Tyler Kepner reports:

According to a person involved in the negotiations, the Yankees have learned that [first round pick Gerrit] Cole intends to go to college, no matter what they offer. The person was granted anonymity because he was not authorized to speak publicly before Friday’s deadline for teams to sign drafted players.

It could be just a negotiating tactic. The deadline is in a few short hours, so we'll know soon. If Cole doesn't sign, we'll receive a compensatory pick, in next year's draft, right after the spot we selected Cole in. Since he was drafted at the 28 slot, we'd effectively receive the 29th overall pick in the draft.