The fact is that to obtain a pitcher of Cole's caliber on the free agent market, that was what you had to do. Reportedly the Angels and Dodgers were willing to go 8 years at the same rate and drew the line there. The Yanks went to 9 to win the auction.
We're lucky in a sense that the Angels and Dodgers were there to push the Yanks to this level.
If I was a Yankee fan I'd be very happy to have Cole, while also very aware that at some point this will be an albatross. It's just the way it works.