Andy Pettitte and the New York Yankees agreed Wednesday to a $16 million, one-year contract.
The move was a formality after Pettitte decided to pitch for the Yankees rather than retire, then accepted the team's offer of salary arbitration. The 35-year-old left-hander had turned down a $16 million player option last month, saying he needed more time to make his decision.
Pettitte was 15-9 with a 4.05 ERA this year in his return to the Yankees following three seasons with his hometown Houston Astros. He went 11-3 after the All-Star break.
Obviously, this isn't exactly breaking information, but the deal wasn't finalized until today.
Contrary to popular belief, I don't think 2008 will be Pettitte's final season in pinstripes if his elbow holds up. In fact, I'll make a prediction right now and say that Pettitte will throw the first pitch at the new Yankee Stadium in 2009.
It is an honor that he most definitely deserves and I have a hard time believing he wouldn't want to pitch in the new yard after playing the final season in the old one. Again, though, I think his health will be the determining factor in that decision.
I could be wrong, but you heard it here first.