There will be numerous rumors surrounding the New York Yankees this winter, particularly concerning the futures of Juan Soto and Gerrit Cole. Both stars are set to become free agents this offseason, and if the Yankees want to retain both, they could be looking at nearly $100 million in payroll commitments for the 2025 season.
Soto, who will turn 26 in October, is currently competing with Aaron Judge in the AL MVP race. The Yankees made attempts to secure Soto with a contract extension during the season, but it became evident that he intends to explore free agency. While Soto will be the Yankees’ main target during the offseason, Cole presents another significant decision for the team.
Gerrit Cole’s contract, as detailed by Spotrac, includes a $36 million salary for 2024 and an opt-out clause for 2025. If Cole chooses to opt out, New York can counter this by adding a 10th year to his contract, which would extend his commitment to the Yankees through 2029. This move would result in the Yankees owing Cole $36 million for the 2029 season when he would be 38 years old, a significant long-term risk given his recent injury issues and struggles. Opting out of Cole’s contract would also free up substantial funds for the Yankees, possibly aiding their efforts to secure Soto amid competition from the New York Mets.
According to Jon Heyman of the New York Post, the most likely outcome is that Cole will exercise his opt-out clause, foregoing the remaining $144 million over four years. The general belief across the league is that the Yankees will respond by extending Cole’s contract with an additional year, securing his services for $180 million over the next five years.
Statistically, Cole has not performed at his peak this season, posting a 3.72 ERA and a 1.33 WHIP with 62 strikeouts and 21 walks in 58 innings, marking his worst ERA since joining the Yankees and his lowest strikeout rate (25.1 percent) since 2017, according to FanGraphs. However, the Yankees are optimistic that Cole’s recent improvement — featuring a 1.17 ERA and a 26.1 percent strikeout rate in August — will continue into the late season. Despite the risks of durability and performance decline as Cole ages, the Yankees appear ready to extend his contract to prevent him from leaving the team.
