The New York Yankees were confident that Gerrit Cole, who's already 34 years of age, wouldn't dare opt out of his contract, and thus they decided not to void his option to do so by tacking on another year to his contract — giving him an additional $36 million for when he's 38 years old. Their gambit was proven correct, as Cole ended up opting into the four remaining years of his contract that would pay him a total of around $144 million.
But as a show of good faith, there is a chance that the Yankees give Cole an extension anyway, just not at the $36 million value that the original agreement would have guaranteed.
“The team could be motivated to give Cole some type of extension beyond his remaining four years and $144 million, even if it’s not at the original number. Two factors should motivate the Yankees: A desire to maintain good-faith relationships with Cole and his agent, Scott Boras, who also represents the Yankees’ No. 1 free-agent target, outfielder Juan Soto. And a desire to lower the luxury-tax hit they are taking on Cole’s contract,” Ken Rosenthal of The Athletic wrote.
Even with Cole getting up there in age, he remains the Yankees' most trusted starting pitcher, as evidenced by his usage in the 2024 MLB playoffs. So it's not as if the Yankees are simply aiming to smooth things out behind the scenes as they look to get their most pressing order of business this offseason done.
However, the Yankees' goal to keep Juan Soto in the Bronx takes precedent over any move they'll be making, and if giving Cole an extension through his age-38 season helps in that regard, then so be it. It's not as if the Yankees are struggling for funds, even though other teams have matched their historical financial might in recent seasons.
There's little-to-no downside in striking an agreement with Cole regarding an extra year in his contract, although the 34-year-old will have to play ball with the Yankees for this to work.
Will Gerrit Cole play ball with the Yankees?
Related New York Yankees NewsArticle continues below
For Gerrit Cole, it's not quite clear what the incentive is for him to sign an extension that would benefit the Yankees at the cost of himself. Rosenthal floated a potential extension worth around $6 or $16 million just so the Yankees could get the luxury-tax hit of his contract down, but why would Cole restrict his earning potential this way?
Of course, one of the benefits is that Cole would have extra financial security in the event that he sustains an injury that threatens to end his career or if he suffers a steep decline in his level of play. But Cole could always bet on his chances of aging well. For example, Justin Verlander and Max Scherzer pitched at an incredible level deep into their 30s, and they managed to snag huge deals for themselves despite nearing the 40-year-old mark.
Whatever the case may be, expect the Yankees to do their best in convincing Cole that signing an extra year is what's best for all parties involved.
