New York Yankees starting pitcher Gerrit Cole has reportedly exercised the opt-out clause in his contract, forgoing the remaining four years and $144 million to become a free agent.

However, the Yankees now have the choice to void that opt-out by guaranteeing him $36 million for the 2029 season. This would keep Cole in town for the next five years for $180 million. ESPN’s Kiley McDaniel and Jeff Passan reported the news Saturday.

According to Passan“The Yankees are expected to add $36 million to keep Cole at the top of their rotation and ensure they don’t potentially lose several full-fledged players with star outfielder Juan Soto hitting free agency. “

The Yankees sign Cole signed a nine-year, $324 million contract in December 2019, setting the record for the total amount of money (and salary) ever given to a pitcher. The deal included an opt-out clause after five years and a no-trade clause.

From 2020-2024, Cole went 59-28 with a 3.12 ERA, 1.03 WHIP and 10.8 K/9 rate over 125 starts. He led the American League with 16 wins in 2021 and a 2.63 ERA in 2023. Cole also led the majors with 257 strikeouts in 2022 and a 0.98 WHIP in 2023. During this year, Cole also won his first ever Cy Young Award.

In 2024, Cole started the year on the 60-day injured list due to inflammation of his right elbow. He was activated off the IL in June and went 8-5 with a 3.41 ERA (1.13 WHIP) in 17 starts, striking out 99 in 95 innings.

In this year’s postseason, Cole went 1-0 with a 2.17 ERA (1.28 WHIP), striking out 22 in 29 innings over five starts. With Cole as their ace, the Yankees reached the World Series for the first time since 2009 before losing to the Los Angeles Dodgers in five games.

Cole has never hidden how much he loves being a Yankee. He was a Yankees fan growing upand his dream of wearing the pinstripes came true five years ago.

Cole still enjoys being a Yankee, as evidenced in part by his August remarks.