Every sentient Yankee fan has surely heard the basic parameters of Gerrit Cole’s 9 year, $324 million record-setting contract. In the coming days, more details will likely emerge with Ken Rosenthal reporting the first of them this afternoon.
Previously unreported detail in Gerrit Cole’s contract: If he opts out after fifth year, NYY may void opt-out and extend contract one more year for $36M. That would increase value of deal to 10 years, $360M.
— Ken Rosenthal (@Ken_Rosenthal) December 18, 2019
If Cole is pitching at an “all-world” level after 2024, he has the choice of pocketing the remaining four years of his contract or opt-out and test the market at the age of 34. However, the team can void the opt-out and commit to him for a tenth year, after his age 39 season. Neither scenario seems likely in today’s market for pitchers in their mid-30’s, but a great performance could make such a decision difficult.
CC Sabathia, who signed a 7 year contract with the Yankees before the 2009 season, opted-out of his deal after the 2011 season and the Yankees ended up giving him another year on the back end. The Cole clause creates a similar scenario for the Yanks.
If we are talking about the clause 5 years from now, it’s a great sign that we have probably had multiple parades down the “Canyon of Heroes.”
