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The New York Yankees continue to have serious interest in free agent lefty and reigning NL Cy Young winner Blake Snell, and they have an offer on the table, according to USA Today and The Yankees do not believe the two sides are close to a deal, however, reports SNY. Other teams remain in the mix for Snell, including the Los Angeles Angels and San Francisco Giants.

Earlier this offseason it was reported the Yankees offered Snell a six-year contract worth $150 million, which is less than the Yankees gave Carlos Rodón last offseason (six years and $162 million). It is unclear whether any other teams have made Snell an offer at this point, though it's likely he and agent Scott Boras have discussed financial parameters with interested clubs.

Blake Snell
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After missing out on Yoshinobu Yamamoto, the Yankees quickly pivoted and signed Marcus Stroman to a two-year contract. Rodón and Stroman will be joining reigning AL Cy Young winner Gerrit Cole in the rotation, along with Nestor Cortes and Clarke Schmidt. Cortes, Rodón, and Stroman all missed time with injury last year, and Schmidt set a new career high by more than 60 innings.

The Yankees surrendered four pitchers, include three who pitches in MLB last season, to acquire Juan Soto in December. They still have decent upper level pitching depth in prospects Clayton Beeter and Will Warren, though there is always room for more pitching, and Snell can be a difference-maker. When he's on, he can dominate any lineup. He showed it last year.

Our R.J. Anderson ranked Snell as the No. 6 free agent entering the offseason, and he is the top ranked unsigned starting pitcher. Here's the write-up:

There's no knocking his bat- or barrel-missing abilities, but his control leaves a lot to be desired. He threw fewer than 60% strikes this season, and his walk rate was nearly one of the 20 highest posted by a starting pitcher in the Expansion Era. The central conflict in Snell's game is that he's as chase-dependent as any starting pitcher -- fewer than one-third of his secondary pitches were located within the zone -- yet his coercive ability grades as below-average statistically. That combination leads to a lot of deep counts and a lot of early exits; this season marked the second time that he's a) started 30 or more games and b) cleared 140 innings. Snell's stuff has allowed him to overcome, and for all we know, that'll continue to be the case. Still, you can't blame anyone who develops the collywobbles when they think about the left-tail possibilities of his skill set.  

It should be noted that New York's competitive balance tax payroll is currently north of the $297 million threshold (i.e. the "Steven Cohen tax"). Since this is their third year over the CBT threshold, every dollar over $297 million is taxed at 110%. So, for example, if the Yankees sign Snell to a contract that pays $35 million a year, it would cost them an additional $38.5 million in tax in 2024.

Snell, 31, posted a 2.25 ERA with 234 strikeouts in 180 innings en route to winning the Cy Young with the San Diego Padres last year. He allowed 19 runs in his final 23 starts. It was Snell's second career Cy Young (also 2018 with the Tampa Bay Rays), and in the four years between Cy Youngs, Snell pitched to an above-average but not elite 3.85 ERA.

The Yankees went 82-80 and missed the postseason in 2023 despite Cole's Cy Young campaign. It was their worst record since going 76-86 in 1992. Last week manager Aaron Boone said the Yankees were "hell-bent on being a champion." Signing Snell would certainly up their World Series odds.