The Yankees have gambled that nobody can better their offer. Maybe they will be right. Did this ever occur to you?
No, it hasn't because the idea is utterly ridiculous. Are you aware that every team in baseball is drowning in money? Are you aware that every team will receive an additional $25 M starting next year from the TV contract. The only team in baseball that can't afford Cano is the one that is supposedly determined to stay under the $189 M luxury tax level.
This BP article also proves that the Yankees did not overpay except by other team's standards, and that does not count:
You left out some, like:
"When the Ellsbury contract is over, it’s not going to look good, dollars-per-win-wise. Let’s just note that up front, accept it, and move on, because you can bet than Brian Cashman already has."
and
"When we rank general managers by how well they’ve deployed their dollars, the Yankees’ GM consistently ranks near the bottom."
Yup, and with the significantly change playing field, the Yankees can no longer bludgeon the rest of the league with money...except by making silly deals like this one.
and
"Ellsbury hit about half of his career homers in 2011 alone. That season increasingly looks like an outlier, but the move to Yankee Stadium should provide a power boost, just as it did for the last lefty-swinging center fielder who left Boston for New York. A few months ago, Sam and I predicted how many homers Ellsbury would hit over the next five years—I said 50, and Sam said 66. That short porch should decide the contest in Sam's favor, but it won't bring back that outlier power."
Hmm. The higher figure, 11 per season, is about what I projected a bit earlier in this thread.
No, it's not a disastrous move. But it's a significant over pay that a) doesn't address the team's major needs and b) doesn't leave the the payroll flexibility to do so. Oh, and with the new posting rules making Tanaka effectively a free agent, you can expect him to pull in over $100 M. The Yanks are probably out on Tanaka and, if they sign Cano, Kuroda as well.
So how do you feel about your team starting the season with a rotation of Sabathia, Nova, Phelps and a couple of guys from Scranton?