Source: Cole Bassett Signs Four-Year Extension With Colorado Rapids

Update: Colorado Rapids officially announced this extension on Tuesday morning.

COMMERCE CITY – Sources have told Burgundy Wave Monday afternoon that Colorado Rapids are signing Cole Bassett to a contract extension. It is expected to a be four years through 2027. This new deal, Bassett’s third with the club, will make him a U22 player.

Bassett joined the Rapids first team on a homegrown contract on August 10, 2018 at the age of 17. He signed a contract extension in 2022 upon being loaned to Feyenoord Rotterdam. That deal was due to expire at the end of 2024, with him being eligible for MLS free agency.

This extension allows Colorado to get compensated should European clubs come calling again (he’s still on their radar) and compensate him for the value they believe he’ll bring as he enters his prime years.

In four-and-a-half seasons played for the Burgundy Boys (five-and-a-half under contract), he’s made 102 appearances in official competition, collecting 19 goals and 10 assists per TransferMarkt. This past year was a tough one for him and Colorado, but he finished strong under interim coach Chris Little, with six goals and an assist. Should Bassett stay with Colorado for the full length of this contract, he could be top five in appearances, assists, years under contract, among others in club history.

The Littleton, CO native will occupy one of Colorado’s U22 Initiative Slot, along with Sidnei Tavares. Gustavo Vallecilla and Max Alves da Silva were U22 players for the club in 2023.

“A Player must be twenty-two years old or younger in the first year he is eligible to play in an MLS game (e.g., not eligible for 2023 if he turns 23 in 2023),” per the 2023 roster rules. There is language in there about U22 eligibly regarding a player on his first or second contract, but not his third.

Bassett turns 23-years-old in the summer and this is his third contract. A source stated clearly that Bassett will be a U22 player. There may be a slight change for 2024, an ambiguity in the rule, or something else. Maybe MLS will change the rules to the age of the player at the time of the contract is signed rather than the age the player turns during the season. Maybe there’s a new and different condition for a player signing their third deal. MLS breaks and changes its own rules all the time. They’re changing rules on the fly for Inter Miami. Maybe Club President Pádraig Smith knows something that isn’t public yet.

In any case, Bassett will be granted U22 status.

The Rapids should have three U22 slots per the 2023 MLS roster rules. While all three of their Designated Players will be age 24 or older (Kévin Cabral, Andreas Navarro, Djordje Mihailović), Navarro makes under the Maximum Targeted Allocation Money Amount ($1,651,250).

If the rules change at all for 2024 around this, they’re likely to be less restrictive, based on the moves and rumors around Miami and their roster situation. MLS knows U22 players are good for business and the quality on the field now and in the future. Colorado could very well make a third U22 signing this window with Max’s departure. Perhaps at the No. 6 position?

The salary budget charge for U22 players aged 21-25 is $200,000, which is a great deal if Bassett can return to his 2020-21 form. He will be older than 25 for the last year and a half of this contract. Based on the current rules, Bassett will not occupy a U22 slot for those third and fourth years, 2026 and 2027.

As a Homegrown who has become a U22 player, players can earn up to $200,000 above the Max Salary Budget Charge ($651,250) on their second contract. Bassett could soon be on ~$850,000, with a budget change of $200,000 until 2025. With incentives, it’s not unreasonable for him to be on $1 million come 2027.

If Bassett can re-reach or exceed his 2021 form playing with Mihailović, he’ll be well worth this extension. What’s more, the Rapids should be competitive and he should be back in the conversation for opportunities in Europe and with the USMNT.

Photo Credit: Mark Shaiken

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