Gerrit Cole Stays with Yankees: Hal Steinbrenner Hopes for Lifetime Tenure

The New York Yankees have successfully retained their ace, Gerrit Cole, without extending his contract beyond its current term, which runs through 2028. Despite this, team owner Hal Steinbrenner remains hopeful that Cole will eventually retire in Pinstripes.

While discussing the decision to keep Cole on his existing contract rather than extending it through 2029, Steinbrenner emphasized the organization's high regard for the pitcher. "Let me just say, that doesn't reflect in any way, shape, or form what we think of Gerrit. We want Gerrit to be a Yankee for life," Steinbrenner told reporters.

Steinbrenner also conveyed that Cole shares this sentiment. "I believe he wants to be a Yankee for life. And adding one more year or not adding one more year should have no meaning when it comes to that," he added.

Initially, Cole triggered an opt-out clause in his contract, potentially making him a free agent. However, he chose to continue with the Yankees under the original deal, which will pay him $144 million through 2028. The Yankees could have voided Cole's opt-out by adding another year and $36 million to the contract, but Steinbrenner was not comfortable committing to a fifth year.

Cole's 2024 season was marred by injuries, leading to an 8-5 record, a 3.41 ERA, and 99 strikeouts in 17 starts. Nevertheless, he excelled in the playoffs, helping the Yankees reach their first World Series since 2009. Cole started five games in the postseason, posting a 1-0 record with a 2.17 ERA and 22 strikeouts. He allowed just one earned run in the World Series, though the Yankees ultimately fell to the Los Angeles Dodgers in five games.

​Retaining Cole adds stability to the Yankees' pitching staff and allows Steinbrenner and the front office to concentrate on retaining prized free agent Juan Soto. With Cole anchoring the rotation, the Yankees are well-positioned to build on their recent success and aim for another deep playoff run.