Update [2007-8-16 0:2:32 by anaconda]: Buster Olney says the Brackman deal is now official:
After an afternoon impasse in negotiations with first round pick Andrew Brackman, the Yankees agreed to a major league contract with the 6-foot-10 pitcher.
Brackman, the 30th overall pick in the first round out of North Carolina State, will receive a signing bonus of $3.5 million, and he will be guaranteed an additional $1 million in salary.
Through team options that could extend the contract through 2013, the deal could ultimately be worth $13 million for the pitcher, who will undergo Tommy John elbow surgery and will likely miss the 2008 season.
Brackman is regarded as a high-ceiling talent, and in the last couple of years, the Yankees have shifted their philosophy from picking solid prospects to players with high-end talent -- pitchers, in particular. After last season, they received top pitching prospect Humberto Sanchez while knowing that Sanchez likely would need reconstructive elbow surgery; the team is banking on the possibility that Sanchez might come back and have high impact.
To make room for Brackman on the 40-man roster, New York designated minor league infielder Chris Basak for assignment.
Update [2007-8-15 19:19:8 by anaconda]:
Pete Abraham has an update on a number of signings. He also says Cashman has denied reports that Brackman is one of them.
Jon Heyman reports that the Yankees are close to signing their #1 pick in the 2007 June Draft:
The Yankees are close to signing Andrew Brackman, the 6-foot-10, right-handed pitcher from North Carolina State they selected with the 30th pick in the first round this year, SI.com has learned.
It is expected to be a major-league deal for four years and about $4.5 million.
Some of the money will be paid out over several years, with the present-day value believed to be worth about $3.7 million.
The contract has an unusual structure because Brackman may have to undergo Tommy John surgery on his elbow -- the Yankees also will get three club options at the end of the four years. If they exercise all three, Brackman stands to make about $13 million.