The New York Yankees introduced Gerrit Cole — clean-shaven and all — Wednesday in The Bronx, and some new details about his record-breaking contract also came out.
Cole has an opt-out after his fifth year, but the Yankees can void that opt-out by tacking on an extra year and $36 million to his contract, according to Ken Rosenthal of The Athletic:
Previously unreported detail in Gerrit Cole’s contract: If he opts out after fifth year, NYY may void opt-out and extend contract one more year for $36M. That would increase value of deal to 10 years, $360M.
— Ken Rosenthal (@Ken_Rosenthal) December 18, 2019
At present, the terms of Cole's deal are for nine years and $324 million, with an even $36 million spread across all nine seasons.
If the Yankees did indeed void a hypothetical opt-out, they would officially put the wrappings on the second-richest contract in MLB history, behind only Mike Trout. It would also become the largest free-agent contract in MLB history, as Trout's deal was an extension. Philadelphia Phillies outfielder Bryce Harper currently has the largest free-agent contract ever after signing for $330 million this past February.
New York grew increasingly more aggressive over the course of the 2019 MLB Winter Meetings. They initially offered Cole seven years and $245 million. However, Cole's value skyrocketed when the Washington Nationals re-signed Stephen Strasburg for that exact same offer.
Not to be deterred, the Yankees offered the house to land the ace they had originally drafted out of high school in 2008 (Cole decided to attend UCLA). He also grew up a Yankees fan:
Gerrit Cole kept the sign 😭 pic.twitter.com/WduQ4bDtY1
— Sports Illustrated (@SInow) December 18, 2019
Cole's contract takes the Yankees over the luxury tax threshold. They will have to pay the financial penalty, but that hardly seems significant at present.
The Bronx Bombers have their ace, potentially for the next decade.
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