Shortly after failing to cover first base in Game 5 of the World Series against the Dodgers, Cole opted out of what was remaining of the nine-year, $324 million deal he signed in December 2019. Cole presented the Yankees with the option to add a year to the deal worth $36 million or he would become a free agent.

The 34-year-old right-hander exercised his right to opt out of his contract on the third day after the World Series.

Three years later, Aaron Judge hit an American League record hitting 62 homers in 2022, then he stayed with the Yankees that offseason after testing free agency on a bigger deal, $360 million for 10 seasons.