Cole went 20-5 with a 2.50 ERA, 185 ERA+ and a league-best 326 strikeouts in 212 1/3 innings last season and will be the ace of a rotation that also features Luis Severino, Masahiro Tanaka and James Paxton.
In fact, the Yankees are now favored to win the 2020 World Series according to the oddsmakers at Caesars. Below are the odds as of Wednesday afternoon. Teams not listed* have odds higher than 25/1.

  1. Yankees: 4/1
  2. Dodgers: 6/1
  3. Red Sox: 12/1
  4. Braves: 13/1
  5. Cubs: 14/1
  6. Nationals: 16/1
  7. Cardinals: 16/1
  8. Indians: 18/1
  9. Phillies: 18/1
  10. Twins: 18/1
  11. Brewers: 20/1
  12. Angels: 20/1
  13. Athletics: 20/1
  14. Rays: 22/1
  15. White Sox: 25/1

New York’s World Series odds sat at 6/1 following the end of the World Series, third best in baseball. Now they’re at the top. Despite numerous injuries to key players, the Yankees won 103 games a season ago and came up two games shy of reaching the World Series. Now they’ve added arguably the best pitcher in baseball (from the team that knocked them out in October) to fill their only glaring roster hole.  Tuesday night, the Yankees landed prized free agent Gerrit Cole with a monster nine-year contract worth 4 million. It is the richest pitching contract in MLB history and, at million, it is the largest average annual in history for any player, pitcher or position player. Not surprisingly, adding Cole has improved New York’s World Series odds substantially
Expect the Yankees to still be the favorites by the time Opening Day 2020 rolls around, regardless of what other teams do this offseason. 
*The Astros, who are subject of an ongoing investigation into sign-stealing, were not listed with odds.