SAN DIEGO — Stephen Strasburg went first. It defined a market. If necessary, it let anyone involved in the Gerrit Cole market know what the sub-basement looked like. Because seven years at $245 million — what the Nationals guaranteed to retain Strasburg — is not even the floor for Cole.

He is two years younger than Strasburg. He has a far superior health history. He was better in 2019 than Strasburg, who by the way was great.

So it is not like seven years at $246 million gets it done. For the Yankees or anyone playing for Cole, the understanding is now this will take eight years — probably more. The cost will exceed $300 million — and not by a dollar or two. Cole is a unique free agent. He’s in his prime. October proven. Beloved by scouts and analysts. Chased by the coastal superpowers — and a bunch of teams in between.

Brian Cashman arrived at the winter meetings on Monday with the expectation he was delivering a formal Yankees offer. Multiple people involved in this negotiation said they now expected resolution with Cole before these meetings end Thursday.

So prior to Christmas, we are about to learn what does Cole prefer: location, near-certain contention, who he views as most likely to best nurture his career or one penny more. And we are likely to learn just how far will the Yankees go for this player. For they are viewed as the favorites. But favorites are no sure things.

Two years ago they were the favorites for Shohei Ohtani and did not even make the finalists. The Angels signed Ohtani and are prioritizing Cole with the fervor of the Yankees. Most vitally, their owner Arte Moreno is doing this prioritizing. When he has pushed away his baseball people (and perhaps logic) in the past, Moreno made sure to win for Albert Pujols at 10 years, $240 million and Josh Hamilton at five years, $125 million.

So it is possible this could become a battle of who says “uncle” first — the Yanks saying $250 million, the Angels $255 million, the Yankees $260 million, etc. before one surrenders.

The Angels have pressure points. They have had a losing record each of the last four years. They have mostly wasted the first eight full seasons of the brilliant Mike Trout. Moreno just guaranteed $325 million to buy Angel Stadium and the possible development of land around it to keep the team there until at least 2050, so he wants a winner to enhance that value. The Angels need pitching. Lots of it. Cole grew up in Orange County, 10 miles from the stadium, attending games — but as a Yankees fan.

The Yankees have not won a championship since 2009, which for how they are judged feels equivalent to the Jurassic age. And in recent years — even while running large payrolls — Hal Steinbrenner has been increasingly criticized by the fanbase for not spending huge in free agency. Can he really afford (no pun intended) to lose out on Cole to the Angels — even if Moreno is in crazed-I’m-not-losing-this-guy mode?

And this is assuming that this comes down to the Yankees and Angels. The Dodgers could still raise up here and have the dollars to do so. But they have seemed more interested in another Boras client, Anthony Rendon. Perhaps the Giants, Phillies or some other club could decide to bid lavishly for Cole.

But at this point it would be an upset if Cole does not end up in Southern California or New York. What the Strasburg deal did was crystallize just how valuable teams find unquestioned aces, even in an age when teams are more willing to rush to the bullpen. Great starters like Cole allow teams to use their bullpen more judiciously and strategically.

The Yankees recognize that Cole helps them protect their elite bullpen even more. It moves James Paxton, Luis Severino and Masahiro Tanaka down into more suitable rotation slots. It better positions the Yanks to withstand the potential free agencies after the 2020 season of Paxton, Tanaka and J.A. Happ. It gives them the unquestioned ace they last had after convincing CC Sabathia to forego his native California to lead the Yankee staff to that Jurassic age title in 2009

For all of that, the Yankees are willing to pay. A lot. Strasburg has helped detail what the sub-basement is. How much are the Yanks willing to spend to make sure they get the penthouse?