The New York Yankees were able to retain their ace Gerrit Cole without adding another year to his contract this offseason, but team owner Hal Steinbrenner is still hoping to see him retire in pinstripes.

While discussing the decision not to extend Cole through the 2029 season and keep him on his existing deal that runs through 2028, Steinbrenner told reporters, "Let me just say, that doesn't reflect in any way, shape or form what we think of Gerrit. We want Gerrit to be a Yankee for life."

Steinbrenner went on to add that he believes the feeling is mutual with Cole, saying, "I believe he wants to be a Yankee for life. And adding one more year or not adding one more year should have no meaning when it comes to that."

Cole initially triggered an opt-out clause in his contract that could have made him a free agent, but he ultimately agreed to continue with the Yankees on his original deal, which will pay him $144 million through 2028. The Yankees could've voided Cole's opt-out by adding another year and $36 million to the deal, but Steinbrenner said he "wasn't in a position where I was comfortable going to a fifth year."

Cole endured an injury-riddled 2024 season to finish with an 8-5 record, a 3.41 ERA and 99 strikeouts in 17 starts. He performed even better in the playoffs as the Yankees made their first World Series appearance since 2009, starting five games and going 1-0 with a 2.17 ERA and 22 strikeouts. He allowed just one earned run in the World Series, but the team lost to the Los Angeles Dodgers in five games.

Retaining Cole provides some stability for New York's pitching staff and gives Steinbrenner and company the chance to put all their focus into trying to hold onto prized free agent Juan Soto.

If the Yankees can re-sign the star slugger while filling other holes on their roster, they will be in a position to compete for a second straight trip to the World Series next season.