Gerrit Cole Will Remain on Four-Year Deal With Yankees, Will Discuss Extension

New York Yankees pitcher Gerrit Cole will remain on his four-year, $144 million deal he had opted out of on Saturday, ESPN's Jeff Passan reported on Monday.

Nothing much will change as Cole and the Yankees will still discuss any contract extension ideas. It would be the same if Cole didn't opt out of his contract, Passan added. He currently earns $36 million per season.

The big note of this news is that Cole will remain with the Yankees instead of becoming a free agent at this time, which was a possibility.

Cole is coming off a huge season with the Yankees, who were the runners-up in the 2024 World Series to the Los Angeles Dodgers. Cole shined in all his postseason starts, except in Game 5 of the World Series in which a disastrous fifth inning led to the Dodgers eventually staging a dramatic comeback and closing out the series. He pitched 29 innings, producing 22 strikeouts, 27 hits, 13 runs and one home run in his postseason stretch.

The ace missed part of the 2024 season with an elbow injury, but pitched 17 games after making a mid-season return. He posted a 3.41 ERA with 99 strikeouts in 95 innings on the mound.

The 34-year-old won the 2023 American League Cy Young Award.