The New York Yankees have opted not to extend ace pitcher Gerrit Cole's contract beyond 2028, despite team owner Hal Steinbrenner's desire for Cole to retire as a Yankee.

Cole, who had the option to opt-out of his contract, decided to remain with the Yankees, securing a deal worth $144 million through 2028.

Steinbrenner clarified that the decision not to extend Cole's contract does not diminish the team's respect for him, stating, 'We want Gerrit to be a Yankee for life.'

During a challenging 2024 season plagued by injuries, Cole posted an 8-5 record with a 3.41 ERA, making 17 starts and striking out 99 batters.

Cole's performance in the playoffs was exceptional, contributing to the Yankees' first World Series appearance since 2009, where he recorded a 2.17 ERA and 22 strikeouts over five starts, although the team ultimately lost to the Los Angeles Dodgers.

Retaining Cole provides much-needed stability to the Yankees' pitching staff as they look to re-sign free agent Juan Soto and address other roster needs for the upcoming season.

The Yankees had the option to eliminate Cole's opt-out clause by adding another year and $36 million to his contract, but Steinbrenner was hesitant to commit to a fifth year.