Sources: Gerrit Cole, Yankees stay together due to original contract

Right-hander Gerrit Cole opted to stay with the New York Yankees on Monday, retaining the four-year, $144 million contract he terminated on Saturday, sources told ESPN's Jeff Passan.

Originally, the only way for Cole to remain a Yankee without reaching free agency was for the club to rescind his opt-out with a one-year contract extension worth $36 million, turning it into a five-year deal worth $180 made millions of US dollars. The Yankees declined, but agreed that Cole should still stay in New York as if he had never triggered the opt-out in the first place.

The two sides had until 5 p.m. ET Monday to reach an agreement. Discussions about a possible contract extension are continuing.

The 34-year-old Cole, a six-time All-Star, fulfilled his childhood dream of joining the Yankees before the coronavirus-shortened 2020 season with what was then the largest contract ever awarded to a pitcher: nine years, $324 million. With a 3.08 ERA in 108 starts over the next four seasons, he became the workhouse ace New York envisioned, peaking in 2023 when he pitched with a 2.63 ERA over 209 innings in 33 Started going 15-4 and won his first Cy Young Award. However, a repetition was doomed to failure from the start.

Cole was ruled out of training in mid-March due to nerve irritation and edema in his throwing arm. He avoided surgery but was on the injured list at the start of the season. He made three rehab starts before making his season debut on June 19 against the Baltimore Orioles. Cole initially didn't hit the usual pitch count and didn't record an out in the sixth inning in his first four appearances.

But the Yankees' thoughtful plan for Cole paid off. The right-hander ultimately logged at least six innings in eight of his 17 starts and posted a 3.41 ERA in 95 innings. He occasionally experienced failure – giving up 11 runs in two starts against the Boston Red Sox and 12 runs against the New York Mets in two games – but was otherwise stingy, allowing two or fewer runs in 10 of his starts. His best performance came in Oakland, where he held the A's to one run over nine innings on September 20th.

Cole added five more starts in the postseason, posting a 2.17 ERA over 29 innings. He limited the Kansas City Royals to one run in seven innings in the Yankees' decisive win in Game 4 of the American League Division Series. The Dodgers managed just one run in six innings against him in Game 1 of the World Series, although the Yankees lost in extra innings.

His final start of the season, however, will haunt the Yankees: After four scoreless innings, three Yankees defensive errors in the fifth – including Cole failing to cover first base on a routine groundball to first baseman Anthony Rizzo with two outs – allowed the Dodgers to tie the score Scored by five unearned runs in their eventual 7-6 win.

The Pittsburgh Pirates selected Cole with the No. 1 overall pick in the 2011 draft out of UCLA. He made his major league debut in 2013 and made an All-Star team for Pittsburgh. It wasn't until he was traded to the Houston Astros after the 2017 season that he became a consistent ace, recording two seasons of 200+ innings and a 2.68 ERA before hitting free agency in December 2019 and with the Yankees signed.