Yankees’ Gerrit Cole opts out of contract, per source: How New York could prevent him from testing free agency

NEW YORK — New York Yankees ace Gerrit Cole opted out of his nine-year, $324 million contract, a league source confirmed.

But there’s a twist to his potential free agency.

The Yankees can void Cole’s opt-out by adding a 10th year and an additional $36 million to his current deal, which would restore his status as the highest-paid pitcher in baseball by total dollars after Los Angeles Dodgers starter Yoshinobu Yamamoto signed a $325 million contract last offseason.

It is widely anticipated that the Yankees will not allow Cole to test free agency, given his importance to the franchise alongside Aaron Judge. Owner Hal Steinbrenner frequently engages with both players to gain insight into clubhouse dynamics.

If the Yankees choose to void his opt-out, the remaining balance of Cole’s contract would be five years and $180 million. One could argue that letting Cole walk might be a strategic move for the organization.

At 34 years old next season and having dealt with an elbow injury this year, there’s uncertainty about whether Cole would command a contract of that magnitude if he were to enter free agency. His velocity and swing-and-miss rates declined this season, potentially due to lingering effects from his spring training elbow issue or the natural progression of aging.

Should the Yankees decide to let Cole go, they could explore other options, such as Baltimore Orioles ace Corbin Burnes, who is four years younger and also available as a free agent.

Ultimately, though, it is expected that the Yankees will void his opt-out, retaining their best starting pitcher rather than allowing him to leave the organization.

What it means for the Yankees

At the beginning of the season, it seemed like a slam dunk that Cole would opt out of his deal.

Then the elbow injury, and his curiously low pitch count in his first four postseason starts, clouded the idea for some. Would the Yankees call Cole’s bluff?

Prior to opting out, Cole was set to earn $144 million over the next four years. Will he get that elsewhere? And from a team for which he wants to play?

Cole is a major part of the Yankees’ culture. At his introductory press conference, he revealed the cardboard sign he brought with him to a World Series game when he was a child. It read, “Yankees fan today, tomorrow, forever.” It’s highly unlikely that Cole wants his tenure with the Yankees to end, but it’s at least worthwhile for him to explore his option.

And remember: The 10th-year option isn’t the only way this could provide a happy ending for the Yankees and Cole. The sides could agree to something else — say, a deal with a lower annual average value but higher total payout — that would benefit them both. Cole surely doesn’t want to make the Yankees’ free agent pursuit of Juan Soto anymore difficult. —  Brendan Kuty, Yankees beat writer

(Photo: Luke Hales / Getty Images)