New York Yankees ace Gerrit Cole has withdrawn his intention to opt out. He has decided not to enter the free agent market. Nevertheless, he left open the possibility of signing an extension contract. He is expected to continue discussing the terms of the extension contract. He will now be able to fulfill his dream as an 11-year-old boy who dreamed of becoming a “Yankee fan forever, today, tomorrow.” 메이저놀이터
MLB.com reported on the 5th (Korea time) that Cole will remain with the Yankees on the terms of the existing contract instead of opt-out. Cole signed a nine-year, $324 million contract with the Yankees in December 2019, with the condition of becoming an FA again by opt-out at the end of this season, his fifth year. Cole said he would give up $144 million for the remaining four years after the World Series and declare an opt-out, but withdrew it.
Cole’s contract could have been $9+1 year $360 million at the will of the Yankees. Cole had the right to opt out after the fifth year of the season, but the Yankees had the right to invalidate the opt-out by executing the “+1 year $36 million” option after the end of the nine-year contract. However, Cole’s withdrawal from the opt-out was not because the Yankees executed the one-year $36 million option for the 10th year, but decided to maintain the existing nine-year $324 million contract according to the agreement.
“Cole’s decision essentially brings the situation back to where the contract between the two sides was before the opt-out,” MLB.com said, explaining that the existing nine-year, $324 million contract was still in effect. It also quoted sources as saying that “Cole and the Yankees will continue to discuss ways to sign an extension.”
Even when Cole declared an opt-out, it was expected that the Yankees would implement the 10th-year option to keep him. The Athletic reported, “There are expectations that the Yankees will not allow Cole, who has an important influence on the club along with Aaron Judge, to enter the FA market. Owner Hal Steinbrenner frequently meets the two players to know the dynamics of the clubhouse.”
On the other hand, some pointed out that it would be better for Cole, who will be in his mid-30s, to be released as a free agent. The Athletic said, “If the Yankees add one-year option, Cole’s remaining contract will be five years and 180 million dollars. It is unclear whether Cole, who turns 34 next year and suffered an elbow injury this year, will be able to win that much contract as an free agent. The decrease in the ratio of ball speed and swing could be attributed to elbow injury or old age in the spring camp.”
Nevertheless, he predicted, “Nevertheless, the Yankees will invalidate his opt-out (with the execution of the 10th-year option) and not leave the team.”
The Athletic’s prediction was correct in the form of “Remain,” but was wrong about implementing the 10th-year option. The media’s last prediction is a new extension contract with “high total amount and low annual average amount.” It is expected that Cole may revise his contract to help Juan Soto stay as FA’s biggest fish. In other words, he may not let his ransom not interfere with the recruitment of other large players like Shohei Ohtani (LA Dodgers).
