The New York Yankees made it official on Wednesday, announcing the signing of right-hander Gerrit Cole to a nine-year contract, extending through the 2028 season with a player opt-out after the 2024 campaign.
While the team did not announce contract terms, multiple reports have pegged it at a record-setting $324 million.
To make room on the 40-man roster, the Yankees designated fellow right-hander Chance Adams for assignment.
Cole, 29, lost a close vote to his then-Houston Astros teammate Justin Verlander for the American League Cy Young Award this year. Cole went 20-5 with a career-best 2.50 ERA, but he was almost unhittable during the second half of the season. He finished 16-0 with a 1.78 ERA over his last 22 regular-season starts.
Cole also led the majors with 326 strikeouts, and he came in third in the AL with 212 1/3 innings pitched. In the postseason, he went 4-1 with a 1.72 ERA in helping the Astros reach the World Series.
The Astros acquired Cole in January 2018 from the Pittsburgh Pirates for a four-player package that included right-hander Joe Musgrove, and he turned in two exceptional seasons for Houston. He finished a combined 35-10 with a 2.68 ERA in 65 starts as an Astro while earning the second and third All-Star selections of his career.
In five seasons with the Pirates to start his career, Cole went 59-42 with a 3.50 ERA.
