The Yankees have reportedly offered a record-setting seven-year, $245MM contract to free-agent right-hander Gerrit Cole, according to Bob Klapisch of the New York Times.
If signed, the contract would establish a new benchmark for free-agent pitchers, both in terms of overall value and average annual value; Cole’s $245MM over seven years—a $35MM AAV—would surpass David Price’s record $217MM deal with the Red Sox, as well as Zack Greinke’s $34.4MM AAV from the Diamondbacks.
With Cole and representative Scott Boras requesting yesterday that interested teams submit initial offers, the Cole saga is far from over, and there’s a chance that the Yankees’ bid will be one-upped by another suitor, particularly the Dodgers or Angels, who have been named the other favorites to land Cole. If those teams opt to go to an eighth or ninth year, the contract value could exceed $280MM.