Gerrit Cole won't test free agency after initially opting out of deal with Yankees

NEW YORK — Gerrit Cole is staying put.

It took some time for that to become official, but the ace will stick with the Yankees for the four years and $144 million he has remaining on the nine-year, $324 million contract he signed before the 2020 season. Cole initially opted out of that deal over the weekend.

The Yankees could have nullified the opt-out by adding a 10th year for $36 million prior to 5 p.m. on Monday. Instead, the two sides will kick potential extension negotiations down the road, as MLB Network’s Jon Heyman first reported, with Cole skipping another chance at free agency.

For now, it’s as if Cole never opted out.

It wasn’t a surprise that the 34-year-old triggered that clause, nor is it shocking that the reigning American League Cy Young is continuing his tenure with the Yankees.

In addition to being one of baseball’s most accomplished starters, Cole is considered a valuable resource for the team’s pitching staff and owner Hal Steinbrenner, who often consults with the veteran and Aaron Judge.

However, Cole was diagnosed with right elbow inflammation and edema during spring training. The notable injury cost the typically durable Cole the first three months of the season. He ended up going 8-5 with a 3.41 ERA and 99 strikeouts over 95 innings before posting a 2.17 ERA over 29 innings and five starts in the playoffs.

Cole allowed just one earned run over 12 2/3 innings in two World Series starts against the Dodgers, though he was burned by multiple defensive mistakes during a five-run fifth inning in Game 5. He contributed to that sloppy inning, failing to cover first base after some miscommunication with Anthony Rizzo led to a base hit on a squibbed grounder.

“This is as bad as it gets,” Cole said after the Yankees’ World Series-ending loss in Game 5. “It’s the worst feeling you can have, especially because sometimes you have to keep willing yourself to believe to give yourself a chance. You keep pushing and you keep pushing, and ultimately, we came up short. It’s brutal.”

As dominant as Cole was in the postseason, his recent injury, age, and declining velocity, strikeout rates and swing-and-miss rates led some to wonder if the Yankees would be better off letting the six-time All-Star walk this winter. There’s no guarantee that Cole — who has logged over 2,000 major league innings — will be as effective or healthy in the second half of his contract as he was in the first half and the years that preceded his time in the Bronx.

But the Yankees are in win-now mode and in need of improvement after falling short in the World Series. Cole, who has shown an ability to adapt with age, is still a win-now player, and letting him go would have sent a poor message while creating a difficult hole to fill.

Originally a Pirate, Cole is 153-80 with a 3.18 ERA over 1,954 innings after 12 seasons in the majors. He’s recorded a 2.77 ERA over 133 1/3 innings and 22 starts in the postseason, but he is still seeking his first championship after helping the Astros and Yankees to the Fall Classic.

A childhood Yankees fan, Cole is 59-28 with a 3.12 ERA in five seasons with the franchise.

“He’s been everything we could’ve hoped when we brought him here,” Yankees manager Aaron Boone said before Game 1 of the World Series. “He’s been one of this era’s aces. Obviously, he’s had a great career on a Hall of Fame track.”

With Cole sticking around, the Yankees’ rotation also features Carlos Rodón, Clarke Schmidt, Nestor Cortes, Luis Gil and Marcus Stroman.

Keeping Cole also gives the Yankees one less thing to worry about during a pivotal offseason in which superstar right fielder Juan Soto is a free agent. So is Rizzo, second baseman Gleyber Torres, left fielder Alex Verdugo and relievers Clay Holmes, Tommy Kahnle and Tim Hill, among others.

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Peter Sblendorio contributed to this report.