I don't think anyone will dispute the player CC Sabathia is.
But to praise the Yankees for signing him in this manner is foolish. They outbid their closest competitor by $45-$60 million dollars (unless you count themselves) and they gave CC a chance to opt out of his contract on top of it.
They literally bent over backwards for this guy. There is tremendous risk with the way this contract is structured.
The opt-out clause is very interesting because in my opinion, three things can happen:
a. CC is dominant for the first three seasons of the contract, opts out.
b. CC is mediocre for the first three seasons of the contract, remains in NYY.
c. CC is terrible/injured for the first three seasons of the contract, remains in NYY.
The best case scenario for the Yankees is clearly option (a), where he earns his $23 million the first three years. But when he leaves, who will replace him? What does the FA class for pitchers look like in 2011? Will the young Yankee arms stay healthy and develop like they hope?
Option ( involves Sabathia being a mediocre pitcher for the first three years, then heading into the territory of the contract that involves the most risk for him healthwise. Like Jacko said, his knees, back, and hips will start to deteriorate at this point. Big Man Syndrome. If CC stays put because he knows he can't get more than $23 million elsewhere, the Yankees are looking at a huge albatross for those four seasons.
Option © is the worst case scenario where his albatross phase manifests itself very early. The Yankees are then stuck with a Pavano-like contract, only this is the richest for any pitcher in the history of the game.
It's an odd situation where, from the perspective of the Yankees, the best thing CC can do is be great for three years and then leave them with no contingency plan after 2011.