After months of rumors, Arizona dealt LHP Randy Johnson to the Yankees for RHP Javier Vazquez, LHP Brad Halsey, C-S Dioner Navarro, and $9M. The trade will be announced at a press conference today. In conjunction with the trade, New York signed Johnson to a two-year, $32M contract extension.

This extension stretches Johnson's contract through the 2007 season, setting his salary at $16M in both 2006 and 2007. The Yankees will defer a portion of the money from the extension and restructured the deferred money from his 2005 salary. Johnson will no longer receive 2% interest on the $6M deferred from his 2005 salary and will also receive no interest on the $1.5M deferred from both his 2006 and 2007 salaries. He will receive his $9M in deferred money in three payments, collecting $3.5M in 2008 as well as 2009 and $2M in 2010. Arizona will continue to provide him with two courtside Phoenix Suns season tickets through the 2010-11 seasons in addition to six premium tickets for all Diamondbacks after he retires through 2010 as stipulated in the extension he signed in 2003.

Johnson's elbow and shoulder received a clean bill of health following his physical, though I found no comments regarding his knee or back. While those old trouble spots could create problems for the 41-year-old over the course of this extension, he demonstrated last season that he remains highly capable. Meanwhile, he will not have to bother batting or running the bases with the Yankees. The DH eliminates the easy out of the pitcher from American League lineups, but Johnson should find Yankee Stadium less of a hitters' park than Bank One Ballpark. I fully expect him to earn his keep.

Javier Vazquez's strikeout rate dropped substantially when he moved to New York, but given the lack of injury reports, I expect a rebound in that area provided his role remains unthreatened in Arizona. Unfortunately, he's developing into more of a flyball pitcher, which likely will result in home run trouble at the BOB. The 28-year-old helps fill the power gap created by Johnson's departure, but I do not feel Arizona is an ideal environment for him.

The Yankees drafted Halsey out of the University of Texas with an 8th round pick in the 2002 draft. He spent the remainder of that season at Staten Island in the Short-Season New York-Pennsylvania League and then split 2003 between A+ Tampa in the Florida State League and AA Trenton in the Eastern League. The 23-year-old opened 2004 at AAA Columbus in the International League and spent two stints in the majors. While at AAA Columbus, he compiled a 109:37 K:BB with 128 H and 8 HR allowed in 144 IP for a 2.63 ERA over 24 appearances, including 23 starts. In the majors, he compiled a 25:14 K:BB with 41 H and 4 HR allowed in 32 IP for a 6.47 ERA over 8 appearances, including 7 starts. He posts solid strikeout rates, however his control requires improvement, and home runs could be a serious problem for him in Arizona.

New York signed Navarro as a non-drafted free agent out of Venezuela in 2000. Following a season with the Yankee's Rookie-level Gulf Coast League affiliate, Navarro spent most of 2002 at A Greensboro in the South Atlantic League. He split 2003 between A+ Tampa and AA Trenton. Returning to AA Trenton in 2004, he hit .271 with a .354 OBP and a .369 SLG on 69 H, 14 2B, 1 3B, and 3 HR with a 33:44 BB:K and 1/1 SB% in 255 AB prior to his promotion to AAA Columbus in late June. New York added him to their major league roster in September. The 20-year-old possesses a decent defensive reputation, as well as solid plate discipline, and still could develop substantial power as he matures physically, making him a top catching prospect.

The Yankees' apparent disinterest in replacing C-S Jorge Posada behind the plate in the Bronx left Navarro obvious trade bait. New York also lacks the patience to break in rookie pitchers, making Halsey expendable. Vazquez offers intriguing upside, but he does not possess the presence of Randy Johnson. With money not an issue, little incentive existed for the Yankees not to pursue this trade. However, I fail to understand why the Diamondbacks were receptive to negotiations before alienating Johnson. Arizona obviously found money somewhere this off-season and I am not convinced that the sum saved by dealing Johnson will be better-used elsewhere.