SAN ANTONIO (AP) — Gerrit Cole gave up his opt-out right on Monday and will remain with the New York Yankees under a contract that runs through 2028 rather than become a free agent. New York's ace initially exercised his right to terminate the $324 million, nine-year deal, which has $144 million and four years remaining. That decision triggered a two-day window for the Yankees to add a $36 million salary for 2029, which would void the opt out.
Given the short time frame after the team's World Series-ending loss Wednesday night, both sides extended the bargaining period until 5 p.m. EST Monday, the deadline for option decisions in the collective bargaining agreement.
As the deadline approached, both sides agreed to rescind their rights and worked out the language with Major League Baseball and the players' association. “Maybe the grass isn't always greener,” Yankees general manager Brian Cashman said. “I think he’s happy where he's at.
I think he likes our setup. I think he likes playing for who he’s playing for and working for. And I think he likes his teammates.
And I think he thinks we have a legitimate chance to win.” Cashman said the talks included himself, Cole, agent Scott Boras, Yankees owner Hal Steinbrenner and team president Randy Levine. “Gerrit and Hal have built a close relationship, and remaining a Yankee was important to both,” Boras said in an email to The Associated Press.
“All understood further time was needed to advance discussions.” .