This winter, expect plenty of New York Yankees rumors concerning the futures of Juan Soto and Gerrit Cole. Both stars are set to enter MLB free agency this offseason, and the Yankees may need to allocate nearly $100 million for 2025 if they want to retain both players.
Soto, who will turn 26 in October, is in the midst of a battle with Aaron Judge for the AL MVP award. The Yankees tried to extend his contract during the season, but it became clear that Soto is keen on testing the free agent market. While Soto will be the Yankees’ main focus in free agency, Cole’s situation is also important.
Gerrit Cole’s contract details (Spotrac): $36 million salary for 2024, with a player opt-out clause in 2025. He has four years and $144 million remaining on his contract.
Cole’s contract with the Yankees is somewhat intricate. However, the Yankees can counter this by extending his contract by an additional year, which would commit them to a $36 million salary for Cole in 2029 when he will be 38.
This move carries substantial long-term risk, especially considering Cole’s recent injury issues and inconsistent performance this season.
Will Gerrit Cole opt out?
Jon Heyman of the New York Post suggests that Cole is likely to opt out of the remaining four years and $144 million on his contract this winter. The prevailing expectation is that the Yankees will add another year to his deal, which would allow Cole to earn $180 million over the next five seasons.
The 33-year-old pitcher has had a challenging season, currently holding his highest ERA as a Yankee and his lowest strikeout rate (25.1 percent, FanGraphs) since 2017. The Yankees are hopeful that Cole’s strong performance in August—boasting a 1.17 ERA and a 26.1 percent strikeout rate—will continue into the final months of the season. Despite the risks associated with his age and potential for regression, New York seems prepared to offer that fifth year on his contract to ensure he remains with the team.
