In late December, the Yankees signed RHP Carl Pavano to a four-year, $39.95M contract that includes a $1.95M buyout on a $13M option for 2009. The deal sets his salaries at $9M in 2005, $8M in 2006, $10M in 2007, and $11M in 2008. If Pavano meets certain unreported statistical criteria, he may override New York's option and choose free agency, forfeiting the buyout.

While Pavano does not strike out a high ratio of batters, he established excellent control over the past two seasons and does an acceptable job of keeping the ball on the ground. Yankee Stadium does not provide pitchers the same comforts as Pro Player Stadium, however the environment should not prove overtly detrimental to the 28-year-old's effectiveness. Since he does not strike out a high percentage of batters, I'm more concerned that his hit rate will climb as a result of the Yankees' inferior defense. Nevertheless, New York should be pleased with their investment.

The Yankees also finalized their signing of RHP Jaret Wright in late December. Wright almost lost his three-year, $21M contract when he failed his first physical, but the two sides restructured the contract to turn the third year into an $7M option with a $4M buyout if he suffers a serious shoulder injury during the first two seasons of the deal and spends a term of 75 days or longer on the disabled list. If he remains healthy, the third year will exist as a $7M player option with no buyout.

Despite the precautions regarding a potential shoulder injury and New York's ability to absorb inefficient contracts, I feel the Yankees loosened their purse strings too far to achieve this acquisition. Wright pitched effectively for the Braves in 2004, but that effectiveness does not extend back beyond last season, and his walk rate remained somewhat elevated. I'm quite concerned that the 29-year-old's ERA will balloon as a result of New York's defense allowing his hit rate to spike. Injuries likely were responsible for delaying Wright's breakout season, and he might be worth this kind of money. However, the holes in his history should have enabled the Yankees to secure him for less.

Pavano and Wright will slide into the Yankees' rotation with RHP Mike Mussina, RHP Kevin Brown, and RHP Javier Vazquez, presuming New York retains Vazquez, whose name continues to appear in trade rumors.

The Yankees re-signed RHP Tanyon Sturtze to a one-year, $1M contract that includes a $150,000 buyout on a $1.5M option for 2006. Sturtze will remain in the bullpen barring serious trouble in the rotation. He pitched effectively in September, but I'm surprised that the 34-year-old commanded a salary of this size when his ERA has not dropped below 5.00 in three seasons. Sturtze allows an excess of both walks and flyballs, which generally creates problems.

Yesterday, New York signed 1B-L Tino Martinez to a one-year, $3M contract that includes a $250,000 buyout on a $3M option for 2006. The 37-year-old possesses solid plate discipline and substantial power, making him a useful addition. If Jason Giambi is not healthy or if the Yankees find a way to void the remainder of Giambi's contract following his confessions of steroid use, Martinez would start at first base. Provided Giambi returns, Martinez will work off the bench.

The Yankees also signed 2B-L Tony Womack to a two-year, $4M contract in late December. Womack's plate discipline does not support his batting average. However, the 35-year-old possesses substantial speed skills and should provide at least as much production as Miguel Cairo. Additionally, at this salary, he could easily slide into a reserve role if New York acquires a bigger bat for second base.

At the other end of the payroll spectrum, Tampa Bay agreed to a one-year, $800,000 contract with RHP Rob Bell, who was arbitration-eligible.