This is purely speculative at this point. But based on the way things are going, this seems to be how things might fall out. The NYY could spend more or a little less, but this should be in the ballpark.
AROD: $280M/10 + $30M+ in HR boni.
Rivera: $45M/3
Possada: $52.4M/4
Petite: $16M/1
Santana: $150M/6
Rowand: $60M/5
Wang: $4M in arb (not sure about this one)
2 Relievers: $12/3 + $8/2 (guess)
That's $653,400,000. Yikes.
That should give them a $123.5M starting line up, complete with a $13M 4th outfielder.
That will go nicely with their relative bargain of a $56.4M starting rotation and $28M or so bullpen.
Add on another $4M or so for the rest of the bench and you are looking at a payroll of around:
$225,000,000
There's your NYY tradition.