"Gerrit Cole didn't want to be a free agent" - MLB insider offers insights into 6× All-Star's contract opt out saga with Yankees

MLB insiders Jeff Passan and Buster Olney on Tuesday discussed New York Yankees starting pitcher Gerrit Cole's recent decision to opt out of the remaining years on his contract. According to reports, the opt-out paved the way for the player and the organization to negotiate a fresh contract for the six-time All-Star to stay in the Bronx.

Talking about the situation on the Nov. 5 episode of "Baseball Tonight with Buster Olney," Jeff Passan said:

"I thought New York played it really well. They ended up with where in the beginning it probably should have gone. Gerrit Cole likes being in New York, he wants to be a Yankee," he said (10:34 mark).

"Once it became clear that they (Yankees) had no interest in adding another year, Gerrit Cole felt like he was in a tough situation, because he didn't want to be a free agent, he wanted to be a Yankee."

Before signing his nine-year, $325 million deal with the Yankees in 2020, Cole’s agent, Scott Boras, had added a clause allowing Cole to opt out after 2024, giving him the option to enter free agency and negotiate a potentially better contract if his performance warranted it.

While the Yankees could keep him by adding an extra year and $36 million to the existing deal, the disappointing end to the season likely led Boras and Cole to assume that the Yankees could not afford to let their ace go, so they opted for a renegotiation.

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Yankees decline Anthony Rizzo option

Though Gerrit Cole is still very much seen as a key player, one player the Pinstripers had no problem with letting go of was first baseman Anthony Rizzo. On Saturday, the Yankees announced they had declined their end of the option to keep the 35-year-old for the 2025 season.

Rizzo struggled in 2024. The first baseman missed a large chunk of the regular season due to long-term injuries and struggled to produce offensively when fit to play.

It is expected to be a busy offseason for the Bronx Bombers as they look to improve their roster following a sour end to their season. Securing Gerrit Cole was a positive step, and fans are hoping for further good news, particularly about Juan Soto's future.