Shortly after failing to cover first base in Game 5 of the World Series against the Dodgers, Cole opted out of what was remaining of the nine-year, $324 million deal he signed in December 2019. Cole presented the Yankees with the option to add a year to the deal worth $36 million or he would become a free agent.

After his right elbow injury last year, it seemed that Gerrit Cole's days as a MLB pitcher were uncertain. However, a quick recovery has put him in a favorable position to negotiat

Gerrit Cole says he always intended to remain with the New York Yankees. The 34-year-old right-hander exercised his right to opt out of his contract on the third day after the World Series, giving up $144 million over four years and starting a two-day window for the team to void the opt by adding a $36 million salary for 2029.