On one hand, they've inked players like Jacoby Ellsbury (seven years, $153 million), Brian McCann (five years, $85 million) and Carlos Beltran (three years, $45 million) to sizable contracts. On the other, they've seen second baseman Robinson Cano exit the Bronx to Seattle for a 10-year, $240 million pact.
The team still has some holes to fill heading into spring training, including in the rotation, infield and possibly at closer. Here's a look at the recent buzz regarding the Yankees and their pursuit of targets in free agency and the trade market.
According to Jon Heyman of CBS Sports, the Yankees have interest bringing back Mark Reynolds, while the team is also considering two other veterans:
Reynolds, Michael Young and Brian Roberts are three players past their respective primes. Reynolds and Young are corner infielders at this point with the ability to play first or third, while Roberts has spent virtually his entire career at second base.
It's conceivable that the team could sign Roberts for second base duties while inking either Reynolds or Young to spell Mark Teixeira and Rodriguez.
While these three players aren't what they used to be, all have proven track records and could be worth a flier.
Masahiro Tanaka, RHP
Arguably the top three free agent starters in this year's class, Matt Garza, Ervin Santana and Ubaldo Jimenez, remain unsigned. That's because MLB teams are likely awaiting the status of Japanese star Masahiro Tanaka, who is eligible to be posted after the league and Nippon Professional Baseball officially agreed to a new posting fee system.
It's unknown whether Tanaka's team, the Rakuten Golden Eagles, will post the 25-year-old righty for MLB teams to bid on. But if he does become an MLB free agent, Bob Klapisch of The Record speculated that the Yankees would be major players for Tanaka, but not Garza or Jimenez:
It's notable that Klapisch termed the Yankees' desire for Tanaka as "all in," while the team's interest for the other pitchers has reportedly dropped off.
Behind CC Sabathia, Hiroki Kuroda and Ivan Nova, New York doesn't have much depth in the rotation. If Tanaka is made available, the big-spending Yankees will be in a good position to acquire his services.
After going 24-0 with a 1.27 ERA for Japan Series champion Rakuten in 2013, Tanaka appears to have convinced the Yankees that he can transition successfully to MLB, separating himself from other free agents in the process.
In a recent roundup of the MLB hot stove, Nick Cafardo of The Boston Globe shared an interesting comment from a scout on the possibility of the Yankees acquiring Philadelphia Phillies closer Jonathan Papelbon via trade:
He fits pretty well there. There’s two years left on the deal. Not sure the Yankees are completely sold on Dave Robertson being their closer. He’s best suited as a setup man, but Papelbon would get hyped up in New York, replacing Mariano (Rivera). I think it would be a positive thing and a good fit and I would think it’s been explored already.
That's a notable observation from the scout, as the Yankees are one of the few teams who seem like a fit to consider the possible three years, $39 million remaining on Papelbon's contract.
Meanwhile, Ken Rosenthal of FOX Sports also mentioned former Tampa Bay Rays closer Fernando Rodney as another option for the back end of New York's bullpen:
Separating fact from fiction is always hard when the rumors are circulating this time of year, but one thing seems sure: The Yankees aren't done spending yet.