Gerrit Cole, Yankees working on revised contract to keep ace in the Bronx
NEW YORK — Gerrit Cole and the New York Yankees are reportedly working on a deal to keep the ace pitcher in the Bronx and out of free agency.
Cole opted out of his contract days after the Yankees lost to the Los Angeles Dodgers in the World Series.
New York had until 5 p.m. Monday to let Cole become a free agent or add a $36 million salary for 2029 to his contract, which had four years and $144 million remaining.
The sides were still working on a revised contract, two people familiar with the negotiations told The Associated Press. The people spoke on condition of anonymity because no announcement was made.
Yankees signed Cole to mega contract in 2019
Cole's $324 million, nine-year deal, agreed to before the 2020 season, gave him the right to opt out following the 2024 World Series but said the Yankees could void the opt out by adding the additional year.
A 34-year-old right-hander, Cole won the 2023 AL Cy Young Award. His 2024 season didn't start until June 19 because of nerve irritation and edema in his right elbow. The six-time All-Star went 8-5 with a 3.41 ERA in 17 starts, then was 1-0 with a 2.17 ERA in five postseason starts.
New York's decision gives the Yankees six potential rotation returnees, a group that includes Carlos Rodón, Clarke Schmidt, Luis Gil, Nestor Cortes and Marcus Stroman.
The Yankees' star outfielder Juan Soto also became a free agent after the World Series.