The New York Yankees are facing an uphill battle in the World Series against the Los Angeles Dodgers, trailing 0-3 in the series. But looking ahead to the offseason, they may soon have an even bigger challenge to deal with: the uncertain future of ace Gerrit Cole. As Cole wraps up his fifth season in pinstripes, he faces a pivotal decision about whether to opt out of his nine-year, $324 million contract, potentially putting the Yankees in a scramble to keep their star pitcher.
Cole, who signed his blockbuster deal in 2019, has an opt-out clause this winter. However, the Yankees have a unique option to prevent his departure by tacking on an additional year and $36 million to the contract, essentially extending his stay through 2030. But will Yankees general manager Brian Cashman pull the trigger, or will the front office let Cole test the free-agent waters?
Bleacher Report’s Kerry Miller is betting that Cole will opt out after the World Series, predicting that the Yankees might not take the bait to bring him back, allowing him to negotiate with other teams. If Cole exercises his opt-out and the Yankees choose not to extend the contract, the right-hander could hit the open market, possibly signing a deal with another team willing to pay over $200 million for his services.
If Cole stays in New York under his current terms, he’ll earn $144 million over the next four years. If the Yankees add that additional year, he’d be in line for five years and $180 million — a figure that aligns with Spotrac’s market estimate. Spotrac projects his market value at five years and approximately $179 million, while Miller suggests that, given Cole’s durability and performance, he could command even more.
“Cole’s projected market value feels low,” Miller speculated. “He’s younger and more durable than Jacob deGrom was when he inked his five-year, $185M deal with Texas. And with Max Scherzer and Justin Verlander landing $43M-per-year deals in their late 30s, Cole could easily approach or exceed $200 million if he tests free agency.”
Despite missing part of the 2024 season due to injury, Cole has been one of the most consistent arms in baseball since joining the Yankees. Over his five years in New York, he’s compiled a 59-28 record, 3.12 ERA, 1.03 WHIP, and racked up 915 strikeouts across 759 innings. His accolades include a Cy Young Award in 2023, three All-Star appearances, and four top-10 finishes in Cy Young voting.
Losing Cole would be a massive blow to the Yankees’ rotation and would send them into a frantic search for an ace-level replacement. With a potential $200 million price tag on the line, it’s up to Cashman and the Yankees’ front office to decide whether to gamble on Cole’s continued dominance or risk letting one of the best pitchers in baseball walk away.
The stakes are high for the Yankees and their fans, who now await the verdict on Cole’s future as eagerly as the outcome of the World Series.
