Yankees keep pitcher Gerrit Cole, void opt-out with addition year to keep him in New York through 2029: Reports

The New York Yankees are sticking with pitcher Gerrit Cole for the long term. Cole opted out of his contract over the weekend, but the Yankees have voided the opt-out by adding an additional year to his existing deal, according to the New York Post's Jon Heyman and USA Today's Bob Nightengale.

Cole signed a nine-year, $324 million deal in 2019 — then the richest contract in league history — to bring him to New York through 2028. To void the opt-out, the Yankees have added a year to the contract, keeping the ace in New York through 2029. The team will pay Cole an additional $36 million on top of the $144 million he will earn over the next four seasons. Cole will turn 39 years old in the final year of the deal.

New York had until 5 p.m. ET Monday to decide whether to restructure the deal.

Cole, a six-time All-Star, missed the start of the 2024 season due to nerve inflammation. He finished the season with 99 strikeouts and a 3.41 ERA across 95 innings in 17 games.

Cole is one season removed from unanimously winning the AL Cy Young award in 2023, and he started the 2023 All-Star Game for the American League.

This is shaping up to be a busy offseason for the Yankees, who have to re-sign or find replacements for free agents including Juan Soto, Gleyber Torres, Alex Verdugo and Clay Holmes. New York declined a team option on first baseman Anthony Rizzo and declined pitcher Lou Trivino's option but did exercise the team option for reliever Luke Weaver.