The New York Yankees had their ace Gerrit Cole opt out of his deal on Sunday, using a clause on the $324 million contract he signed in the winter of 2019. The team had the ability to nullify that clause by adding another year to the original pact at the same average annual value of $36 million.
The Yankees called Gerrit Cole’s bluff during contract negotiations
The expectation was that the right-hander would get what he wanted, which is that extra season. But the Yankees, according to MLB insider Buster Olney, “called Cole’s bluff” and didn’t budge:
“The Yankees called the bluff in the Gerrit Cole talks, contrary to industry and media expectations. But it is smart business for them not to slam-dunk publicly, given what is at stake with another Scott Boras client,” he posted on X.
In other words, the Yankees played the situation masterfully. They didn’t expose their player but drew a line, refusing to add that extra year.
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The Yankees wanted to minimize risk
Cole is already 34 and an extra year at that salary could be ugly depending on how he ages. He had some elbow issues this year, too. Cole remains elite, though, with a 3.41 ERA in the regular season and a brilliant 2.17 mark in the playoffs. He allowed just a single earned run in 12.2 World Series frames.
Maybe Cole and his agent Scott Boras scanned the market and realized they weren’t going to do much better than the four-year, $144 million left on the deal he signed with the Yankees.
The Yankees stood firm and didn’t offer the fifth season, but of course, offered him a chance to return on the previously agreed terms and didn’t make a fuss about it in order to keep Boras, who also happens to be Juan Soto’s agent, in good terms. The team implied that there could be negotiations for an extension, but that’s definitely not set in stone. All things considered, general manager Brian Cashman handled the situation masterfully.
