I really dislike this deal. Ellsbury is a nice player, but he's fragile and I doubt we get value over 7 years (I really think if you get five top-flight years, it's a good deal, but I think we'll be lucky to get 2-3 top years and 2-3 partial years).
Plus, he doesn't really address our needs. Adding a top-flight outfielder is nice, but we really need help at second and third, plus at least two strong additions to the starting rotation.
I can't believe they can offer this deal to an often-injured outfielder, when it's almost exactly what they have been offering Cano -- a more durable player who plays a position of need. If Ellsbury is worth $153M over seven years (he's not), then Cano might be work $300 million over 10 years (he's not either).
I was told tonight that even with Ellsbury, the Yankee payroll for next year is now at $140 million, giving them $49 million more to spend for next year and still make the long-ballyhooed $189 ceiling for next year. I don't know if that includes the $25 million they'll get back from A-Roid if he's suspended for the season. Well, even $49 million sounds like a lot (and it's more than the total payroll of about 10-11 teams), but not of you have to fill holes at second base, third base and two spots in the rotation with free agents.
PS -- Love the Seinfield reference. I'll be using that: "Austerity now ... insanity later."