I have a conspiracy theory of sorts here, one that I think is more fantasy than anything else. I honestly think the Yankees told Hamilton's camp to come back to them when he thinks he has his best offer. Here's why...
Hamilton's past will certainly limit the years someone will want to give him. Now, his big money will likely come in AAV, but the yrs will likely not exceed 4. Thus far, only the Mariners are linked to him at 4 yrs and who wants to play in Seattle? Also, the Yankees goal is to get under $189 million for 2014, so it wouldnt be completely prohibitive if you consider Hamilton and the Yankees more a Hamilton or Cano. Hear me out.
Cano is 15 months younger than Hamilton. Now, that is definitely a difference, but it isnt like it's a massive difference. Couple that with the likelihood that Cano is going to get a 7 yr deal and you're talking about signing a guy to a deal that will have a similar AAV through his age 38 season. We have seen how those deals are turning out in NY. In signing Hamilton, you'd be getting a guy for 4 yrs at probably the same AAV, but the deal will run out in a season where he turns 35. There is a much higher chance you see Josh still in his prime at the end of the deal (or near it) than Cano.
So....the one big name team the Upton dealings arent linked to is the Yankees. I am wondering if Cashman is waiting to see if they can get Hamilton on short yrs, then go for a Cano for Upton plus Bauer (who the DBacks have soured on) swap. That would open up 2b for 2 prospects who are big league ready (Joseph and Adams), it would fill our COF spots and allow us to deal Granderson to a team like Seattle who is desperate for OF power. The money in 2013 will be more but by 2014, the money would be quite a savings for NY since they wont have to re-sign Granderson to a similarly stupid long term deal.