SAN DIEGO — This time, Gerrit Cole didn’t get away.
It cost the Yankees. More than ever for a pitcher. More than ever on an annual basis for anyone — even Mike Trout.
And that is why Cole will not play with Trout. The Angels were believed to be the other finalist for the righty’s services. But Tuesday night the Yankees reached agreement with Cole on a nine-year, $324 million contract that gives them what they have chased since 2008 — Cole. It gives them the unquestioned ace they have craved as they try to win their first championship since 2009. It probably gives them the designation of 2020 World Series favorite as rosters stand now.
The Yankees began this latest phase of going after Cole believing it might cost them $250 million, perhaps stretching to $275 million. But once Stephen Strasburg signed for a pitcher record, seven years at $245 million, on Monday, those hoped-for totals vanished. Cole was two years younger, so he was going to get two years more. He was far healthier and better, so the average value was going to have to be larger.
On Sunday, the pitching record total was $217 million by David Price. Cole is now $107 million north of that. Cole’s $36 million average tops the $35.54 million of Trout.
The Yanks paid the price because they decided they had to have this pitcher.
They had drafted him with the 28th-overall pick in 2008, but Cole spurned them to go to UCLA. They tried to land him in a trade with the Pirates after the 2017 season, but Pittsburgh liked Houston’s offer more. Cole shut the Yankees out for seven innings of ALCS Game 3 last season as the Yanks were eliminated short of the AL pennant by Houston for the second time in three years. Now, the Yanks take Cole from Houston. They keep him from the Angels.
They did so by also giving Cole a no-trade clause, deferring none of the money and allowing Cole to opt out after five years if he wants.
Why?
Because Cole will pitch at 29 next season. He is in his prime and at the peak of his powers. Cole struck out 326 in 212¹/₃ innings last year. He proved he could handle the postseason. He is athletic, studious, serious and marketable. Old-time scouts love him, as do modern analysts. Brian Cashman usually keeps mum during free agency, reveals little beyond name, rank and serial number. But he didn’t hide that Cole was his priority. He even referred to Cole as his “white whale.”
But this time Cashman did not let the white whale get away. Because the Yankees GM knew his rotation just fits so much better with Cole. He slots in as the No. 1 starter. That enables James Paxton, Luis Severino and Masahiro Tanaka to fit in at Nos. 2-4. The Yanks won 103 games last season pretty much without Severino. Now, they have Severino and Cole.
They likely will now trade as much as possible of the $17 million J.A. Happ is owed for 2020 as a way to better manage the luxury-tax payroll. With Cole — and until they subtract Happ — the Yanks project to exceed the highest threshold of $248 million and, thus, incur the top penalties. But the Yanks are willing to pay, in part because they sense a new collective bargaining agreement after the 2021 season will bring much higher thresholds.
But mainly because they craved Cole. And 2020 was just the beginning. Paxton and Tanaka can both be free agents after next year. The Cole/Severino combo gives the Yanks a cornerstone to build around and keeps them from being in a desperate state heading into next offseason, when Paxton arguably projects as the best free-agent starter.
The Yanks solved so many problems by getting the best free-agent starter this year. It cost them substantially. But this time, Gerrit Cole was not going to get away.