Gerrit Cole’s season-ending elbow injury puts the New York Yankees in a bind on the field as they look to return to the World Series.
It also comes with financial repercussions after Cole signed the largest free-agent contract for a pitcher in baseball history when he joined the Yankees in 2020.
The Bronx Bombers had the second-highest total payroll in the majors last season at just under $304 million. Cole, who won the AL Cy Young award in 2023, was the team’s second highest-paid player at $36 million (behind two-time MVP Aaron Judge’s $40 million).
Gerrit Cole contract details
Gerrit Cole, the No. 1 overall pick in the 2011 MLB draft, signed a nine-year, $324 million free-agent contract with the Yankees in 2019.
At the time of the signing, it was the highest annual value contract in baseball history. And in total value, it is still the largest contract ever for a pitcher.
One relatively minor provision at the time was a clause giving Cole the ability to opt out of the final four years at the end of the 2024 season.
Cole’s opt-out dance with Yankees
Cole did, in fact, exercise his right to opt out this past winter. The Yankees could have voided his decision by adding an additional year to the deal — guaranteeing him $36 million for the 2029 season. However, they declined and Cole became a free agent.
The two sides continued to talk, and in the end, reinstated the original terms of the deal. Cole returned to the Yankees for four years and $144 million.
Gerrit Cole’s 2025 salary
Cole is due to be paid $36 million again this season as he recovers from Tommy John surgery on his pitching elbow.
Recovery time is usually 12-18 months.