Via Nick Cafardo, “word is” that the Yankees are prepared to offer Cliff Lee a five-year contract worth $115-120M, which would be $23-24M annually. Cafardo adds that the Rangers are prepared to “determined to match whatever it gets up to,” but Nolan Ryan has said otherwise. The Nationals are said to be pursuing the lefty as well, but I’m not sure anyone considers them a real threat.
The Yanks have already done the meet-and-greet thing with Lee and his family, as has Texas, so we’re getting to the point where everyone will have to walk the walk after talking the talk. Five years and $120M is basically market value for Lee and I think we’d all be happy if he signs for that price. In the end, I suspect we’ll see a sixth year added, possibly in the form of an option with a hefty buyout.