The Yankees team closed a one-year contract with Andy Pettitte for just under $6 million, with incentives that could push it close to $12 million.
Pettitte is signing fills out a potentially dominating rotation.
In 2008, Pettitte was 14-14 with a 4.54 ERA in 33 starts. The veteran has logged at least 200 innings in four straight seasons, and five of his last six. But he faltered down the stretch, going 2-7 with a 6.23 ERA over his last 11 starts -- including a victory over the Orioles in the final game at Yankee Stadium on Sept. 21.
The 36-year-old made 33 starts last season and was keen to return for another season despite entering free agency. Pettitte was 14-14 with a 4.54 ERA for the Yankees last season, making 33 starts and pitching 204 innings.
The changing market, combined with the Yankees' signings of CC Sabathia, A.J. Burnett and Mark Teixeira for a combined $423.5 million, forced Pettitte to accept a further reduction if he wanted to continue his career.