While the deal isn’t official yet, WFAN’s Sweeny Murti is reporting that the Yankees and Derek Jeter have agreed to a three-year deal worth roughly $51 million. There’s also an option for a fourth year that Murti says is for less than the $17 million Jeter will get annually for the first three years.

While the back-and-forth bickering between Jeter’s camp and GM Brian Cashman was entertaining for about a week, in the end there was no way the Yankee captain was going to wear anything but pinstripes next season. The Giants got the closest to making a deal with Jeter, and all they did was pick up the phone and call his agent. That’s it. That’s as close as Jeter got to not being a Yankee.

The Bombers were generous with this deal because Jeter wasn’t going to find that kind of money on the open market. His range at shortstop is rapidly declining, he’s coming off a career-low year at the dish and he’s already 36 years old. He should be fortunate that the Yankees were willing to go as high as $51 mil.

That said, the Yankees had to overpay. Jeter has meant just as much to the organization off the field as he has on it. He’s a leader in every sense of the word and the Yankees have been able to cash in on his marketability for over a decade. They had to pony up to pay their most recognizable player since Don Mattingly.

In other Yankee news, Mariano Rivera’s new deal is for two years and $30 million. The Red Sox reportedly attempted to steal Rivera from the Yankees with a three-year offer, as did the Angels. But Mo ultimately decided to stay in New York, which is where he’ll start and finish his career.

How does Jonathan Papelbon feel right about now that Boston made a last-ditch effort to acquire Rivera? Ouch.