A heartbreaking defeat in the 2024 World Series is never easy to endure and the New York Yankees are learning this the hard way. They went 1-4 to drop the 15-year-long dream of clinching the championship ring. And as they step into the off-season, the franchise’s troubles will only increase.
The New York Yankees’ off-season began by declining Anthony Rizzo and Lou Trivino’s club options for the 2025 season. With Juan Soto also entering free agency, the Bronx Bombers face another scare as ace starting pitcher has threatened to leave. However, the Yanks can nullify his move if they play their cards right.
Yankees Racing Against Time To Void Gerrit Cole’s Opt-Out
According to Kiley McDaniel of ESPN, Gerrit Cole has opted out of his nine-year $324 million contract with the New York Yankees. Despite having four years and $144 million remaining, the ace made the fateful decision. However, the Yanks can prevent Cole from hitting the open market by extending his contract by one additional year for $36 million, effectively turning the original deal into a 10-year, $360 million agreement. Notably, Cole’s current nine-year, $324 million contract, signed in 2020, set a major league record at the time for total money awarded to a pitcher. This record has since been surpassed by Yoshinobu Yamamoto’s $325 million deal with the Los Angeles Dodgers.
However, with the deadline set for Monday, the decision to retain Gerrit Cole is not without its complexities. The right-hander suffered a significant elbow injury during the 2024 season, sidelining him for nearly half the year. Upon returning, Cole struggled initially to regain his peak form but managed to deliver solid performances by the season’s end, including two commendable starts in the World Series against the Dodgers. That being said, despite his recent injury and a noted dip in velocity and strikeout rate, Cole’s leadership and experience remain invaluable to a Yankee team eager to end its championship drought, which stretches back to 2009. While some might argue that replacing Cole with one of the high-profile free-agent pitchers such as Corbin Burnes, Max Fried, or Blake Snell could free up financial flexibility, the reality may not be so straightforward. Hence, the front office is in a fix as they race against time.
Gerrit Cole’s Deal Will Impact Juan Soto’s Free Agency
The New York Yankees, who had one of the highest payrolls in 2024 and surpassed the luxury tax threshold, are set for another expensive offseason. Signing Gerrit Cole to an extended deal and voiding his opt-out would add significant payroll pressure as they look to pursue free agent Juan Soto.
On the other hand, if the Yankees choose not to void the opt-out, Cole would become a free agent. This scenario might prompt the team to prioritize their pursuit of Soto, given his age and offensive impact. However, they would likely still aim to negotiate a new contract with Cole, potentially on more lucrative terms than his current deal.
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