For weeks the buzz around catcher Jorge Posada’s free agency had been that the Yankees hoped to wrap the Yankee lifer up to the tune of a three-year deal before Monday night’s free agent deadline, at which time multiple teams – including the Mets – were expected to enter the fray and elevate the price tag. Evidently Yankee brass blinked, unwilling to take any chances on the open market, and instead agreeing to a four-year, $52.4 million contract. Via the Daily News’ Mark Feinsand:

The deal comes just hours before other teams – most notably the Mets – could talk dollars with Posada. Mets GM Omar Minaya wined and dined Posada, his wife and his agents during a lengthy lunch at Le Cirque (business must be good in Flushing) yesterday, taking one last stab at making sure the catcher would make it to tomorrow, when teams can make official offers.

But once the Yankees offered Posada the four-year pact, it was practically a done deal. Posada’s first choice was to stay in pinstripes, and unless the Yankees were unwilling to go for a fourth year, there was little doubt it would happen.

The Yankees probably overpaid, but what choice did they have? Yorvit Torrealba, Paul Lo Duca or Damian Miller were not going to adequately replace Posada, who had a tremendous year both at the plate and behind it last season.

Besides, Posada can always finish up the contract as a first baseman and/or DH, so it made sense for the Yankees. After letting Joe Torre, Don Mattingly and Ron Guidry go, letting another Yankee icon leave would have been terrible PR for them, both on and off the field. They also lost a guy named A-Rod, leaving them with very little pop from the right side, something the switch-hitting Posada can provide.