Gerrit Cole has chosen to stay with the New York Yankees instead of heading into free agency.
The team had until 5 p.m. EST to incorporate a $36 million salary for the year 2029 into his existing contract, which still has four years and a total of $144 million remaining.

Insiders confirmed that discussions were still ongoing regarding a revised contract, although they requested anonymity as no official announcement has been made yet.

Cole entered into a substantial nine-year contract worth $324 million prior to the 2020 season, which granted him the option to opt out after the conclusion of the 2024 World Series, with the caveat that the Yankees could prevent him from doing so by adding an extra year to his deal.

The right-handed pitcher, now 34 years old, was honored with the 2023 AL Cy Young Award. His 2024 season was delayed due to inflammation and nerve irritation in his right elbow, causing him to start only on June 19.
In 17 starts, Cole achieved an 8-5 record with a 3.41 ERA, and excelled in the postseason with a 1-0 record and a 2.17 ERA across five games.

The Yankees’ choice to retain Cole leaves them with six potential returnees in their pitching rotation.
This list consists of Carlos Rodón, Clarke Schmidt, Luis Gil, Nestor Cortes, and Marcus Stroman.