The New York Yankees have secured pitcher Gerrit Cole for the long term by extending his contract. Cole had initially opted out of his deal, but the Yankees decided to void the opt-out by adding an extra year to his existing agreement, as reported by Jon Heyman of the New York Post and Bob Nightengale of USA Today.
Back in 2019, Cole signed a record-breaking nine-year, $324 million contract, making it the richest deal in league history at that time, to join the Yankees until 2028. With the new extension, Cole will now remain in New York through 2029. In addition to the $144 million he was already set to earn over the next four seasons, the team will pay him an extra $36 million. Cole will be 39 years old in the final year of the extended contract.
The Yankees had until 5 p.m. ET on Monday to make a decision regarding the restructuring of the deal.
Cole, a six-time All-Star, faced a setback at the start of the 2024 season due to nerve inflammation. Despite this, he managed to record 99 strikeouts and a 3.41 ERA in 95 innings over 17 games.
Just a year ago, Cole unanimously won the AL Cy Young award in 2023 and also started for the American League in the All-Star Game.
This offseason promises to be a busy one for the Yankees, as they need to address free agents like Juan Soto, Gleyber Torres, Alex Verdugo, and Clay Holmes. The team decided to decline the option on first baseman Anthony Rizzo and pitcher Lou Trivino, while exercising the team option for reliever Luke Weaver.