The agonizing weekend for New York Yankees fans will come to an end: ace Gerrit Cole will stay with the team on the terms agreed before he opted out on Saturday.

The bizarre contract saga initially saw Cole opt out of the remaining four years and $144 million of his deal. The Yankees had the option to convert the contract to a five-year, $180 million pact – tacking on a fifth year for $36 million in 2029 – but Cole will stay with the team under the terms he originally signed for without the extra year added on.

The childhood Yankees fan inked a nine-year, $324 million contract with New York in the 2019 offseason after striking out 326 batters for the rival Houston Astros.

Cole helped guide the Yankees to the World Series for the first time since 2019. On the sport’s biggest stage, he allowed just one earned run over 12.2 innings pitched against the Los Angeles Dodgers – though he allowed five unearned runs in the chaotic fifth inning of Game 5.

Cole’s Contract

Cole’s initial nine-year contract with New York contained an opt-out after five seasons, a clause he chose to activate ahead of Saturday’s deadline. The Yankees had until Monday at 5 pm to decide if they wanted to add on one year for $36 million to keep the right-hander under team control.

Effectively, the team’s decision to tack on the extra year would have converted Cole’s contract into a five-year, $180 million deal. Instead, he’ll stay on for the remaining four years and $144 million he was owed.

Cole was forced to miss the first two-and-a-half months of the Yankees 2024 season. Though the durable right-hander was fresh off six-straight 30+ start campaigns (minus the 2020 COVID season), any perceived injury could have dented his value in the open market.

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Getty Images)

Yankees Offseason Blueprint

Who could the Yankees look to supplement their roster with following the Cole news? The starting pitching staff looks mostly set with the breakouts of young pitchers Luis Gil and Clarke Schmidt as well as the long-term deals in place for veterans Carlos Rodon and Marcus Stroman.

First-baseman Anthony Rizzo had his team option declined, likely putting New York in the market for a new first baseman. Pete Alonso of the New York Mets or Christian Walker of the Arizona Diamondback – admittedly both right-handed bats – could make sense.

The elephant in the room for New York is Juan Soto’s free agency. Likely more important than Cole, suitors will line up for the services of the talented 26-year-old outfielder.

Cole’s History with the Yankees

In five seasons in New York, Cole has a record of 59-28 in 125 starts with a 3.12 ERA and 1.03 WHIP. His best campaign came in 2023 when Cole captured his first and only CY Young Award. The Yankees ace went 15-4 with a league-leading 2.63 ERA and 0.98 WHIP in 209.0 innings.

Cole’s strikeout numbers with the Yankees (10.8 K/9) tumbled a bit from his historic two-year stint with the Astros (13.1). His 326 punchouts with Houston in 2019 are the most by any pitcher since Randy Johnson fanned 334 hitters in 2002.

The Yankees right-hander was far from his best in 2024. He pitched just 95.0 innings with a 3.41 ERA, though he was much stronger in the playoffs. His fastball velocity dipped for a second straight season.