According to ESPN.com, the New York Yankees agreed to an eight-year deal with free agent first basemen Mark Teixeira.

The agreement, which is subject to a physical, includes a signing bonus of about $5 million and a complete no-trade provision, The Associated Press reported.

The Yankees had made an offer to Teixeira weeks ago, but then withdrew it; their intention all along was to make an offer, which they did formally on Tuesday, if it fell within parameters acceptable to the organization. The contract will pay Teixeira, who made it clear he wanted to make a decision on where to play next season and beyond by Christmas, an average of $22.5 million per season.
The Yankees had $88.5 million coming off the books (included in that total — $23.4 million on Jason Giambi, $16 million on Bobby Abreu, and $11 million to both Mike Mussina and Carl Pavano), and even with the Teixeira contract, they expect their payroll to fall below $200 million. New York has committed $423.5 million in salary in the last month, with $161 million going to left-handed pitcher CC Sabathia ($23 million over seven years) and $82.5 million to right-hander A.J. Burnett ($18.5 million over five) last week alone.

The deal also virtually eliminates any chance that free-agent outfielder Manny Ramirez has a landing place with the Yankees. New York does have money left to add another starting pitcher, most likely veteran left-hander Andy Pettitte at $10 million if he agrees to terms soon.

I think I just heard the collective heads of every Boston Red Sox fan explode at the same time.

I would say that this news is unbelievable but it’s very much believable. If the Yankees want a player, there’s nothing that’ll stop them from acquiring said player. Other than signing Manny, the Bombers essentially accomplished what they wanted to accomplish this offseason by acquiring pitching, as well as the desire to get younger.

According to the Washington Times, the Boston Red Sox are on the verge of landing free agent first basemen Mark Teixeira.

While the source declined to discuss specifics, there are strong indications that the Red Sox will announce that they have landed the highly-coveted slugger, who has been courted this off-season by several major league clubs, including the Angels, Orioles and Nationals.

The Red Sox have been considered one of the lead contenders in the Teixeira sweepstakes, but it was unclear whether the team would be able to meet the asking price from agent Scott Boras, who had hoped to land a contract for as much as $200 million over ten years. Last week, Red Sox owner John Henry told reporters that the team was no longer pursuing the player, but the statement was widely seen as a negotiating maneuver.

The Orioles and Nationals had hoped to sign him in part because he is a Severna Park, Md. native, and the Nationals were reportedly willing to bid especially hard.

It is still unclear how much the Red Sox offered Teixeira, but there were reports last night that the Nationals had boosted their bid in a last-ditch effort to sign him.

That’s quite a turn of events from the end of last week when it was announced that the Red Sox had pulled out of the running. Maybe Teixeira crapped himself when he realized that he had chased away the Red Sox and Angels with demands (or at least, rumored demands) of a $184 million contract, and he decided to return back to earth. The thought of having to play for the Nationals or Orioles will do that to a man.

The Los Angeles Angels became the second club (the Boston Red Sox being the other club) in the same week to pull out of the bidding war for Mark Teixeira by withdrawing their contract offer.

General Manager Tony Reagins was not immediately available for comment. The Angels offered Teixeira an eight-year deal, and though financial terms were not disclosed, it was believed to be worth at least $160 million.

The Washington Nationals, who reportedly offered eight years and $160 million, and the Baltimore Orioles, who reportedly offered seven years and about $150 million, remain heavily involved in the bidding.

Comments made by Boston Red Sox owner John Henry on Thursday night gave the impression that they were no longer pursuing Teixeira. The team had reportedly made him an offer in the eight-year, $170 million range.

This is such a unique situation because clubs are finally standing up to free agents who want extraordinary amounts of money and ridiculous contracts. So now if Teixeira wants to go to a winner, he’d better relax on his contract demands or else take the money and play in Washington or Baltimore next year.

