The New York Yankees have decided to retain pitcher Gerrit Cole rather than allowing him to become a free agent. The team had until 5 p.m. EST to exercise a $36 million salary option for the 2029 season, adding it to Cole's existing contract, which had four years and $144 million remaining.
Although the deadline has passed, negotiations are ongoing between the two parties to finalize a revised contract. Cole, a 34-year-old right-hander, had signed a $324 million, nine-year deal with the Yankees before the 2020 season. This deal included an opt-out clause for Cole following the 2024 World Series, which the Yankees could void by extending his contract by an additional year.
In 2023, Cole was awarded the AL Cy Young Award for his outstanding performance. However, his 2024 season was delayed until June 19 due to nerve irritation and edema in his right elbow. Despite the setback, Cole managed to post a record of 8-5 with a 3.41 ERA in 17 starts during the regular season. He further excelled in the postseason, going 1-0 with a 2.17 ERA in five starts.
With Cole's contract extension, the Yankees now have a solid rotation lineup that includes potential returnees such as Carlos Rodón, Clarke Schmidt, Luis Gil, Nestor Cortes, and Marcus Stroman.
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