Gerrit Cole free agency: Yankees ace stays with team on original four-year, $144 million deal, per reports

The two sides will reportedly discuss an extension later

New York Yankees ace Gerrit Cole is staying in town. Cole will remain with the Yankees on the original four-year, $144 million deal he had remaining on his contract, despite having opted out a few days ago, reports ESPN.

It's an unexpected development in the sense that Cole's contract included a stipulation that if he opted out the Yankees could void that decision by adding one year at $36 million to his deal. That didn't happen here. Rather, it's as if Cole took back his opt-out without the Yankees giving in. Instead, according to ESPN, the two sides have elected to keep the four-year, $144 million contract. 

Cole and the Yankees are expected to discuss an extension at a later time.

MORE: Other notable MLB contract option decisions

Despite Cole's success with the Yankees, there was an argument for letting him leave. He turned 34 in September, his velocity and swing-and-miss rates declined this year, and he had a few injuries pop up. Cole did not make his season debut until June 19 after going down with nerve inflammation in his elbow in spring training, and he had a start pushed back by "general body fatigue" in July. 

The Yankees are expected to reduce payroll next year and they will make an effort to retain Juan Soto. In a vacuum, letting the 34-year-old ace pitcher leave so you can keep the 26-year-old superstar hitter is a no-brainer. Then again, these are the Yankees, and it needn't be an either/or. They can keep both Cole and Soto.

Of course, there's no guarantee Cole will be an ace moving forward. He won the Cy Young in 2023 but was short of ace-like in 2024, and he's at the age now where even the best pitchers begin to decline.

Once healthy this year, Cole pitched to a 3.41 ERA in 17 regular-season starts, and he pitched quite well in the postseason. Cole took a no-hitter into the fifth inning of World Series Game 5 before New York's defense unraveled -- Cole didn't cover first base on what would have been the third out -- and the game got away from them.

In five seasons with the Yankees, Cole has pitched to a 3.12 ERA and averaged 4.8 WAR per 30 starts. He received Cy Young votes every year from 2020-23, including finishing second in the voting in 2021 and winning the award in 2023. Cole is a six-time All-Star, including three times with the Yankees.