It looks like the first contract offer will be given to Jeter soon, and Joel Sherman is reporting that its around 3 years and $45 million. Jeter wants a 4th year, and he may get it. This first offer is more to create a starting point for negotiation. I don't expect him to accept this offer, and as Sherman alluded we may be seeing 4 years $60 million or some sort of club option with a payout in the 4th year. We will continue to wait and see.
In the same article by Sherman, he says that the Yankees are not close to making an offer on Lee because his agent is on a fact finding mission. What facts he is looking for is still unknown, but the basic point is that we shouldn't expect a Cliff Lee signing any time soon.