Cole is opting out, but the Yankees can keep him by adding salary for 2029

NEW YORK (AP) — Gerrit Cole exercised his right to opt out of his contract with the New York Yankees, giving the team two days to overturn the opt-out by adding $36 million in salary for 2029, one with the decision said a person familiar told The Associated Press.

Three days after the Yankees lost the World Series, New York announced Saturday that it had declined first baseman Anthony Rizzo's $17 million option in favor of a $6 million buyout, making the first Baseman becomes a free agent.

Cole's expected decision was revealed by a person who spoke on condition of anonymity because it has not been announced publicly. Cole would fork out $144 million over the four remaining seasons of his nine-year, $324 million contract.

Cole, a 34-year-old right-hander, won the 2023 AL Cy Young Award. His 2024 season didn't begin until June 19 due to nerve irritation and edema in his right elbow. The six-time All-Star went 8-5 with a 3.41 ERA in 17 starts and then went 1-0 with a 2.17 ERA in five postseason starts.

A three-time All-Star, the 35-year-old Rizzo hit .228 with eight homers and 35 RBIs in 92 games during an injury-interrupted season.

Rizzo missed 62 games with a broken right forearm after colliding with Boston backup Brennan Bernardino on June 16. He batted .380 (8 for 21) after returning from the injured list on September 1, then broke his fourth and fifth fingers when he was hit by a pitch from Pittsburgh's Ryan Borucki on September 28.

He returned for the AL Championship Series and World Series, batting .267 with no RBIs.

A 2016 World Series champion with the Chicago Cubs, Rizzo has a career .261 batting average with 303 home runs and 965 RBIs in 14 major league seasons. He was traded from Chicago to the Yankees in July 2021.

He remained with the Yankees on a two-year, $32 million contract and then agreed to a two-year, $40 million contract in November 2022.