A former Cy Young Award winner has opted out of his mega-deal with the New York Yankees just days after the team’s World Series loss. Gerrit Cole signed a nine-year, $324 million contract with the Yankees prior to the 2020 season.
It’s the largest deal ever for a pitcher.
The contract included a clause allowing Cole to opt out after the fifth year.
Before Yankees fans start panicking about their ace walking away, that’s not entirely the case.
ESPN’s Kiley McDaniel reports the Yankees can avoid the opt-out by adding one year and $36 million onto Cole’s contract. If New York does that, Cole’s new deal will be for five years and $180 million.
BREAKING: New York Yankees ace Gerrit Cole opted out of his contract, sources tell me and @JeffPassan. The Yankees can void the opt-out by adding one year and $36 million to the four years and $144 million that Cole had remaining on his deal.
— Kiley McDaniel (@kileymcd) November 2, 2024
If the Yankees decline to extend the contract on Sunday, Cole will become a free agent, according to ESPN’s Jeff Passan.
It’s hard to envision New York allowing their ace and best starting pitcher to walk. Cole won the American League Cy Young Award in 2023 and is a three-time All-Star during his first five seasons in the Bronx.
New York Yankees not bringing Anthony Rizzo back
In other Yankees news, the team will not bring back former All-Star first baseman Anthony Rizzo after declining his $17 million option for 2025. Instead, the Yankees will pay the $6 million buyout.
The Yankees have declined their 2025 club option for INF Anthony Rizzo.
— New York Yankees (@Yankees) November 2, 2024
The Yankees acquired Rizzo from the Chicago Cubs at the 2021 trade deadline, but he wasn’t able to replicate his All-Star form while in New York.
Over three-and-a-half seasons, Rizzo posted a slash line of .234/.326/.409, with 60 home runs, 54 doubles, and a 105 OPS+, just slightly above league average. He also battled injuries during his final two seasons with the team.
Prior to the 2023 season, Rizzo signed a two-year, $40 million deal with a team option for 2025.
It’s now the third time Rizzo is a free agent.