Cole exercises opt out but Yankees can keep him by adding 2029 salary

NEW YORK — Gerrit Cole exercised his opt out from his New York Yankees contract, giving the team two days to void the opt out by adding a $36 million salary for 2029, a person familiar with the decision told The Associated Press.

Three days after the Yankees lost the World Series, New York said Saturday it declined first baseman Anthony Rizzo's $17 million option in favor of a $6 million buyout, making the first baseman a free agent.

Cole's decision, which was expected, was conveyed by a person who spoke on condition of anonymity because it was not publicly announced. Cole would give up $144 million in the four remaining seasons of his $324 million, nine-year contract.

A 34-year-old right-hander, Cole won the 2023 AL Cy Young Award. His 2024 season didn't start until June 19 because of nerve irritation and edema in his right elbow. The six-time All-Star went 8-5 with a 3.41 ERA in 17 starts, then was 1-0 with a 2.17 ERA in five postseason starts.

A three-time All-Star, the 35-year-old Rizzo hit .228 with eight homers and 35 RBIs over 92 games in an injury-interrupted season.

Rizzo missed 62 games with a fractured right forearm after colliding with Boston reliever Brennan Bernardino on June 16. He batted .380 (8 for 21) after returning from the injured list on Sept. 1, then fractured the fourth and fifth fingers when hit by a pitch from Pittsburgh’s Ryan Borucki on Sept. 28.

He returned for the AL Championship Series and World Series and batted .267 with no RBIs.

A 2016 World Series champion with the Chicago Cubs, Rizzo has a .261 career average with 303 homers and 965 RBIs in 14 major league seasons. He was traded from Chicago to the Yankees in July 2021.

He stayed with the Yankees for a $32 million, two-year deal, then agreed in November 2022 to a $40 million, two-year contract.