I say semi-official because the word comes from The Post:

Andrew Brackman, the Yankees’ first-round pick in the June draft, has decided his right elbow will be better served by undergoing Tommy John surgery, according to agent Scott Boras.

Brackman, who signed a four-year deal worth $4.5 million that includes a $3.3 million signing bonus and could escalate to $13.8 million if incentives are met, has chosen Dr. James Andrews to do the procedure, which normally takes 12 to 18 months to come back from.

The Yankees knew of the 6-foot-10 Brackman’s elbow problems long before taking him with the final pick in the first round. A recent visit to Andrews’ office confirmed a problem and Brackman decided to have the surgery, which, according to Boras, has a 97-percent success rate.

Brackman, who didn’t pitch in the ACC or NCAA tournament because of elbow trouble, was 6-4 with a 3.81 ERA in 78 innings for N.C. State this past season.

Not much of a surprise, and fixin’ elbows is easier than fixin’ shoulders, so it’s not all that bad. The only sucky part is that we have to wait until 2009 to see our top draft pick in action.

(Check out which former Yanks’ son is having his shot blocked by Brackman in the photo)

As you’ve certainly heard by now, the Yanks signed first round pick Andrew Brackman to a monster contract. A Major League contract in fact. It’s nuts, I know. But hey, Damon Oppenheimer & Co. trust their people and believe the risk is worth the reward, and I can’t help but agree. I’ve noticed quite a few people around the interweb trying to figure out how the hell this deal works, and that’s what I’m here to explain.

Before we start dissecting the deal, let’s first understand the terms of the contract:

• Four years, $4.55M guaranteed Major League deal
• $3.35M signing bonus included
• Roster and performance bonuses can push the value of the contract to upwards of $13M.

The contract would be simple enough to understand if say, Brackman was a 10-year big league vet just looking to change teams. Then it’s simple; it’d be like every other free agent contract given out in the history of man. But he’s not, so the deal gets a bit more complicated.

[Read more…]

From Pete Abe:

* * * BRACKMAN SIGNS WITH YANKEES * * *

Word is that the Yankees and Scott Boras have agreed on a deal that would pay the right-hander a minimum of $4.6 million and possibly as much as $13.8 million based on when he gets to the majors and whether he gives up basketball.

More on this as it becomes official later today.

$13.8M? Mother of God.

Update: This from John Heyman:

The Yankees are close to signing Andrew Brackman, the 6-foot-10, right-handed pitcher from North Carolina State they selected with the 30th pick in the first round this year, SI.com has learned.

It is expected to be a major-league deal for four years and about $4.5 million.

Some of the money will be paid out over several years, with the present-day value believed to be worth about $3.7 million.

The contract has an unusual structure because Brackman may have to undergo Tommy John surgery on his elbow — the Yankees also will get three club options at the end of the four years. If they exercise all three, Brackman stands to make about $13 million.

The Yanks never give out ML deals to draftees, this is very, very surprising if true.

Update Part Deux: It is a 4-yr ML deal. Lots of people are asking me how the ML deal works, and truthfully, I’m not sure. Fret not, RAB fave Keith Law shed some light on the situation:

me: is it a ML deal?
Keith: yes
me: ah crap
Keith: yeah not ideal
boras doesn’t do many minor lg deals
me: ok, so how does this 4-yr ML deal work?
i know he goes right on the 40-man and all that
Keith: right
he’ll be optioned in 2008, 09, 10, and 11 if necessary
me: so can he be a FA after 2011?
Keith: no, no, he won’t have service time
he still needs six years of ML service to get to free agency
me: ah ok
Keith: this deal only covers certain years – he’s still yankee property beyond that
me: so he’ll be arbitration eligible after the 4 yrs on the deal expires
Keith: only if he has the ML service
BUT
the catch is that you can’t cut a guy’s salary over 20%
so if he makes $2MM in 2013, but isn’t arb-eligible yet for 2014, he’ll have to make $1.6MM
(or more)
me: ah ok
thanks for clearing this up, it’s always baffled me