Crane says franchise will take ‘a run’ at signing Cole
In what amounts to nothing more than a formality, the Astros extended a one-year, $17.8 million qualifying offer to Gerrit Cole before Monday’s 4 p.m. deadline.
Cole will decline the offer, barring something completely unforeseen. The 29-year-old righthander has 10 days to officially inform the team of his decision.
Cole will be the most sought-after player on the free-agent market and could command the largest contract for a starting pitcher in the sport’s history.
If Cole declines the qualifying offer and signs elsewhere before the MLB Draft, the Astros will receive a compensatory draft pick after Competitive Balance Round B in the 2020 Draft. Since qualifying offers were implemented in 2012, only seven players have ever accepted them.
Cole’s free agency looms as one of the biggest storylines of the Astros’ offseason.
His brilliant 2019 season — one of a 2.50 ERA and a franchise-record 326 strikeouts — puts him in prime position for a contract larger than David Price’s record-setting seven-year, $217 million deal signed in 2016. Cole is represented by Scott Boras, who negotiated Bryce Harper’s 13-year, $330 million deal last season.
A California native who grew up a Los Angeles Angels fan and would have multiple suitors in his home state, Cole remains open to a reunion with Houston.
“We’re going to take a run at it,” Astros owner Jim Crane said Monday. “We don’t know if we can get to where they want to get. Boras is tough to deal with. Last year you saw a lot of those big (contracts) work really late. I don’t think that’s good for the market. Hopefully they can get Gerrit out of the way early and free up the market so everyone can go to work.”
The Astros’ inflexible financial situation casts serious doubts whether they can re-sign Cole without going over the competitive balance tax threshold. Though Crane said before the postseason he would “prefer not” to exceed it, he said it was “a possibility.”
“We’re probably over it right now,” Crane quipped. “I don’t know where you guys’ math comes from, but it’s different than mine. We’ll figure that out.”
The competitive balance tax is a $208 million total payroll.
Houston has $145,483,333 already committed to its 2020 payroll. That number does not take into account the team’s 10 arbitration-eligible players or any other free agents it must sign to complete the roster. MLBTradeRumors projects the Astros will pay $62.5 million to their 10 arbitration-eligible players — assuming all are tendered contracts.
Also on Monday, the Astros declined their club option on reliever Chris Devenski, reinstated Lance McCullers Jr. from the 60day injured list and added minor league left-hander Kent Emanuel to their 40-man roster.
Houston’s 40-man roster is now at 34 players. McCullers’ reinstatement was procedural, an act to get him back on the 40-man roster after undergoing Tommy John surgery last winter.
Despite the team declining his club option, Devenski will remain an Astro and go through the arbitration process again this winter.
The club option was for $2.825 million. Devenski is predicted to earn $2 million in arbitration, according to MLBTradeRumors’ projections.
Emanuel was slated to become a minor league free agent if the Astros did not add him to their 40-man. He was chosen in the third round of the 2013 draft and has spent his entire professional career in the Astros’ organization.
Emanuel had a 3.90 ERA in 101 ⅔ inning for Class AAA Round Rock last season. He authored a fabulous finish to his season, allowing 12 earned runs over his last 50 innings pitched.
Emanuel is one of three lefthanders on Houston’s 40-man roster, joining Framber Valdez and Cionel Perez.