Sources – Yankees star Gerrit Cole is opting out of his contract

New York Yankees star Gerrit Cole opted out of his contract on Saturday, giving the team a chance to ensure he stays in pinstripes by adding to the four years and $144 million remaining on the contract added another year of $36 million, sources told ESPN.

Cole, 34, was among the best pitchers in baseball in his first five years with the Yankees and won the American League Cy Young Award in 2023. After an elbow injury sidelined him for the first two and a half months of the 2024 season, he returned to 17 starts, posting a 3.41 ERA and striking out 99 over 95 innings while walking 29 and allowing 11 home runs.

Cole's opt-out comes days after he suffered a loss in Game 5 of the World Series. After four hitless innings, the Los Angeles Dodgers scored five unearned runs off Cole, with two errors and a miscommunication between Cole and first baseman Anthony Rizzo leading to the Flood.

According to sources, the Yankees have until Sunday evening to overturn Cole's opt-out by extending the remainder of his contract to five years at $180 million.

The Yankees are expected to add the $36 million to keep Cole at the top of their rotation and ensure they don't potentially lose several starters, with star outfielder Juan Soto hitting free agency. Should New York decline its option to override Cole's opt-out, Cole would join a strong class of starting players that includes Corbin Burnes and Blake Snell – also represented by Cole's agent Scott Boras – Max Fried, Jack Flaherty, Walker Buehler, According to sources, Yusei Kikuchi, Nick Pivetta, Luis Severino and Sean Manaea have opted out of his contract with the New York Mets and will become free agents.

Before the 2020 season, Cole signed the largest free agent contract ever for a pitcher: nine years and $324 million. He finished fourth in Cy Young voting in the COVID-shortened 2020 season, second in 2021 and ninth in 2022 before winning the award in 2023, posting an AL-best 2.63 ERA in 209 innings.

An elbow injury suffered in spring training that year delayed Cole's debut until June 19. While his average fastball velocity dropped by about 1 mph compared to last year and by 2 mph as of 2022, Cole's five-pitch mix — which includes a curveball, a slider, a cutter and changeup — remained effective .

In five postseason starts this year, Cole posted a 2.17 ERA over 29 innings with 22 strikeouts, 10 walks and 1 home run allowed. For his career, Cole is 11-6 with a 2.77 ERA in 22 playoff starts.