The New York Yankees are sticking with pitcher Gerrit Cole for the long term. Cole opted out of his contract over the weekend, but the Yankees have voided the opt-out by adding an additional year to his existing deal, according to the New York Post’s Jon Heyman and USA Today’s Bob Nightengale.
Cole signed a nine-year, $324 million deal in 2019 — then the richest contract in league history — to bring him to New York through 2028. To void the opt-out, the Yankees have added a year to the contract, keeping the ace in New York through 2029. The team will pay Cole an additional $36 million on top of the $144 million he will earn over the next four seasons. Cole will turn 39 years old in the final year of the deal.
New York had until 5 p.m. ET Monday to decide whether to restructure the deal.
Cole, a six-time All-Star, missed the start of the 2024 season due to nerve inflammation. He finished the season with 99 strikeouts and a 3.41 ERA across 95 innings in 17 games.
Cole is one season removed from unanimously winning the AL Cy Young award in 2023, and he started the 2023 All-Star Game for the American League.
This is shaping up to be a busy offseason for the Yankees, who have to re-sign or find replacements for free agents including Juan Soto, Gleyber Torres, Alex Verdugo and Clay Holmes. New York declined a team option on first baseman Anthony Rizzo and declined pitcher Lou Trivino’s option but did exercise the team option for reliever Luke Weaver.