Shortly after failing to cover first base in Game 5 of the World Series against the Dodgers, Cole opted out of what was remaining of the nine-year, $324 million deal he signed in December 2019. Cole presented the Yankees with the option to add a year to the deal worth $36 million or he would become a free agent.

TAMPA, Fla. — Gerrit Cole says he always intended to remain with the New York Yankees. The 34-year-old right-hander exercised his right to opt out of his contract on the third day after the World Series, giving up $144 million over four years and starting a two-day window for the team to void the opt by adding a $36 million salary for 2029.

Juan Soto shocked the baseball world when he left the New York Yankees this offseason and signed a record-breaking 15-year, $765 million contract with the New York Mets. Soto's departure undoubtedly stung the Yankees,