Gerrit Cole News: MLB insider reveals price Yankees must pay to retain Cy Young winner for an additional season on top of nine-year deal

The 33-year-old veteran RHP for the Yankees, Gerrit Cole, has an opt-out clause after the 2024 season. Should the 2023 AL Cy Young Award winner choose to utilize it, he would forgo the remaining four years of his contract and $144 million in salary.

Keeping a tab on what has been happening to free agents Blake Snell and Jordan Montgomery, who are both two years younger than Cole, he would be wise not to activate his player opt-out clause and keep playing in the Bronx.

What if the Yankees wanted to keep hold of their ace pitcher beyond the 2028 season for an additional year? What would he be deemed to be paid then? MLB insider Bob Nightengale shed light on this question by stating that New York would be required to pay him the same salary as they have been paying Gerrit Cole over the years, annually.

The amount would be $36 million, if he chooses to activate his opt-out clause after the 2024 MLB season.

"While Yankees ace Gerrit Cole has an opt-out after this season, the Yankees can merely add another year to his nine-year, $324 million contract for $36 million to retain him through 2029." - Bob Nightengale via USA Today

The six-time All-Star has been in commanding form for the Bronx Bombers in recent seasons, and the veteran isn't showing any signs of stopping anytime soon.

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Gerrit Cole is among the top AL pitchers in 2024

The NY Yankees pitching ace and the incumbent AL Cy Young Award winner, Gerrit Cole, is predicted to lead the statline in the American League for a second year running.

Among the top AL pitchers in 2024, he is still ranked in the No. 1 spot, followed by Orioles new acquisition Corbin Burnes and Blue Jays RHP Kevin Gausman.

Gerrit Cole had one of his best seasons to date, even if the NY Yankees had a difficult season overall last year, finishing with an 82-80 record. On his way to winning his first Cy Young Award, he recorded a 15-4 record with a 2.63 ERA and 222 strikeouts.

With the exception of Cole, New York's rotation had trouble at the mound, but Gerrit seems determined that the Bronx Bombers can turn the tide in their favor in 2024.