World Series – Los Angeles Dodgers v New York Yankees – Game 5 / Elsa/GettyImages

There’s been very little down time for the New York Yankees since they were bounced from the World Series in embarrassing fashion. And there are some big decisions on the horizon the front office must be prepared for.

Starting with Gerrit Cole, the reigning AL Cy Young winner exercised the opt-out clause in his contract, which has perhaps led to some misconceptions. The Yankees can void Cole’s opt out by adding on another one year and $36 million to his deal. Right now, Cole has four years and $144 million remaining, so the Yankees can make it five years and $180 million without any drama.

But … it’s kind of been dramatic! Cole made his decision on Saturday afternoon and the Yankees have yet to counter. They have until Monday at 5 p.m. ET, which is the official start of MLB free agency.

It’s unclear why this wasn’t an immediate decision, though some have speculated the two sides might be working on a new contract that features more money for Cole plus deferrals to help the Yankees maintain payroll flexibility.

The Yankees are hopefully getting everything squared away with their ace so they can then quickly shift their attention to Juan Soto. Or, you know, they could screw everything up! We’ve seen this movie before.

Yankees News: 3 players elect free agency, Lou Trivino’s option declined

A few other Yankees players officially hit free agency on Sunday while Cole remained in limbo. Shortstop Kevin Smith and pitchers Anthony Misiewicz and Josh Maciejewski all elected minor-league free agency after not being added back onto the Yankees 40-man roster.

Smith appeared in two games, Misiewicz saw action in one, and Maciejewski got the most with four this past season. None were viewed as integral. Moral of the story? The Yankees need better 40-man roster fodder come 2025, something they have neglected for what feels like far too long now.

Reliever Lou Trivino joined that trio as well after the Yankees declined his team option for 2025. Trivino was set to earn $5 million next season after collecting $1.5 million in 2024 for doing absolutely nothing. The right-hander underwent Tommy John surgery last year and the Yankees apparently held out hope he would be ready to contribute down the stretch, but like most of their injury forecasts, they were wrong and ended up wasting money.

There’s a chance Trivino could return for 2025, but definitely not at that $5 million price tag, which was likely hinging on his ability to return and help the 2024 bullpen in expedited fashion.

Then again, the Yankees really need to overhaul their bullpen, so perhaps they limit as many reunions as possible, especially ones that have major injuries attached to them.