"The New York Yankees reached agreement with free agent first baseman Mark Teixeira on an eight-year contract worth $180 million, three sources involved in the negotiations told ESPN The Magazine's Buster Olney.
The contract will pay Teixeira an average of $22.5 million per season.
The Yankees had $88.5M coming off the books (included in that total - $23.4M on Jason Giambi, $16M on Bobby Abreu, and $11M to both Mike Mussina and Carl Pavano), and even with the Teixeira contract, they expect their payroll to fall below $200M.
New York has committed $423.5M in salary in the last month, with $161M going to LHP CC Sabathia ($23M over seven years) and $82.5 million to RHP A.J. Burnett ($18.5M over five) last week alone.
New York does have money left to add another starting pitcher, most likely veteran LH Andy Pettitte at $10M if he agrees to terms soon.
Teixeira's salary gives the Yankees, who are preparing to move into their pricey new ballpark in 2009, the four highest-paid players in Major League Baseball, including third baseman Alex Rodriguez, shortstop Derek Jeter and Sabathia.
Teixeira's agreement also comes just one day after the Yankees received a $26.9M luxury tax bill for 2008."
In case you're wondering, the Yankee payroll in 2008 was $209,081,577, according to Cot's Contracts. The Bronx Bombers are spending $64M next year on just their three new toys. The Pirates spent $48,689,783 in toto last season, their highest salary amount in five years.
Well, hey, the Pirates did sign Ramon Vazquez and Andy Phillips, and they are looking at Rocco Baldelli now that they're rid of that pricey Jason Davis contract. And geez, we can't help but wonder what'll happen when Scott Boras gets to redo Pedro's deal. Love him or hate him, he's the magic man.
"Happy Christmas to all, and to all a good-night!"