Gerrit Cole is set to continue his tenure with the New York Yankees, opting to stay on his current contract instead of entering free agency.
The Yankees had until 5 p.m. ET to secure a $36 million salary for the 2029 season, extending his existing contract, which still has four years and $144 million left to go.
Cole’s lucrative nine-year, $324 million contract was established prior to the 2020 season. It included a provision allowing him to opt out after the 2024 World Series, but the Yankees retained the option to negate this by adding an extra year to his deal.
At 34 years old, Cole recently clinched the 2023 AL Cy Young Award. His 2024 season faced delays, starting on June 19 due to nerve irritation and edema in his right elbow. Despite this setback, the six-time All-Star achieved an 8-5 record with a 3.41 ERA over 17 starts and excelled in the postseason, going 1-0 with a 2.17 ERA in five playoff appearances.
With this decision, the Yankees now have six potential returning pitchers for their rotation, including notable names like Carlos Rodón, Clarke Schmidt, Luis Gil, Nestor Cortes, and Marcus Stroman, setting the stage for a competitive 2024 season.
