UPDATE: Cole and the Yankees have agreed to stay together on the original four-year, $144 million deal that he opted out of on Saturday, according to ESPN MLB insider Jeff Passan.
Per Passan, the two sides will continue to talk about a potential extension, but as of now, Cole will move forward as if the opt-out never happened.
More to come.
Gerrit Cole has reportedly opted out of his contract with the Yankees, according to Jeff Passan and Kiley McDaniel of ESPN.
The move isn't necessarily a surprise, but it does raise interesting questions about the ace's future in the Bronx. The Yanks can bring him back and void the opt-out by adding another year onto his contract, meaning he would get another year at $36 million at the end of his deal that he signed after the 2019 season. But, after a year that included elbow problems, the Bombers could also choose to allow Cole to become a free agent.
If the Yankees opt back into Cole's deal, he will be owed another $180 million over the next five years.
The 34-year-old has been superb as a Yankee, posting a career 3.12 ERA in 759 innings in pinstripes. In the playoffs, he has a 2.93 ERA with the Yankees, and in the World Series, he allowed just one earned run in two starts, but he had a part in the Yanks' fifth-inning meltdown in game five, failing to cover first on a Mookie Betts ground ball that could have ended the inning without harm. Instead, five unearned runs scored, and the Yankees were eliminated.
Cole's health had never been a question before this season, as he made at least 30 starts in every season since 2017, not including the COVID-shortened 2020 campaign. But his elbow issue at the start of this season could factor into the Yankees' decision, and whether or not they want to keep Cole's salary on the books with a load of money needed to bring Juan Soto back as well.
In other unsurprising Yankee news, the team declined its $17 million club option on Anthony Rizzo, making the first baseman a free agent.