The Yanks and Andy Pettitte have agreed to a 1 year deal with a base salary of $5.5 Million.  Pettitte can also earn an additional $6.5 Million in incentives, bringing the total possible payday to $12 Million, just south of the amount that aging outfielders Johnny Damon and Hideki Matsui are making.

“There was never another team brought up, and in my mind I was going to be going back to the Yankees,” Pettitte said in a conference call with Brian Cashman announcing the deal. “There were certain points that I was worried about it a little bit. … I’d be lying if I never said, ‘Heck, is this ever going to get done?’ I was very impatient, but I just trusted things would get done.  I’m very excited about it.”

This deal sets Andy Pettitte as the fifth starter in the Yankees rotation and their second lefty.  This move also makes Phil Hughes expendable as trade bait or a back-up starter when someone gets injured.