The Yankees signed Javier Vazquez to a four-year, $45M contract. Vazquez was arbitration-eligible and would have been eligible for free agency at the end of 2004 prior to signing this contract. Under the terms of the deal, he'll reportedly receive $8.5M in 2004, $10.5M in 2005, $11.5M in 2006, and $12.5M in 2007 in addition to a $2M signing bonus.

I supported New York's acquisition of Vazquez from Montreal, and I'm pleased to see they haven't given up Nick Johnson for just one year of Vazquez. The 27-year-old ranked among the best pitchers in baseball last season and deserves to be compensated as such, since he should continue to perform at a similar level. I'm a little surprised the final year of the contract wasn't an option, but the Yankees aren't particularly concerned with risk management.

On December 23rd, New York announced they've signed Tom Gordon to a two-year, $7.25M contract. When I first learned of the deal, I was somewhat surprised Gordon hadn't signed with a team seeking a closer. However, while signing as a closer would have given him a shot at more money in the future, he likely wouldn't have found a significantly higher salary now. He's already 36 and signing with New York gives him an opportunity to win a World Series ring, which he has not yet done.

Gordon proved healthy last season and should be able to hold up over the course of this contract. A fairly dominant pitcher as a starter, Gordon's strikeout rates have risen even higher as a reliever. He doesn't have the best control, so New York's defensive problems could lead to a troublesome number of baserunners, but I don't anticipate a severe drop in his effectiveness.