Gerrit Cole Remains with Yankees on $144M Deal After Opt-Out

Nov 4, 2024, 09:40 PM

New York Yankees ace Gerrit Cole has agreed to remain with the team on the four-year, $144 million contract he initially opted out of, according to multiple sources. The right-hander had previously exercised his opt-out clause but has now decided to stay in the Bronx, with both sides planning to discuss potential extension options in the future. The Yankees faced a deadline of November 4th at 5 p.m. ET to decide whether to add a fifth year at $36 million to Cole's contract to retain him or allow him to become a free agent. By agreeing to continue on the existing deal, Cole is locked in with New York through the 2028 season. The decision effectively treats the situation as if Cole did not opt out, maintaining stability in the Yankees' pitching rotation as the team enters the offseason.