ESPN reports that the Yankees and Gerrit Cole reached a deal on a big contract:

Prized free-agent pitcher Gerrit Cole and the New York Yankees have agreed to a record nine-year, $324 million contract, sources told ESPN’s Jeff Passan. 

The deal includes an opt-out after five years, according to Passan, and it also has a full no-trade clause, sources told ESPN. It surpasses the deal Stephen Strasburg finalized with the Washington Nationals on Monday for most total money and annual average salary for a pitcher, at $36 million.

ESPN.com

I thought the offer reported the other day was a bit low, but this is right in line with his WARs. Using the average of his fWAR and rWAR, and assuming $9 million per WAR, Cole should be worth between $297 million and $337 million for the next nine years. The Yankees offer is above the midpoint there.

Once again, the Yankees do not waste time with a free agent. The Yankees now hope they get most of that potential WAR in the first five seasons, so Cole opts out and someone else pays for the decline.