In an offseason in which the New York Yankees have to ponder doling out a mega-deal to keep Juan Soto in the Bronx, starting ace Gerrit Cole has added a new wrinkle to Hal Steinbrenner’s winter.
The 34-year-old right-hander opted out of his contract with the Yankees on Saturday, which had four years and $144 million remaining. If the Yankees want to keep their star in pinstripes and avoid free agency altogether, all they need to do is attach a fifth year worth $36 million, which would keep him in New York through the 2029 season.
It sounds easy enough, but there is an awful lot to sift through in a very short period of time before coming to that decision.
Cole has been one of the best pitchers in Major League Baseball for the last decade — five of them coming with the Yankees after signing a massive nine-year, $324 million deal before the 2020 season, which included an AL Cy Young Award last year.
The 2024 season, however, has raised some understandable question marks as to how he would be able to live up to the remainder of his contract, which would transform to a five-year, $180 million deal should the Yankees opt in.
Cole’s season started late due to an elbow injury, and when he did make his return to the mound, there was a considerable amount of rust that took some time to shake off. He had a 6.75 ERA across his first four starts of the season and by Aug. 1, it was not much better at 5.40.
But he rebounded well, posting a 2.25 ERA across his final 10 regular-season starts, and carried it into the postseason with a 2.17 ERA. The latter number is somewhat deceiving, though, considering he was on the mound during the fateful fifth inning of Game 5 of the World Series against the Los Angeles Dodgers, who plated five unearned runs to tie the game after a series of Yankees errors.
Cole was responsible for extending the inning when a two-out grounder to first by Mookie Betts saw the pitcher not cover the bag.
His velocity has decreased over the last three years—his fastball went from an average of 97.8 mph two years ago to 95.9 mph this year. With elbow issues and father time battling against him, those numbers could decrease further while the Yankees potentially pay him $36 million annually between his age 34 and 38 seasons.
