Earlier this week, the news broke that Yoshinobu Yamamoto spurned the New York Yankees in order to sign with the Los Angeles Dodgers.

The Yankees made an offer of $300 million over 10 years. The Dodgers outdid that with a 12-year, $325 million proposal, with a signing bonus of approximately $50 million.

The Yankees reportedly had an opportunity to match the Dodgers' offer, but reportedly declined – and some of the reasoning had to do with Gerrit Cole – according to Jon Heyman of MLB Network and the New York Post:

“Yankees decided not to match Dodgers winning $325M bid to Yamamoto because: 1) they thought $300M was right offer, 2) they didn’t believe anyone should have a bigger deal than Gerrit Cole. NYY offered optout after 5 yrs but not a $50M signing bonus. Highly unlikely it mattered.”

In 2019, the Yankees made Cole the richest pitcher in MLB (at least until Ohtani signed with the Dodgers, assuming he pitches again) when they signed him to a nine-year/$324 million deal.

The Yankees took a major step towards improving their offense by bringing Juan Soto aboard. If they want to contend in 2023, though, they must replenish their starting rotation. Yamamoto would have slotted in perfectly as the number two starter behind Cole, fitting this need like a glove.

There are other available options as well. Shane Bieber is a trade option, while Blake Snell and Jordan Montgomery are free agents.

Montgomery had an incredibly well-timed breakout season, and will likely command a contract north of $150 million. It is possible that the record-breaking nature of Yamamoto’s deal resets the market and pushes up the cost for other players. This could put Montgomery closer to $200 million, although it is unlikely the southpaw will exceed that figure.

The Yankees could also look to trade for Corbin Burnes, as the Milwaukee Brewers look to reset.

Whatever New York ends up doing, it appears that Cole's status as the highest paid pitcher on the staff is safe for another year.