Gerrit Cole Free Agency: Yankees ace reportedly staying with team on original four-year, $144 million deal

New York Yankees star Gerrit Cole is staying in town. According to ESPN, Cole will retain his original four-year, $144 million contract with the Yankees, despite reneging on it a few days ago.

It's an unexpected development in the sense that Cole's contract included a provision that if he opts out, the Yankees could reverse that decision by extending his contract by one year at $36 million. That didn't happen here. Rather, it's as if Cole rescinded his exit without the Yankees budging. Instead, both sides opted to keep the four-year, $144 million deal, according to ESPN.

Cole and the Yankees are expected to discuss an extension at a later date.

MORE: Other notable MLB contract option decisions

Despite Cole's success with the Yankees, there was an argument for letting him go. He turned 34 in September, his speed and swing-and-miss rate declined this year, and he suffered some injuries. Cole didn't make his season debut until June 19 after suffering nerve inflammation in his elbow during spring training, and his start was delayed in July by “general body fatigue.”

The Yankees are expected to cut payroll next year and will look to retain her Juan Soto. In a vacuum, letting the 34-year-old star pitcher go so you can keep the 26-year-old superstar hitter is a no-brainer. Then again, this is the Yankees, and it doesn't have to be either/or. They can both keep Cole And Soto.

Of course, there's no guarantee that Cole will be an ace in the future. He won the Cy Young in 2023, but fell short in 2024, and he's now at an age where even the best pitchers begin to decline.

Once healthy again this year, Cole pitched to a 3.41 ERA in 17 regular-season starts, and he was quite good in the postseason. Cole pitched a no-hitter in the fifth inning of Game 5 of the World Series before New York's defense faltered – Cole didn't cover first base, which would have been the third out – and the game got away from them.

In five seasons with the Yankees, Cole pitched to a 3.12 ERA and averaged 4.8 WAR per 30 starts. He received Cy Young votes every year from 2020 to 2023, including finishing second in the voting in 2021 and winning the award in 2023. Cole is a six-time All-Star, including three times with the Yankees.