There will be plenty of New York Yankees rumors this winter regarding the futures of Juan Soto and Gerrit Cole. Both stars are eligible for MLB free agency this offseason, but New York will need to pay out nearly $100 million in 2025 if it wants to keep both.
Soto, who turns 26 years old in October, is competing with Aaron Judge in the AL MVP race. The Yankees attempted to sign him to a contract extension during the season, but it quickly became clear he wanted to hit the open market. While Soto will be the team’s primary focus in MLB free agency, Cole is another matter to deal with.
- Gerrit Cole contract (Spotrac): $36 million salary in 2024, player opt-out in 2025. 4 years, $144 million remaining on contract
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The contract Cole signed with the Yankees is a bit complex. He can decline the $36 million average annual salary he’s scheduled to make over each of the next four seasons to enter MLB free agency. However, New York has an option to void Cole’s decision by adding a 10th year to his contract.
Doing so would put New York on the hook for a $36 million salary in 2029 when Cole is 38 years old. It’s a significant risk for the Yankees long-term, especially in light of Cole’s injury and struggles this season. Plus, taking Cole’s contract off the Yankees payroll in 2025 would free up money for Soto ahead of a potential bidding war with the New York Mets.
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Will Gerrit Cole opt out?
According to Jon Heyman of the New York Post, the most likely scenario this winter is that Cole will opt out of the final four years and the $144 million he is owed in his contract. Once he does that, the league-wide belief is that New York will add the additional year to his deal, allowing Cole to make $180 million over the next five seasons.
- Gerrit Cole stats (ESPN): 3.72 ERA, 1.33 WHIP, 62 strikeouts in 58 innings pitched, 21 walks allowed
The 33-year-old hurler hasn’t exactly been at his best this season. Entering MLB games today, Cole has the worst ERA in his Yankees career with his lowest strikeout rate (25.1 percent, FanGraphs) since 2017.
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New York is hopeful that the Cole they’ve seen on the mound in August – 1.17 ERA and 26.1 percent strikeout rate – carries over into September and October. Even with the durability risk and chance of regression as he gets older, the Yankees seem prepared to add that fifth year to his contract to keep him from leaving.