New York Yankees' free agency, hot stove news, rumors

The Major League Baseball GM meetings are underway. With that in mind, let's see what is rolling around the rumor mill these days concerning the always-busy, always-entertaining New York Yankees.

New York Yankees, Brian Cashman likely to be quiet at GM meetings - ESPN New York
New York Yankees general manager Brian Cashman will be there, along with his assistant GM, Jean Afterman, and Billy Eppler, the club's senior director of pro personnel. But if the GM is to believed -- and he usually is -- Yankees fans should not be expecting any blockbuster additions or subtractions this week.

"I have nothing going with anybody right now," Cashman said on Monday. "I did nothing all weekend but chill."

GM meetings likely to be more active - MLB News | FOX Sports on MSN
1. How much of a "legend bonus" will the New York Yankees give Mariano Rivera — and potentially Andy Pettitte?

When shortstop Derek Jeter became a free agent two years ago, the Yankees signed him for more money (three years, $51 million) than his recent production suggested he was worth. But that wasn’t viewed as a mistake, because this was Derek Jeter. Besides, the Yankees had a limitless budget, right?

Turns out, that’s not the case anymore. Or so they say. Under Hal Steinbrenner’s plan to reduce their payroll to $189 million by 2014, the Yankees need to make every (million) dollar count. And while the coming austerity will be a greater issue at this time next year, it could impact the Yankees’ ability to afford players in this winter’s free agent class.

Against that backdrop, their closer Rivera, soon to be 43, has told the club he intends to return, and 40-year-old starting pitcher Pettitte might do the same. Now the question is how much they will cost. Rivera earned $15 million this year, Pettitte $11.75 million in his most recent full season (2010). Can the Yankees afford to give them similar deals now, at a time when they also need a catcher, right fielder, designated hitter, setup man and another starter?

Valentine's View: The Yankees can't overpay for Pettitte, legend or no legend. How many starts the guy can actually make is a question, so a high-priced deal, even for one year, is not smart. He needs to take less than he made in 2012. As for Rivera, just pay him the $15 million.

New York Yankees GM Brian Cashman to meet with agent for Torii Hunter — possible free-agent target to play right field — this week - NYPOST.com
The Yankees’ efforts to find a right fielder should advance this week, when general manager Brian Cashman will have the chance to meet with Torii Hunter’s agent, Larry Reynolds, at the...

Valentine's View: I like the Hunter idea, on a contract of no more than two years.