NEW YORK– For now, it appears Gerrit Cole has decided not to opt out after all.
The ace right-hander has agreed to remain with the Yankees under the terms of his current contract, which he had initially opted out of, and the two sides will continue to explore the possibility of an extension, a source told MLB.com’s Mark Feinsand on Monday. The team has yet to confirm the news.
Cole still has four years and $144 million left on the nine-year, $324 million deal he signed with the Yankees in December 2019, meaning he is under contract through 2028.
On Saturday, Cole opted out of the remaining four years of the contract. The Yankees could have avoided this by adding one year and $36 million to the deal. However, Monday’s decision effectively resets the situation to where it was before Cole opted out, with him now set to finish out the remainder of his original contract.
The reigning American League Cy Young Award winner heading into 2024, Cole’s season was delayed until June due to nerve irritation and edema in his pitching elbow. Despite making only 17 starts in the regular season, he posted an 8-5 record with a 3.41 ERA and 99 strikeouts in 95 innings. He allowed two runs or fewer in 12 of those 17 starts.
While his season was shortened, Cole showed his ace-level performance in October, particularly in two World Series starts against the Dodgers, where he held the eventual champions to just one earned run and eight hits over 12 2/3 innings.
“I gave it everything I had,” Cole said after the game. “I’ll be frustrated, like every time you have a tough loss and use it to motivate you. But it’s all out there. There’s nothing more I could do.”
A six-time All-Star, Cole has posted a 59-28 record with a 3.12 ERA and 915 strikeouts in 759 innings since joining the Yankees.
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