The 2024 season may seem to be a long time from now. That is especially the case given that the New York Yankees have far more pressing needs in the here and now considering the status of their roster. Nonetheless, the 2024 season is one that should be a concern for the Yankees.
The reason is that Gerrit Cole has an opt-out clause at the end of that season. As the Yankees ace, both for now and into the foreseeable future, the potential loss of Cole is not something that the team, nor its fanbase, would want to imagine.
Gerrit Cole opt-out a cause for alarm for New York Yankees?
As it is, the Yankees already need to address their pitching staff. The rotation is filled with question marks and injury risks behind Cole and the bullpen could use a few upgrades. That is not a formula that screams postseason contention as is the Yankees’ goal.
Cole has certainly done his part since signing a nine year deal worth $324 million. He has produced a 3.11 ERA and a 1.030 WHiP in his 254.1 innings, striking out 337 batters with 58 walks. That production has, with the exception of a hiccup against the Red Sox in the 2021 Wild Card Game, continued into the postseason.
Should Cole continue to perform at that level, one could see where exercising the opt-out would be tempting. He would return to free agency at just 34 years old and could be in line for another long term deal. However, to do so, he would need to forgo a guaranteed $144 million over the next four years.
Unless Cole finds another gear and turns into Max Scherzer, it is difficult to imagine a team giving him a similar contract in free agency. Instead, it may be a matter of whether or not he feels that the Yankees can win. He may be a four time All Star and have finished as the runner-up in the Cy Young voting twice, but he has yet to win a World Series.
That makes this offseason even more important. The Yankees reset their luxury tax penalty and should be able to spend to upgrade their roster. Yes, there are plenty of holes, but if winning the World Series is the actual goal every year, then it is time to spend some money to address those issues.
It may come down to whether or not Cole’s motivation is strictly monetary or based on winning a title. Unless the Yankees make moves to do more than just slide into the postseason every year, Cole may face a tougher decision than one would expect. Of course, the Yankees could just void that option by guaranteeing another $36 million for the 2029 season, but will they want to give that much money to a 38 year old?
Gerrit Cole has an opt-out clause in his contract following the 2024 season. This may be a bigger concern for the New York Yankees than one would expect.