Mariano Rivera will remain a Yankee

I didn’t have much doubt that this would happen. The Yankees need Mariano Rivera as one of the most recognizable Yankees and a very solid closer. Rivera needs the Steinbrenners, or else he would not be getting a raise here. So the two sides are going to ink a three-year, $45M deal which is a record-setting deal for a Major League closer.

The 38-year old Rivera was 3-4 with a 3.15 ERA in 2007, his highest since becoming a reliever back in 1996. Now 3rd on the all-time saves list behind Trevor Hoffman and Lee Smith, Rivera will have a chance to move up on a powerful Yankees squad over the next three years. Rivera’s still an effective closer, but he’s clearly past his prime, and that’s a lot of money. The Yanks could be regretting this deal by year 3. On the other hand, with the YES network, new income from MLB.com and the new stadium, they might not feel it financially at all.

This signing also increases the likelihood that the Bombers may try to shift Joba Chamberlain back to the rotation for 2008. There was some speculation that he could become the new closer, had Rivera left for another team.