Gerrit Cole holds steady with original Yankees contract as extension talks gain momentum

Right-handed pitcher Gerrit Cole is reportedly continuing on his original contract with the New York Yankees after exercising his opt-out clause. Cole had opted out of the nine-year, $324 million deal he signed back in December 2019 on Saturday.

According to his original contract, the Yankees could have canceled his opt-out by adding an additional year and $36 million to his deal.

However, when the team reportedly decided not to extend his contract by Monday’s deadline, Cole avoided free agency and chose to stay with the team under the terms of his original contract.

Cole will be paid according to the remaining four years of his $144 million deal. While extension talks are still ongoing with the Yankees.

Gerrit Cole started his 2024 season late due to inflammation and edema in his right elbow but made his debut in June and performed solidly with the Yankees since. The Yankees went to the World Series, marking Cole’s second career World Series appearance.

Gerrit Cole has had solid performance this 2024 season with the Yankees

In the 2024 regular season, Gerrit Cole posted a 3.41 ERA with an 8-5 record, 99 strikeouts and a 1.13 WHIP over 95 innings pitched. He started 17 games, allowing 78 hits, 36 earned runs, 11 home runs, and 29 walks.

Cole continued his strong performance into the postseason, giving up seven earned runs on 27 hits and recording 22 strikeouts in 29 innings pitched. In the World Series against the Los Angeles Dodgers, he made two starts: one in Game 1 and another in Game 5.

Against the Dodgers, Cole allowed one earned run on eight hits, four walks, and struck out 10 batters in 12.2 innings pitched. However, his performance was dampened by a disastrous fifth inning in Game 5 of the World Series as the Dodgers racked in five unearned runs and went on to win the game to clinch the World Series.