MLB Hot Stove: Gerrit Cole signs record deal with the Yankees

Gerrit Cole is going to be a Yankee, and he’s going to be a very rich Yankee, according to reports.

The Yankees and Cole have agreed to a 9-year contract that will pay the pitcher $324 million, per multiple reports. That $36 million annual value is a new record for a pitcher, as is the total dollar figure for the contract. Stephen Strasburg had set a high bar earlier this week at $35 million per season over 7 years.

Cole, the best starter on the market, got two extra years and $79 million more than Strasburg. Jon Heyman was the first to report the massive agreement.

It is bound to send aftershocks through the rest of the pitching market, too. Strasburg and Zack Wheeler already got their money. But what will this do for the price of other available starters, like Madison Bumgarner, Hyun-jin Ryu, Dallas Keuchel and others?

Well, for every team that wanted Cole and couldn’t get him, they now have three choices: a) redirect your attention to another free agent; b) shift to the trade market; or c) fold your arms and get shut out.

Ken Rosenthal reported Tuesday night that after the Dodgers missed out on Cole, they’ll now turn their attention toward Madison Bumgarner, a logical Twins target.

Twins in pursuit of Dallas Keuchel, Madison Bumgarner, Hyun-jin Ryu [Report]