Cole opts out, Bellinger opts in, per reports

MLB Rumors: New York Yankees pitcher Gerrit Cole has opted out of the remaining four years of his contract, while Chicago Cubs outfielder Cody Bellinger has elected not to opt out of his deal, per multiple reports.

Cole opting out was expected, and he will almost certainly not hit the open market, as the Yankees can void the opt-out by adding another year to his deal at $36 million. That would keep Cole in New York for his age 34-38 seasons at $180 million total. One can argue that, after pitching just 95 innings due to arm issues, the Yankees should let the 2023 Cy Young Award winner test the market rather than guarantee the $180 million. That seems, however, pretty unlikely.

Cody Bellinger staying with the Cubs is also not really unexpected, I don't think. He was one of the Boras Four who signed "pillow contracts" late in the 2023-24 offseason, with teams being leery of committing big money to Bellinger after a bounceback 2023 season where his gaudy offensive numbers weren't supported by the underlying batted ball data.

Bellinger slashed .266/.325/.426 in 130 games for the Cubs while playing all three outfield positions and first base, good for a 2.2 bWAR while earning $27.5 million for 2024. Had he opted out, he would have been entitled to a $2.5 million buyout and become a free agent. Instead, he will receive $27.5 million in 2025, and will have the option at the end of the 2025 season to opt out of his deal and receive a $5 million buyout or play out the final year of his deal at a $25 million salary.