The Yankees’ General Manager, Brian Cashman, and star pitcher Gerrit Cole reached an agreement to keep Cole with the team without extending his contract or adding the $36 million fifth year he might have demanded. Cole had technically opted out of the final four years of his $324 million deal, worth $144 million, prompting last-minute negotiations over the weekend. Both sides agreed to a 24-hour extension to ensure they could reach a resolution, indicating a shared desire to continue their partnership rather than end it.
Cashman described a tight timeline after the World Series, involving discussions with Cole, his agent Scott Boras, and Yankees owner Hal Steinbrenner. Though both sides expressed a commitment to stay together, Cashman revealed that there might be a future opportunity for contract renegotiation, primarily to adjust terms that could lower the Yankees’ luxury tax liability. However, without any immediate pressure of free agency, the Yankees avoided costly additions, prioritizing their financial flexibility.
By retaining Cole without extra terms, the Yankees showed resolve, refusing to be pressured into an expensive extension. Cashman refrained from labeling this as a “game of chicken” won by the Yankees, instead emphasizing mutual agreement. However, the Yankees’ tough stance with Cole could signal a similar approach with other players, such as Juan Soto, another Boras client. Unlike Cole and Aaron Judge, Soto lacks deep ties to the Yankees and might draw significant interest from other teams, complicating any future negotiations.
Cashman emphasized the importance of keeping Cole as the team’s ace, especially since the free-agent market’s alternatives, like Corbin Burnes and Max Fried, are unpredictable in their fit for New York. Cashman described Cole as “family,” a player who has already proven his reliability and adaptability in New York’s high-pressure environment. Both the Yankees and Cole align with the team’s “go for it now” philosophy, with Cashman reaffirming their commitment to building around the Judge-Cole duo to secure a competitive edge.
Cole, however, is 34 and has shown some decline in recent seasons, including a decrease in strikeout rate and a drop in performance likely tied to a league-wide crackdown on illegal substances for pitchers. The Yankees could have lost Cole to another team but faced considerable risk if they let him go, as he remains one of the league’s top arms. By avoiding a costly fifth year, they’ve kept a vital part of their rotation intact without additional financial strain, setting a positive tone for their 2025 season.
