at least, four more years.
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