Gerrit Cole remains behind.
It took a while for it to become official, but the ace will stay with the Yankees for the four years and $144 million remaining on the nine-year, $324 million contract he signed ahead of the 2020 season. Cole initially opted out of that deal over the weekend.
The Yankees could have waived the opt-out clause by adding a 10th year for $36 million before 5 p.m. Monday. Instead, the two sides will launch possible extension negotiations later, as Jon Heyman of MLB Network first reported, with Cole missing out on another chance to act in free agency.
For now, it’s as if Cole never retired.
It was no surprise that the 34-year-old triggered this clause, nor shocking that reigning American League Cy Young would continue his tenure with the Yankees.
In addition to being one of the most accomplished starters in baseball, Cole is considered a valuable resource to the pitching staff and team owner Hal Steinbrenner, who often consults with the veteran and Aaron Judge.
However, Cole was diagnosed with inflammation and swelling in his right elbow during spring training. The notable injury cost the usually durable Cole the first three months of the season. He ended up going 8-5 with a 3.41 ERA and 99 strikeouts in 95 innings before posting a 2.17 ERA in 29 innings and five postseason starts.
Cole allowed just one earned run in 12.2 innings in two World Series starts against the Dodgers, although he was burned by several defensive errors during a five-run fifth inning in the fifth match. He contributed to that sloppy inning, failing to cover first base after a miscommunication with Anthony Rizzo led to a hit on a petrified grounder.
“This is as bad as it gets,” Cole said after the Yankees lost Game 5 of the World Series. “It’s the worst feeling you can have, especially because sometimes you have to keep believing to give yourself a chance. You keep pushing and you keep pushing, and in the end, we failed. It’s is brutal.
As dominant as Cole has been in the postseason, his recent injury, declining age and speed, strikeout rates, and swing-and-miss rates have led some to wonder if the Yankees would be better off letting The six-time All-Star will walk this winter. . There is no guarantee that Cole – who has played more than 2,000 innings in the major leagues – will be as effective or healthy in the second half of his contract as he was in the first half and in the years before his stay in the Bronx.
But the Yankees are in win-now mode and need improvement after falling short in the World Series. Cole, who has shown an ability to adapt with age, is still a win-now player, and letting him go would have sent the wrong message while creating a hole that’s difficult to fill.
Originally a Pirate, Cole is 153-80 with a 3.18 ERA over 1,954 innings after 12 seasons in the majors. He added a 2.77 ERA in 133.1 innings and 22 postseason starts, but he’s still looking for his first championship after helping the Astros and Yankees to the Fall Classic.
A childhood Yankees fan, Cole is 59-28 with a 3.12 ERA in five seasons with the franchise.
“He’s been everything we could have hoped for when we brought him here,” Aaron Boone said before Game 1 of the World Series. “He was one of the aces of that era. Obviously, he had a great Hall of Fame career.
With Cole sticking around, the Yankees rotation also includes Carlos Rodón, Clarke Schmidt, Nestor Cortes, Luis Gil and Marcus Stroman.
Keeping Cole also gives the Yankees one less thing to worry about during a crucial offseason in which superstar right fielder Juan Soto is a free agent. The same goes for Rizzo, second baseman Gleyber Torres, left fielder Alex Verdugo and relievers Clay Holmes, Tommy Kahnle and Tim Hill, among others.
Peter Sblendorio contributed to this report.
