This winter, expect to hear a lot of speculation about Juan Soto and Gerrit Cole and their futures with the New York Yankees. Both players will be free agents after this season, and if New York wants to retain them both, they’ll need to commit close to $100 million for the 2025 season.
Juan Soto, who will turn 26 in October, is vying with Aaron Judge for the AL MVP award. Although the Yankees tried to extend his contract during the season, it became evident that Soto prefers to test free agency. While Soto will be the main focus for the Yankees in MLB free agency, Gerrit Cole’s situation is more complicated.
Cole’s contract, as detailed by Spotrac, includes a $36 million salary for 2024 and a player opt-out option for 2025, with four years and $144 million remaining. The contract allows Cole to bypass his $36 million annual salary over the next four seasons if he opts for free agency. However, the Yankees can counter this by extending his contract by an additional 10 years, which would commit them to paying Cole $36 million in 2029 when he’ll be 38. This poses a long-term risk for the Yankees, especially considering Cole’s recent injury issues and struggles. Moreover, removing Cole’s contract from the payroll in 2025 could free up funds to pursue Soto, particularly if a bidding war with the New York Mets arises.
Will Gerrit Cole opt out?
Jon Heyman of the New York Post reports that the most probable outcome this winter is that Gerrit Cole will choose to opt out of the remaining four years and $144 million on his contract. If he does so, it is widely expected that the Yankees will add an extra year to his deal, potentially giving Cole $180 million over the next five seasons.
Gerrit Cole’s current stats show a 3.72 ERA, a 1.33 WHIP, 62 strikeouts in 58 innings, and 21 walks allowed. At 33 years old, Cole has struggled this season, posting the worst ERA of his Yankees career and his lowest strikeout rate (25.1 percent, according to FanGraphs) since 2017.
However, the Yankees are encouraged by Cole’s recent performance in August, where he has recorded a 1.17 ERA and a 26.1 percent strikeout rate. They are hopeful that this strong showing will continue into September and October. Despite the potential risks associated with his age and possible regression, New York seems ready to offer an additional year on his contract to keep him from departing.
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