'Maybe the grass isn't always greener': Inside the Cole opt-out saga

SAN ANTONIO -- Executives from all 30 clubs arrived in Texas on Monday for the start of the annual general managers meetings, kicking off the Hot Stove season.

Very little official business will take place this week in terms of roster moves, but one very notable situation was resolved shortly before executives gathered for their annual dinner.

The Yankees and Gerrit Cole agreed to stay together, as Cole returned to New York on the same four-year, $144 million deal he had opted out of over the weekend. Yankees GM Brian Cashman spent much of Saturday speaking with Cole, agent Scott Boras, owner Hal Steinbrenner and team president Randy Levine, and it became clear that both sides wanted to continue their relationship.

What was also apparent was that the Yankees weren’t comfortable with adding a fifth year at $36 million to the remainder of Cole’s contract, presenting both sides with a decision to make.

“During our conversations we were having, it was something at the moment we weren't necessarily comfortable doing,” Cashman said. “But we wanted our player and our ace back, and he certainly didn't want to go, either.”

Cole is entering his age-34 season, and after he missed the first 2 1/2 months of 2024 with elbow issues, the Yankees might not have felt good about adding a year at that price for his age-38 season in 2029.

“Perhaps the early-season injury gave them enough leverage,” a National League executive said of the Yankees’ approach.

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Sources indicated Monday that the Yankees and Cole would continue to discuss a potential extension, but Cashman said no talks were taking place at this time.

“It’s pretty clear both sides wanted to make sure Cole stayed in New York,” an NL executive said. “I didn’t know what they were going to do. I could have seen them going either way on it, honestly.”

So how did this happen?

By opting out, Cole gave the Yankees a decision to make: add the extra year at $36 million or let him test the free-agent market. When New York indicated it was not prepared to tack on that extra year, Cole then had his own decision to ponder.

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Cole decided that staying with the Yankees on his original deal was his preference, so the two sides asked MLB and the MLB Players Association to approve the pitcher’s decision to rescind the opt-out. According to multiple executives around the league, it was probably the right financial move for the pitcher.

“I don’t think he would have gotten five years at $180 million on the open market,” one American League executive said. “I don’t even know about four years and $144 million. I actually thought maybe the Yankees would just let him walk.”

Instead, Cole is back with the Yankees, having never formally left to begin with. Cashman said he didn’t view the situation as a game of chicken, and when asked whether Cole simply forfeited the benefit of having the opt-out clause in his contract, the GM declined to speak for his player.

“I can't speak for that; maybe the grass isn't always greener,” Cashman said. “I think he's happy where he's at. I think he likes our setup. I think he likes playing for who he's playing for and working for, I think he likes his teammates, and I think he thinks we have a legitimate chance to win. Sometimes the grass isn't always greener; that goes for us, too. We’d prefer not to be trying to look to how we're going to replace our ace; we’d rather augment that to add to our ace.”

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More decisions to make

Thirteen players were extended qualifying offers on Monday, giving them until November 19 to decide whether to accept a one-year contract worth $21.05 million.

Juan Soto, Corbin Burnes, Alex Bregman, Max Fried, Willy Adames, Pete Alonso, Teoscar Hernández and Anthony Santander are all but certain to reject the offer, meaning that their former teams will receive Draft pick compensation if the player signs with another club.

According to sources, Christian Walker and Sean Manaea seem likely to reject the qualifying offer, while Nick Martinez, Nick Pivetta and Luis Severino could have interesting decisions to make. Accepting the offer would lock them in on the one-year deal, though they would be free to negotiate a longer-term deal with the club or test the free-agent market next winter, when they would no longer be eligible to receive a qualifying offer.

“There might be one or two that accept,” a source said.

Since the qualifying offer system began in 2012, only 13 of the 131 players who have received them have accepted, the most recent coming in 2022 (Joc Pederson and Martín Perez).