The New York Yankees ace is in the middle of a mega deal to pitch in The Big Apple. Boardroom takes a look at the details of his contract.
An upper-echelon starting pitcher is essential for a team to compete in baseball. Those elite starters will eventually cost a lot of money to acquire and keep.
The New York Yankees, one of Major League Baseball‘s biggest spenders, know that very well and have paid for big-name hurlers throughout their history. From Roger Clemens and Mike Mussina to Randy Johnson, some of the best pitchers to take the mound have worn the pinstripes after beginning their careers elsewhere. Back in 2020, Gerrit Cole became the next in that line of pitchers to take the mound for the Yankees.
Cole was selected first overall in the 2011 MLB Draft by the Pittsburgh Pirates. After five big-league seasons, he was sent to the Houston Astros, where his game elevated and he became one of the better starters in the American League, joining a World Series contender for two years of dominance. The Yankees then pursued Cole between the 2019 and 2020 seasons, and the childhood Yankees fan became a member of the club. Cole signed a nine-year, $324 million deal, keeping Cole in the Bronx through 2028 if the deal fully plays out.
Let’s break down the details of the Yankees’ massive Gerrit Cole contract.
Click here to read Boardroom’s rundown of the highest-paid MLB players of 2023.
Gerrit Cole Contract Details & Salary
Salary details via Spotrac.
Years: 5
Total value: $324,000,000
Average annual value: $36,000,000
Free agency: 2028
Remaining Salary Under Current Deal:
2023: $36,000,000
2024: $36,000,000
(NOTE: Cole has a player opt-out clause that can be exercised between the 2024 & 2025 seasons.)
2025: $36,000,000
2026: $36,000,000
2027: $36,000,000
2028: $36,000,000
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Cole’s contract is pretty straightforward — he makes $36 million every year and also carries a full no-trade clause. Should Cole decide to exercise his player opt-out, the Yankees can void it by adding a 10th year to his contract, extending the deal to 2029. He’s been an All-Star the past two seasons and has begun 2023 in a dominant fashion.
Gerrit Cole’s Career Earnings
Salary earnings data via Spotrac.
MLB SALARY EARNINGS THRU 2023: $156,222,046
TOTAL SALARY EARNINGS THRU 2024 SEASON (player opt-out exercised and honored): $192,222,046
TOTAL SALARY EARNINGS THRU 2028 SEASON (no player opt-out): $336,222,046
TOTAL SALARY EARNINGS THROUGH 2029 SEASON (player opt-out voided by Yankees; one year added to contact): $372,222,046
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