From Joe Sheehan at Baseball Prospectus:

Two days ago, the Yankees had assets in Abreu and Pettitte that could have been considered short-term investments with minimal risk and fairly certain benefit (were they to rejoin the club), or long-term investments with more risk and uncertain benefit, but higher upside (were they to become draft picks). Now, they have nothing. How a team with the cash reserves of the Yankees can make a choice like that is inexplicable, and recalls the decision to forego the services of Carlos Beltran three years ago, a decision also motivated by short-term cash concerns.

In short, Sheehan goes on to state different points about why which teams were wise to offer arbitration and which teams did not. In the Yankees’ defense, they were being economical. I can understand that in Pettitte’s case. There’s a lot to factor in; his use of HGH in the past, his slump this past season, and how the Yankees have stood by him (and by Giambi in that matter) when he admitted his use. Abreu is worth every penny, and Sheehan boldly states that he is much better than the other outfielders the Yankees have on their roster. Offensively, I agree. Defensively, I don’t. Nady is a better defensive outfielder than Abreu.

The Yankees would be wise to offer Pettitte a contract soon. In fact, Jack Curry has a piece on this that I will blog about in a few minutes.