Yankees Sign Gerrit Cole To Nine-Year Deal Worth $324 Million

George A. King III, Post:

In the type of move George Steinbrenner lived for, his Yankees and son Hal Steinbrenner are back on top of the baseball universe after signing stud right-hander Gerrit Cole to a record-setting, nine-year contract worth a staggering $324 million Tuesday night.

The move sent shock waves through the lobby of the Manchester Grand Hyatt, where the winter meetings are being held, and ... immediately stamped the Yankees as the team to beat in not only the AL East but the American League and the favorites to win the World Series for the first time since 2009.

Cole joining the Yankees turns a good rotation into the best in baseball ... [Cole turned 29 last September]

[I]t took less than a dozen hours to finalize the largest contract ever given to a pitcher and the fourth-highest in baseball history to any player. There is no deferred money and Cole will make $36 million a year. He can opt out after the 2024 season.

Kristie Ackert, Daily News:

The deal obliterates the day-old record set by Stephen Strasburg, who agreed to a contract of $245 million over seven years with the Nationals on Monday afternoon. Cole's average annual value is an eye-popping $36 million.

The Yankees payroll for their 40-man roster was at $209.9 million before the deal and they are already looking for ways to shed excess costs elsewhere. ...

Cole has always been the Yankees priority for improving the front-end of their rotation. ... Having drafted him in 2008 and then having failed in an attempt to trade for him when he was with the Pirates, the right-hander has always been just out of their grasp. ...

[Cole] instantly becomes their ace and brings their rotation into the upper echelon in baseball. Last season, Cole ... led the AL in strikeouts (326) and ERA (2.50) over 212.1 innings pitched in 33 games started. He also had the best fielding-independent pitching rate in the AL with 2.64 and highest strikeout per nine innings pitched (13.8).