Gerrit Cole predicted to opt out after 2024, Yankees likely to extend contract
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Follow UsNew York Yankees ace Gerrit Cole is predicted to opt out of his current contract following the 2024 season. The possibility comes as a surprise to many, despite Cole being one of the Yankees’ most consistent performers since signing his nine-year, $324 million deal in December 2019.
Yankees superstar Gerrit Cole expected to opt out of contract after 2024 season
Bleacher Report’s Kerry Miller, this Wednesday, suggested that Cole will “almost certainly opt out” of his contract, thanks to a unique clause that could trigger a potential windfall for both the pitcher and the team. Cole’s contract includes a player option after the 2024 season for four years and $144 million. However, if Cole chooses to opt out, the Yankees can extend the deal by one additional year, turning the player option into a five-year, $180 million club option, ensuring Cole stays in the Bronx through 2029.
While the idea of Cole potentially opting out might alarm some Yankees fans, there is a silver lining. The Yankees hold significant leverage with the club option, meaning they can retain their ace for an extended period by simply adding one more year and $36 million to his current contract.
Cole has been a key figure in the Yankees’ success since joining the team. His dominant performances, including a stellar 2024 campaign that saw him lead the team into the postseason, have cemented his place as one of the best pitchers in baseball. His departure would undoubtedly leave a void in the Yankees’ rotation, but given the structure of his contract, it seems likely that the Yankees will do everything they can to keep him in pinstripes.
This offseason could see two of the Yankees’ biggest stars entering free agency. While Aaron Judge is locked in long-term after signing his nine-year deal last December, Juan Soto will become an unrestricted free agent, leaving the Yankees with tough decisions ahead. But when it comes to Cole, the organization appears poised to ensure their ace stays at the forefront of their rotation for years to come.
Miller concluded his article by emphasizing the likelihood that the Yankees will exercise their option, writing, “The Yankees very likely opt in, locking up their ace through 2029.” Given how valuable Cole has been to the team, and how his continued presence would benefit both parties, it seems all but certain that Cole will remain a Yankee if the team acts on their option.
For now, Yankees fans can rest assured that while Gerrit Cole might test the waters of opting out, the team’s front office has a plan to keep him in the Bronx for the foreseeable future.
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