According to this New York Post article the Yankees are preparing an offer for Burnett that could amount to 5 years and $80 million. If this is the case, the Yankees have officially lost their minds. This contract would be one year and $40 million more than what was offered to Carl Pavano, and with just as high an injury risk. Burnett has been a mess for Toronto. He lasted 135 innings his first season for them, 165 in his second season, and last season went 221 innings for them. Now I know that Burnett isn't a rookie but you have to wonder with someone as brittle as Burnett if jumping their workload by 60 innings will have an adverse effect on future health, and you especially need to wonder this if you're planning on giving him $80 million over 5 years. The Yankees might-could also offer Derek Lowe a contract even after pursuing Burnett. This article speaks highly of Derek Lowe as a near lock to give 200 innings a season even at age 36.
It also appears that there is a disconnect between Pettitte's agent and the Yankees, which might be the reason he hasn't been signed. Pettitte's agent does not believe that his client should take a pay cut from his previous seasons $16 million. I guess $16 million is the going rate for a 14-14 record with a 4.54 ERA in his mind. Take the pay cut Pettitte. I know it may seem insurmountable living off of $10 - $12 million a year, but something tells me you will be okay.
Lastly, in world news, it looks like Somali pirates hijacked an oil tanker holding 2 million barrels of oil. It is a very impressive feat to be sure. The cargo, which is valued in current prices at $100 million is still less than what CC Sabathia has been offered to pitch for the Yankees. This means that if Sabathia wants to, he can buy 2 million barrels of oil and still have $40 million left to build a bunker to hold his 2 million barrels.