Breaking down Gerrit Cole's contract: The Yankees’ pitcher’s salary, years left and opt-out clause
The Yankees star is among the highest-paid pitchers in MLB history, let’s take a closer look at the fine print of his lucrative, long-term contract.
In December 2020, the New York Yankees made Gerrit Cole the best paid pitcher in franchise history and four years on, the 34-year-old remains one of the MLB’s top earners. In November 2024 Cole opted out of the remainder of the contract, but reached an agreement with the Yankees to continue with the club over the next four years for the original $144 million left on the contract.
Gerrit Cole will undergo tests on his throwing elbow and know more within the next couple days pic.twitter.com/Jtv7RfFHOx
— Talkin’ Baseball (@TalkinBaseball_) March 8, 2025
The lowdown on Gerrit Cole’s contract
As mentioned, New York Yankees pitcher Gerrit Cole is currently just past the halfway point of his more than lucrative nine-year contract which he signed in 2020. Cole’s contract has seen him earn $36 million annually to date. Where ROI is concerned, the right-handed pitcher has started a total of 125 games and thrown 758 innings with an ERA of 3.08 and 915 strikeouts. After receiving Cy Young votes in all four of the seasons that he has played since putting pen to paper, the right-hander finally won the award in 2023 by a unanimous vote, after leading the American League in pitcher WAR (7.4), ERA (2.63), innings pitched (209), and WHIP (0.98).
This of course brings us to the eye-brow-raising part of Cole’s story: The opt out clause. If you didn’t know, the pitcher essentially had a “get out of jail free” card following the 2024 season which allowed him to test the free agency market.
Cole decided to opt out of his contract in November 2024, but immediately accepted the Yankees offer to continue his contract in the original terms mentioned above. The 2024 World Series was a disappointment after losing 4 -1 to the LA Dodgers.
Gerrit Cole said the imaging of his elbow has already been distributed and he is seeking second opinions. No travel booked at this time. “I’ve still got some hope. I’m just waiting for the experts to weigh in.”
— Bryan Hoch ⚾️ (@BryanHoch) March 8, 2025
As the Yankees and Cole wait to see what the doctors say about his elbow, fans wait nervously, hoping that their star pitcher can play in 2025. it’s no secret that pitchers struggle once they cross the 30-year-old mark. It’s easy to second-guess now, but the Yankees bet on their ace and now have to hope that investment pays off.
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