The interesting thing now is whether or not the Yankees will make an official offer. Rumors of circulated that they’ve been interested, but like many people, I’ve always held the impression that they were only involved in the Teixeira talks to drive up the price for the Red Sox and Angels. But now that both of those clubs have pulled out of the race, the Yankees could land one of the top free agents on the market if they wanted to pony up. Stay tuned.

According to a report by ESPN.com, free agent Mark Teixeira apparently is seeking a deal worth at least $184 million. And with that, the Boston Red Sox bid him adieu.

Red Sox officials have maintained privately all fall that while they would love to have Teixeira, they are very comfortable going into 2009 with the team that they have, with Mike Lowell at third base, Kevin Youkilis at first base and David Ortiz as the designated hitter, backing strong pitching.

And if Teixeira were to sign with the Los Angeles Angels or the Washington Nationals or another team, the Red Sox would be in a position to take advantage of some of the free-agent bargains that have developed in this frigid economic climate; the asking prices for players like Derek Lowe are bound to drop, general managers believe, because there are so few teams willing to spend decent money.

One executive familiar with the meeting said the Red Sox were told that in order to get Teixeira, they would have to offer about $24.3 million a year over eight years — or a deal for about $195 million. The Red Sox walked out, and Henry issued this statement to the AP: “We met with Mr. Teixeira and were very much impressed with him. After hearing about his other offers, however, it seems clear that we are not going to be a factor.”

Not surprisingly, the Yankees have re-entered the Teixeira sweepstakes, although the Angels might be the front-runners in bidding for his services.

Yankees people were thought on Friday to be debating the merits of Teixeira vs. Manny Ramirez, Boras’ other available slugging superstar, and there may be a split vote in the pinstripe hierarchy. While they all love Teixiera’s all-around play and character, Ramirez may be favored by some for his unmatched clutch hitting prowess, unique ability to tweak the rival Red Sox and to draw attention and dollars, but especially because he’d require a shorter term (perhaps three or four years as opposed to at least eight for Teixeira).

Meanwhile, there are signs that the Angels, who were thought to be trailing Boston a few days ago with a bid in the area of $165 million, might be readying for a move now. Some Angels baseball people figured that $160-to-170 million might be owner Arte Moreno’s limit, but that doesn’t look at all clear now.

Wow. It’s amazing to think that Teixeira might be heading back to the Angels after many reports had him as a lock to wind up in Boston. You have to admire the Red Sox for setting a limit and not backing away from that. They know the Yankees are trying to drive up the price so they set their max and are prepared to walk if that’s not enough.

I still say the Yankees are just trying to screw their competition and aren’t a true contender to sign Teixeira. And after these reports, I bet he re-signs with L.A. in the $184-range.

The Red Sox apparently are leading the race for free agent first basemen Mark Teixeira according to the Boston Globe.

Two GMs who were involved in the Teixeira talks both felt the Red Sox had a leg up.

“They have the highest offer on the table,” said one of the GMs.
One of the GMs responded to Red Sox owner John Henry’s comment to the Boston Herald that the Sox would not go 10 years on any player with, “No one’s going there [10 years].”

“We all have limits,” Henry said in an e-mail to the Associated Press yesterday. “Eight years is a very long time in baseball and everywhere else. Baseball as a whole has not yet been hit by the financial crisis, but it will. The degree is in question and won’t be answered for a while.”
But who knows?

The Yankees were willing to go two more years than anyone else on CC Sabathia, so why not on Teixeira?

One of the GMs concluded the Yankees were the fly in the ointment, but “Manny [Ramírez is] going to the Yankees.”

I’ll say this at least 34 more times before a deal is eventually in place but the Yankees are only in the Teixeira-talks to drive up the price for the Red Sox. They want to put the screws to their biggest rival before they turn their attention to Manny, who apparently no team has an interest in at his asking price.

In the end, Teixeira will wind up in Boston and Manny will either remain a Dodger or become a rich Yankee.