MLB Free Agents 2012: Yankees Lock Up CC Sabathia with Contract Extension

Going into Monday night, it was reported that the ace starting pitcher of the New York Yankees would opt-out of his current contract and become a free agent this winter.

But on Halloween night, the Yankees put a lot of smiles on their fans' faces and put their minds to ease.

(For me personally, I was sitting at the Toms River Halloween Parade with my family when my iPhone alerted me with a breaking news alert of the Yankees making big news. And in Derek Jeter style, I stood up and did a fist pump.)

CC Sabathia had until 11:59 p.m. to opt-out of the remaining four years and $92 million left on his deal, but the Yankees and their left-hander worked out a deal to keep Sabathia in pinstripes.

The Yankees and Sabathia agreed to a five-year extension for $122 million, which adds on another $25 million for 2016 and a vesting option worth $25 million for 2017 with a $5 million buyout.

The news was actually reported by Sabathia himself on his Twitter account, then was later picked up and reported by ESPN.

All week long I had been saying that the Yankees needed to lock up their ace lefty because of how thin their pitching options were aside from Sabathia.

The thought of Texas Rangers lefty C.J. Wilson has not been one the Yankees favor particularly, so it only made the Yankees' need to retain Sabathia that much greater.

Now, a lot of fans will say Sabathia was being greedy and didn't need the money.

He didn't, but he is also a businessman trying to make as much money as possible.

And the Yankees gave him the opportunity to explore opting out after 2011, so Sabathia was really doing what most athletes in his position would have done.

But honestly, it also did show that, in the end, Sabathia knew he would make the most money playing for the Yankees, and staying in New York for another six years would give him the best possible chance to win championships.

Sabathia went 19-8 with a 3.00 ERA in 2011 and will likely be in contention again for the American League Cy Young Award.

Since joining the Yankees in December of 2008, Sabathia is 59-23 during the regular season and 5-1 in the postseason, which includes the 2009 ALCS MVP Award and helping the Yankees win the 2009 World Series.

According to Joel Sherman of the New York Post, the Yankees originally offered Sabathia a five-year, $120.5 million extension, but the Yankees increased the offer to sweeten the deal for Sabathia and prevent him from trying to opt-out before midnight.

The Yankees had to get this done, and it's a huge accomplishment that they can cross off their winter checklist.

With Sabathia re-signed and now good for 2012, the Yankees will now focus on possibly adding other free-agent starters, such as Mark Buehrle and Roy Oswalt.

There will be no disappointment like there was with Cliff Lee last winter—the Yankees got their guy this time.

And they certainly won't be done yet this winter.

But on Halloween night of 2011, the Yankees and their fans didn't get tricked, and they got a nice treat before the end of the night.

And in the end, everything works out for the Yankees and Sabathia, and all sides are happy with the outcome.

Happy Halloween, Yankees Universe.