Well, I'm surprised. According to Jon Heyman, the Yankees have signed Rafael Soriano to a three-year contract worth $35 million. Yeah, $35 million. Surely there will be better contract analyses of the situation, but I'm just thinking that even if you assume Soriano provides 2 WAR over the next three seasons (which is optimistic virtually unheard of for a setup man), it's still over-paying (assume ~$4.5 million per win). Heyman adds that there's an opt-out clause after the first and second seasons, so conceivably he could look for a closing gig elsewhere if he pitches well in 2011.
I'm also surprised because the Yankees already have two capable setup men in Joba Chamberlain and David Robertson. And also because Brian Cashman recently said that the team would not forfeit their top draft pick, which they'll now have to do given Soriano's Type A status. As good a reliever as Soriano is, I don't like this move right now. With two rotation slots open and Andy Pettitte not pitching next year, this would be a perfect time to slot Chamberlain as the #4 starter, but I highly doubt that the Yankees will do that, given what Cashman has said this offseason. Then again, Cashman also said they weren't going to give up their draft pick. Nonetheless, I'm not getting my hopes up.