After a rough 2008 season, the Yankees are starting the 2009 season anew. This starts with Carl Pavano and Jason Giambi being released. The Yankees chose not to pick up 2009 options on either player.
Carl Pavano has been injured for most of his contract. He managed to record nine wins and eight losses during his four years.
He missed all of the 2006 season with an elbow injury and was shut down in the 2007 season after pitching only two games.
Pavano was a major bust after he was 18-8 with the Marlins in 2004.
For Giambi, he had a good tenure in New York. He won the AL Silver Slugger award at first base in 2002. In 2005 he won the American League comeback player of the year.
Although his years as a Yankee were overshadowed by BALCO scandals and cancer, he managed to record more than 30 homers five times and knock in over 100 RBI three times.
It's safe to say that Pavano was a bust, but I think that Giambi did well while he was a Yankee.