Cole Exercises Opt-Out Clause, Yankees Hold Option to Void
November 2, 2024 (Source: MLB)
New York Yankees ace Gerrit Cole has exercised his opt-out clause, becoming a free agent at the end of the 2024 season. However, the Yankees have a unique option to void Cole’s opt-out by adding $36 million to his contract, extending it to 2029 with an average annual value of $39 million.
Cole, 33, was acquired by the Yankees from the Houston Astros in a blockbuster trade in 2020. He has been a dominant force for New York, winning the AL Cy Young Award in 2021 and posting a 3.23 ERA with 300 strikeouts in 205.1 innings in 2024.
The Yankees are reportedly eager to keep Cole long-term but are also mindful of their financial constraints. Cole’s current contract, signed in 2020, pays him $36 million per season through 2028. Adding $36 million to his salary would increase his average annual value to $39 million, making him one of the highest-paid pitchers in baseball.
The Yankees have until five days after the World Series ends to decide whether to void Cole’s opt-out. If they decline to do so, Cole will become a free agent and could potentially command a massive contract on the open market.
Cole’s opt-out decision is a major storyline for the Yankees as they prepare for the 2025 season. The team is already facing uncertainty with the status of Aaron Judge, who is also eligible for free agency after the upcoming campaign.
If the Yankees void Cole’s opt-out, it would represent a significant financial commitment to a player who will be 35 years old at the start of the 2029 season. However, Cole has shown no signs of slowing down and remains one of the most reliable pitchers in the game.
The Yankees are expected to meet with Cole’s representatives in the coming days to discuss their options. A decision is likely to be made before the end of the month.
Cole opts out; Yanks can void it by adding $36 million to contract (source)
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