It was reported earlier on Sunday that the Yankees had offered the right-hander a seven-year, $245-million contract, according to Bob Klapisch of The New York Times. Heyman suggests that figure to be an excellent estimation of what the Yankees will ultimately put on the table.
Should Cole accept the reported offer, it would be the largest deal in Major League Baseball history for a pitcher. David Price's seven-year, $217-million pact with the Boston Red Sox carries the most total value, while Zack Greinke holds the record for average annual value at $34.4 million per season.
The eventual contract may even exceed that expected offer. One executive predicts Cole will actually receive an eight-year offer worth as little as $250 million and as much as $280 million, according to Jayson Stark of The Athletic. If he gets $280 million over eight seasons, he will top Greinke's AAV with $35 million per year.
With the winter meetings getting underway Sunday in San Diego, teams taking a run at signing Cole are reportedly expected to make their initial offers. In addition to the Yankees, the Los Angeles Dodgers and Los Angeles Angels are rumored to be the favorites to land the hard-throwing righty.
New York's front office was reportedly given the green light from ownership last Thursday to present Cole with a record-breaking deal.
If the Yankees land the prized free agent, the club's 2020 starting rotation could see Cole lead a group of hurlers that includes Luis Severino, James Paxton, Masahiro Tanaka, and J.A. Happ. Domingo German, who's being investigated for a potential violation of MLB's domestic violence policy, could also be a part of New York's rotation.
Cole, a three-time All-Star, finished second in American League Cy Young voting after a monster 2019 campaign with the Houston Astros. The 29-year-old accrued a 2.50 ERA while leading the majors with 326 strikeouts.