The Yankees essentially called Cole on his bluff and declined to add the extra year, which ultimately led to Cole rescinding the opt-out and never testing free agency.

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.