7 years/$160 million.
That's a lot of loot to give to anybody, let alone a starting pitcher. Seven years is unheard of for a starting pitcher (unless your name is Kevin Brown) and is a very risky move. However, there is no doubt that the Yankees needed to get this deal done, at whatever cost.
Sabathia is a different kind of pitcher and certainly a different kind of free agent: he is just entering his prime (28 years old). The Yankees finally have the ace they have been lacking, but the pressure is now on Sabathia to deliver in New York. It certainly looks like the Yankees are back to buying the best free agents on the market; difference is that Sabathia is not in the backend of his prime yet like Carl Pavano, Jaret Wright, or Jason Giambi.
It's funny, because all we kept hearing about yesterday was about how Sabathia wanted to go West and at one point, had actually turned down the Yankees' offer. That all changed within eight hours. How you ask? The Yankees added another year onto this already massive contract and even included an extra $20 million. That's impossible to turn down.
Good luck CC, hopefully you fare better than Barry Zito.