The story here is not that Andy Pettitte decided to sign on with the Yanks for another season, the story is that Pettitte tried to bluff his way to a bigger deal and lost.
Pettitte "earned" $ 16 million to collapse in the second half of 2008 and finish at 14-14.
Yankee card sharks came to the table with $10 million and Andy held his cards, looking for the ante to be raised closer to the $16 million in the previous pot. The Yankees held firm.
Then Camp Pettitte offered up that Andy had a 3 year-$36 million dollar offer on the table from another team. That would be $12 million per season ( I wonder why the NY media didn't remind us of that offer this week?)
For some reason, the Pettitte side of the table didn't notice that the Yankees were showing their cards and were holding 3 aces (Wang, Sabathia, Burnett).
Cashman held firm knowing that Pettitte had to be bluffing over $36 million guaranteed and lowered his ante to $5.5 + incentives, the guaranteed $10 million is gone.
If the 3/36 (12 mil per) was true, he should have taken it. The only way he can get $12 mil this season is to hit all of his incentives. He was bluffing and Cash knew it.
If Andy blows out that gimpy elbow in spring camp, he'll get his $5.5 million and thats it. If he took the Yankees first offer, he'd get $10 million guaranteed.
Cashman had 3 aces while Pettitte was holding jokers.