MLB: New York Yankees Efforts to Return to World Series Have Begun

Fresh off their first World Series appearance since 2009 and their first World Series loss since 2003, the New York Yankees have started the process of keeping their most important parts together for 2025 and beyond.

The first order of business was keeping their ace starting pitcher, Gerrit Cole. Over the weekend, Cole reportedly opted out of the remaining years on his contract, which the team could have voided by adding an extra year on to his deal. Instead of having to take that step, both sides mutually agreed to stick together and the opt-out was rescinded.

“We wanted our player and our ace back and he certainly didn’t want to go, either,” said Yankees general manager Brian Cashman. “We could always talk further as we move forward about the future, because the intent when we signed Gerrit is that he would be leading our staff until the end of his career.”

When the now-34-year-old Cole signed his $324 million contract with the Yankees in 2020, it was the richest contract for a pitcher in Major League Baseball history. Now he has the 12th-richest overall contract in baseball, and the second-highest among pitchers, trailing the $325 million given last off-season to Los Angeles Dodgers starter Yoshinobu Yamamoto.

Cole didn’t make his first start of 2024 until June 19, as he dealt with early-season nerve inflammation. He was also involved in the disastrous fifth inning for the Yankees in Game 5 of the World Series by not covering first base on a ground ball to the right side. But Cole is just one year removed from winning the American League Cy Young, and he was the All-Star Game starter for the A.L. in 2023. His current contract runs through the 2028 season, when he’ll turn 38.

The Yankees have betting odds of +700 to win next year’s World Series, which is second behind the Dodgers.

Qualifying Offer Made to Juan Soto

With their ace pitcher safely secured for the future, the Yankees front office turns its attention to Juan Soto, who is coming off a career-best 41 home runs in 2024.

Baseball’s qualifying offer is required to get draft pick compensation on the back end, should a team’s free agent decide to move elsewhere next season. The Yankees have made their qualifying offer to Soto, but he is guaranteed to decline it. 

The qualifying offer is based on the average salary of the top-125 highest-paid players in baseball. That offer is for one year, and for 2025 it is valued at $21.05 million. A total of 131 players have received qualifying offers over the years, and only 13 have actually accepted it. Soto made $31 million this past season, and he will enter free agency, where he is believed to have a market value of more than $35 million per season, and a contract that could top $500 million in total value.

The Yankees are the favorite to still have him in 2025, albeit at a much more expensive price. Their odds are -135 to eventually sign him to a new deal. Maybe Soto wants to change teams, but stay in New York. The Mets are +180 to be Soto’s next team. Or maybe he wants to return to the West Coast, where he was before being traded to the Yankees. Betting odds on the Dodgers signing Soto are +750.

You can bet on the other 27 teams in Major League Baseball to win his services for next season and get +1200 odds for the whole group.

Anthony Rizzo Becomes Free Agent

The first baseman that was involved in the fifth inning snafu that also involved Gerrit Cole, Anthony Rizzo, is a free agent this off-season. When he signed with the Yankees in 2022, his contract had a team option for 2025 that paid him $17 million. The team has declined to exercise that option, and will instead pay his $6 million buyout.

Spotrac.com estimates Rizzo’s market value in free agency at no more than $2 million per season.