As expected, Cole opts out of Yankees contract

In a completely expected move, but one nonetheless that turned plenty of fans’ heads, Gerrit Cole optioned out of his Yankees contract Saturday morning.

But Cole, whose nine-year, $324 million deal signed before the 2020 season contained the opt-out after this year that was anticipated pretty much from the time he signed to be utilized, isn’t guaranteed to hit the open market.

Also included in the contract, negotiated by agent Scott Boras – who represents many of baseball’s biggest stars, a stable that includes current free agent Juan Soto – was an ability for the Yankees to essentially void the opt-out.

And that would be by adding a fifth year to Cole’s deal, which has four years and $144 million remaining on it, for $36 million, which would keep him a Yankee through 2028.

Though Cole started the 2024 season on the injured list with right elbow inflammation and didn’t make his first start of the year until June 19, the 34-year-old righthander has been among the most durable pitchers of his generation.

The difficulty of finding durable, high-end starting pitching, as well as the success Cole has had overall in the Bronx, makes it likely the Yankees tack on the additional year for $36 million.

The club has a deadline of 5 p.m. on Monday to make that call.

Cole is 153-80 with a 3.18 ERA in his 12 years in the big leagues, including 59-28 in his five seasons with the Yankees. He is 11-6 with a 2.77 ERA in 22 career postseason starts, including 5-2, 2.93 with the Yankees.

Cole, the 2023 AL Cy Young Award winner, went 8-5 with a 3.41 ERA in 17 starts this season. He also started two games in the World Series.

Should the Yankees take the unlikely step of allowing Cole to reach free agency again, he would join a crowded field of quality starters on the market, a group that includes Max Fried, Corbin Burnes, Jack Flaherty, Blake Snell, Yusei Kikuchi and Walker Buehler.

Additionally on Saturday, there came another unsurprising move relating to the Yankees as the club declined its $17 million option on veteran first baseman Anthony Rizzo, exercising instead the $6 million buyout in his deal and thus making the 35-year-old a free agent.

Rizzo, a clubhouse leader at a similar level of captain Aaron Judge – though without the title of his close friend – is coming off two injury-plagued seasons, the reason the team’s decision Saturday was fully expected.