On Tuesday morning, ESPN's Jeff Passan published an early MLB free-agency preview , in which he noted there is a "strong expectation" that New York Yankees ace Gerrit Cole will opt out of the four years remaining on his contract. As we'll get to momentarily, that doesn't necessarily mean Cole will be a free agent this winter. He could be available, though, and what a last-minute jolt that would be to what is already a loaded class of free agents, presently headlined by Juan Soto, Corbin Burnes, Alex Bregman and Pete Alonso.
How much would Cole—who turns 34 in about a week—be able to fetch on the open market? And of the deep-pocketed teams that could sign him, who seems most motivated to get it done? Let's take a look at the opt-out clause in Cole's contract before diving into the ranking of candidates to sign him. As part of the nine-year, $324 million contract Cole signed with the Yankees in December 2019, he was given the option to decline the final four years and $144 million of the deal this offseason. If he does so, it triggers a club option in which the Yankees can keep Cole by adding another $36 million year to his contract, which would push it to a 10-year, $360 million marriage.
Six months ago, it seemed to be a foregone conclusion that's exactly how it would play out—he opts out, they opt in and the 2023 AL Cy Young winner stays in the Bronx through 2029. But now if Cole tries to leave, would the Yankees re-up with the six-time All-Star who missed the first 75.