In the winter of 2007-2008, when River Ave. Blues was still in its blog infancy, the hot topic of the Hot Stove League was Johan Santana. The Twins were gearing up to trade their lefty ace, and the Yankees were deeply involved in the negotiations.

As the winter dragged on, we staked out a position deemed extreme by many — but not Yanks’ GM Brian Cashman. “Save the Big Three,” we proclaimed, as it became clear that any Johan Santana deal would probably include some combination of Phil Hughes and Ian Kennedy along with other top prospects or Major League contributors. The money, we argued, would be better spent on CC Sabathia a year later when the big man hit free agency. Plus, we reasoned, the Yanks wouldn’t have to pay twice for CC, first in prospects and then in dollars, as they would for Santana.

When all was said and done that winter, our position held the day, but it was not without controversy. Throughout 2008 and even into 2009, a debate raged among Yankee fans over that non-trade, and when the Yanks missed the playoffs in 2008 for the first time since 1994, Cashman and the anti-trade faction received its fair share of criticism.

Yet, last winter, the pieces fell into place. The Yanks landed CC Sabathia, and this year, that signing has paid off in a big way. CC took home MVP honors after the ALCS, and after posting tremendous numbers this season, Sabathia has powered his way through three playoff starts. It’s been wine and roses for the Yanks and CC this year.

With the Yanks gearing up to face the Phillies in the World Series, let’s take a look at how those pieces from the Santana trade are doing. I’m going to assume that the most popular iteration of the trade — Phil Hughes, Ian Kennedy and Melky Cabrera for Johan Santana — would have gotten the deal done. The Yanks probably would have thrown in a fourth lesser prospect as well.

Phil Hughes
Still just 23 years old, Hughes has been one of the most heralded young arms in recent Yankee history. He made his debut in 2007 and threw admirably as one of the youngest starters in the league. His 2008, however, was a complete wash. He started the season 0-4 with an ERA of 9.00 and then missed May, June, July and August with a variety of injuries. By the end of 2008, Yankee fans were wondering about the hype, and many rued not trading Hughes when his stock was high.

This year, though, has been an utter revelation for Yankee fans and Phil Hughes. He made a few spot starts in place of Chien-Ming Wang and flashed some decent stuff, but the youngster really came into his own upon moving into the bullpen. As the 8th inning bridge to Mariano, Hughes went 5-1 with a 1.44 ERA in 44 games. In 51.1 innings, he walked just 13 and struck out 65. He put up a 22.7 RAR and a 2.2 WAR out of the bullpen, and without Hughes in the 8th, the Yanks’ season would have played out much differently.

Melky Cabrera
For Melky, 2008 was a setback. He was the subject of many trade rumors and didn’t play well at all. He hit .249/.301/.341 and lost his starting job to Brett Gardner by early August. This year, though, with increased competition from Gardner, Melky responded in turn. Although he faded a bit down the stretch, Melky hit .274/.336/.416 with a career-best in home runs (13), doubles (28) and OPS+ (97). In the ALCS, he went 9 for 23 with four RBI and three walks. At 25, Melky has 2148 Major League plate appearances under his belt and could yet turn into an adequate offensive outfielder.

Ian Kennedy
Similar to Hughes, Kennedy had a terrible 2008. He also went 0-4 with a gaudy 8.17 ERA and found himself demoted after not pitching poorly. To make matters worse, he flashed an attitude unappreciated by many in New York. This year, he had a strong start at AAA but came down with an aneurysm in his arm. He made a triumphant return to the Majors and threw an inning against Anaheim in mid-September. He is currently throwing in the Arizona Fall League where he has allowed five earned runs in 11.1 innings but has a 13:1 K:BB ratio. He will probably factor into the Yanks’ 2010 plans.

Johan Santana
The centerpiece of the deal landed in New York after all but in Queens and not the Bronx. He has been a bright spot amidst a dismal Mets team. With the Mets, he has gone 29-16 in 59 starts. He has a 2.79 ERA in the NL and has struck 352 while walking 109 in 401 innings. His K/9 IP in the NL is 1.6 strike outs lower than it was in the AL. This season, his velocity started trending downward, and he missed the final six weeks of the season after undergoing surgery to remove bone chips in his arm. The Mets still owe him at least $98.5 million over the next four seasons or $118 million over five.

Late last week, Cashman spoke with John Harper of the Daily News about this very topic. “When we added David Cone from Toronto,” Cashman said “we were a piece away at the time. But when Santana became available, in my opinion we weren’t a piece away yet. So I told ownership, ‘Listen, six months really isn’t a long time to wait – though it turned out to be a long time for me, to be honest – and if we can have the patience and discipline, I can’t guarantee you we’ll be able to get Sabathia, but think about what our organization will look like if we can add him and keep these other assets.’”

And so today, those assets are still in place. The Yankees are playing the World Series with CC Sabathia, Phil Hughes and Melky Cabrera primed to contribute. Although Ian Kennedy hasn’t yet been what we expected and Melky has hit some development roadblocks over the last few years, the Yankees are right where they expected to be when Cashman turned down the Santana offer. I certainly think it’s worked out nicely for them. Do you?