Yankees face $36m Gerrit Cole dilemma as he opts out of $144m deal after Dodgers World Series loss

New York Yankees star pitcher Gerrit Cole has terminated his contract with the Bronx Bombers, days after they lost the World Series to the Los Angeles Dodgers.

But under the terms of Cole’s deal, the Yankees can still retain him. He has four years left on his current $144 million contract. But the Yankees have the first option to extend that deal for another year at a cost of $36 million.

The 34-year-old Cole is one of the best pitchers in the game, but made a humiliating mistake in Wednesday night’s game against the Dodgers that led to a terrible collapse for his team.

With two outs but the bases loaded for the Dodgers, Mookie Betts drilled the ball low to Anthony Rizzo, but Cole failed to cover first and Betts made it easy, allowing the Dodgers to score.

From there, the Yankees’ 5-0 lead was erased and the Dodgers ended the inning with the score tied at 5-5. They ultimately won 7-6 for their eighth World Series title.

“I just didn’t know how hard he was hitting and by the time the ball got to me I wasn’t in a position to cover first,” Cole said after the game. ‘Neither of us were based on the twist of baseball and [Rizzo] have to secure it. Just a bad read.’

Ultimately, it was no surprise that Cole backed out of his deal, with the chance to extend his stay on lucrative terms.

It would be a shock if the Yankees let him go. Cole missed the start of the season with an elbow problem and at one point there were fears he would need surgery that would have ended his season before it even started.

The Yankees also face a serious battle to retain Juan Soto, with the slugger entering free agency and a host of teams pursuing him on huge terms.

Soto, 26, is expected to get multi-year deals starting around $600 million. For him, the Mets and Dodgers are associated with rival the Yankees.

Earlier on Saturday, the Yankees announced they were letting Anthony Rizzo go, meaning they are looking for a new first baseman.