Yankees decline 2025 option on Anthony Rizzo, Gerrit Cole opts out of deal

Fresh off a World Series loss, the New York Yankees are starting to make changes. The team announced Saturday that it has declined the 2025 option of first baseman Anthony Rizzo.

The 35-year-old infielder signed a two-year, $34 million contract with the Yankees in 2022, with a $17 million option for 2025 or $6 million buyout included in that deal. By declining the option, Rizzo will now become a free agent.

Additionally, pitcher Gerrit Cole has opted out of his contract, per multiple reports. Cole signed a massive nine-year, $324 million deal in 2019 — then the richest contract in league history — to bring him to New York and keep him there through 2028.

With Cole opting out the deal, the Yankees can reportedly void the opt-out by adding a year to the contract, giving Cole an additional $36 million on top of the $144 million he would earn over the next four seasons. Per ESPN, the Yankees have until 5 p.m. ET on Monday to decide whether to restructure the deal.

Both Rizzo and Cole were involved in the fifth-inning gaffe that led the Yankees to blow a five-run lead in Game 5. A miscommunication between the two let Tommy Edman get to home plate for a run with two outs, marking the third straight error of that inning.

Rizzo missed the AL Divisional Series against the Kansas City Royals after fracturing two fingers during the second to last game of the season. He returned to the lineup for the AL Championship Series, recording eight hits across the postseason, and eight strikeouts.

Over the season as a whole, he batted .228 with eight home runs and 35 RBIs in 92 games.

Rizzo’s past two seasons have been hampered by injuries: The first baseman missed 62 games after fracturing his right forearm following a collision with a pitcher, and missed the final few months of the 2023 season with complications from a concussion.

Cole, meanwhile, finished the season with 99 strikeouts across 95 innings. The six-time All-Star and 2023 Cy Young winner missed the start of the season with nerve inflammation, and built up a 3.41 ERA across 17 games.

These moves mark the start of what is likely to be a busy offseason for the Yankees following the disappointment at the World Series. The team already exercised an option for reliever Luke Weaver on Friday, but have some other key players still up in the air. Outfielder Juan Soto, who will be a free agent this offseason, has said that he is “open to listen to every single team” who will be giving him an offer, meaning that the Yankees will have to court him in order to get him to stay.

The Yankees also have to decide whether to exercise pitcher Lou Trivino’s option, while balancing key free agents like Soto, Gleyber Torres, Alex Verdugo and more.