Yankees land Sabathia for $161 million

There is no recession for the New York Yankees.

Flexing the economic muscle of their new billion-dollar ballpark and ignoring industrywide nervousness over big-money deals, the Yankees landed the top free-agent pitcher when they agreed Wednesday to the framework of a $161 million, seven-year contract with CC Sabathia.

The amount is a record for a pitcher and the fourth-highest ever in baseball. It signaled a new willingness by the Yankees to spend in an attempt to regain dominance and win the World Series for the first time since 2000.

"I'm sure every team in baseball would love to have him. He's a guy who's an intimidating factor on the mound," Yankees captain Derek Jeter said at the winter meetings in Las Vegas.

Sabathia's contract figure seems quite appropriate - in February the Yankees move across 161st Street in the Bronx to their monumental $1.3 billion palace, where tickets cost up to $2,500, fans can watch games at a martini bar and the clubhouse contains a swimming pool, hot tub and every imaginable convenience.

The way the schedule lines up, there's a good chance Sabathia would pitch the opener there April 16 against Cleveland - which traded him to Milwaukee last July.

"It illustrates that baseball is a very different economic model than the real world," said Scott Boras, the agent for Manny Ramirez, Mark Teixeira and other free agents also seeking big deals.

"It's all subject on the physical," Yankees co-chairman Hank Steinbrenner said. "Obviously, we're going to try and get it done as fast as possible."

Steinbrenner called Sabathia "our top choice, our main target."

"We just got the best pitcher in baseball," he said.

As part of the deal, Sabathia even has the right to opt out after three seasons and $69 million to become a free agent again. He also gets a full no-trade clause.

"I think it's a great deal for him and a great deal for the Yankees," Cincinnati Reds manager Dusty Baker said. "I'm sure he's going to help them win."

New York hopes to re-sign Andy Pettitte, who also is a free agent, and has intensified talks this week for free-agent pitchers A.J. Burnett and Ben Sheets.

Yankees general manager Brian Cashman left Las Vegas on Tuesday for a quick trip to the pitcher's home in the San Francisco area, sparking the final stages of negotiations. Because the team is a stickler for details, such as contract guarantee language, he wasn't ready to acknowledge an agreement.

"There's a lot of layers in the process, Until that process is completed I'm kind of prevented from saying too much," Cashman said. "You're never done until you're done, and so, we're not done."

Wood's Indians physical today: Former Cubs pitcher Wood was in Cleveland on Wednesday night to take the physical needed before he can finalize a two-year deal with the Indians worth about $20 million.

Wood's physical was scheduled for today, a baseball official familiar with the arrangements said, speaking on condition of anonymity because the deal was not final. His contract would include an option for 2011.

Wood had 34 saves last season for the Cubs, then became a free agent. The 30-year-old right-hander has had a long history of injuries and moved from the Cubs' starting rotation to the bullpen in 2007.

Mets wrap up K-Rod signing: The New York Mets, moving into $800 million Citi Field, finalized their $37 million, three-year contract with closer Francisco Rodriguez on Wednesday.

K-Rod was acquired at a steep discount - his agent had once talked of a five-year contract for perhaps $75 million. General manager Omar Minaya has the closer he desperately needed. The rest of his team is still under construction - just like the Mets' new ballpark.

Rodriguez and the Mets completed their $37 million, three-year contract when the record-setting reliever passed a physical Wednesday, filling a huge hole at the back of New York's deficient bullpen.

"It definitely gives us a good momentum," Minaya said. "It gives us a foundation, at least at the back end, and then the other guys that we have are fitting into a better role, roles that they are accustomed to."