NoMaas does the draft math, and here's their conclusion:
So, going into this offseason, the Yankees' 2009 draft picks are:
1st round: #26, #31 (Cole)
2nd round: #76 (approximately), and #80 (Bittle)
Lets say they sign Sabathia AND Teixeira. They lose their natural 1st and 2nd rounders, and are still left with picks #31 and #80. Now, lets say out of the six free agents that are coming off the books, Giambi, Pudge, Abreu, and Marte are offered arbitration and sign elsewhere. This adds an additional SEVEN draft picks, in the first 80 or so picks of the draft, to the Yankees haul.
The Cole and Bittle picks are protected under the new collective bargaining agreement since those players didn't sign when drafted in 2008. Giambi and Abreu are locks to be able to sign elsewhere (and the more I think about it, the more I'm sure they should be let go).
From what I understand, though, Pudge and Giambi are on the bubble of Type A/ Type B. TigersThoughts reverse engineers the top-secret Elias ranking formula that determines A/B status. He has Pudge as the final A among eligible catchers. He's computed Giambi's raw score, but not his ranking; Giambi is 8th among 17 eligible 1B.
Cashman and his team are back because they have received credit for turning the farm system around. This June could determine Cashman's next contract.