Yankees (for once) were right for putting foot down with Gerrit Cole's contract

Two things can be true: Gerrit Cole is one of the best pitchers in MLB (and arguably would've been the best free agent this offseason) and he doesn't necessarily deserve more money. That should be the prevailing sentiment coming out of Cole's contract opt-out situation.

Cole's nine-year, $324 million deal signed back before the 2020 season was the largest in history for a starting pitcher (and still remains). His $36 million AAV was also the highest at the time, and is the second-highest for any pitcher contract in excess of three years (Jacob deGrom's $37 million on his five-year, $185 million deal beat it after the 2022 season).

The fact that Cole even had an opt-out in this deal was certifiably ridiculous. He wasn't even the best pitcher in the sport when the Yankees signed him (both deGrom and Justin Verlander were better). The usage of the opt-out clause solely should have been for Cole to leave a toxic situation and nothing more.

But there was a financial advantage for the right-hander. The Yankees could have voided his opt-out decision by adding one year and $36 million to the remaining four years and $144 million of the contract. That would have made it a whopping 10 years and $360 million.

Instead, when Cole opted out last Saturday, nothing happened. The Yankees reportedly felt uncomfortably tacking on that extra year, Cole really had no desire to leave New York, and there was no need to amend one of the largest agreements in baseball history.

Gerrit Cole Contract: Yankees were right to stand pat and force pitcher's hand

Cole has been as great as advertised, but he's certainly not infallible. He has a 59-28 record with a 3.12 ERA, 1.03 WHIP and 915 strikeouts in 125 starts (759 innings) since joining the Yankees. He also has a 2.93 ERA in 12 playoff starts with New York.

Want to know what else, though? He was on the mound three times when the Yankees got bounced from the postseason. He was unable to beat the Astros in the 2022 ALCS. Whether his fault or not, this is the reality. He also surrendered the most homers in MLB back in 2022 and dealt with his first major injury concern of his MLB career this past season when he went down with an elbow injury.

All we're saying is that there's a line when it comes to just throwing historic money around. Cole deserves every penny of his current contract, which will take him through his age-37 season. Was there really a need to extend him through his age-38 season? Is there really a need to continue discussions for more money or a longer pact? All of Corbin Burnes, Max Fried and Blake Snell are free agents this offseason, and we would bet none of those guys will touch Cole's length of contract or AAV when they sign their new deals. The Yankees have reportedly checked in on all those folks.

As long as the relationship is good and both parties are satisfied with one another, there was no need for the existence of this opt-out clause. It was merely another financial ploy by Scott Boras to plunder more money on top of the ungodly amount he had already negotiated.

Brian Cashman was smart to stand his ground here, and Cole was pragmatic in his approach to essentially opt back in when he realized where the conversations were heading. We certainly hope this doesn't fracture the relationship or create poor outside perception because this was the right approach all along, and it will be key for maintaining the Yankees' championship pedigree.