Strasburg is forgoing four years and $100 million in guaranteed money left on his original seven-year, $175-million deal.
In the postseason, Strasburg went on to win five more games for Washington in route to the franchise's first World Series crown.
He made two starts against the Los Angeles Dodgers in the National League Division Series and went 1-0 with a 3.00 ERA, and then went 2-0 with a 2.51 ERA in two World Series starts against the Houston Astros to earn MVP honors.
The weekend of celebration in D.C. didn't simply end with the Washington Nationals World Series parade on Saturday.
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Reliever Sean Doolittle, who along with his wife has worked with Syrian refugees and military veterans and supports gay rights, did not the event. Strasburg has proven to be a big-game pitcher, yielding a 1.46 ERA in 55.1 career postseason innings.
Now, he will become one of the most coveted free agents on the market this winter. The deal included a $10 million signing bonus that was payable July 1 this year and salaries of $15 million in both 2017 and 2018.
Strasburg, two years older than Cole, likely would command a lower price because of age and durability.
With his opt-out looming, Strasburg turned in a stellar 2019 season.
All-Star third baseman Anthony Rendon, another key component of the Nationals' title, also is a free agent represented by Boras.