Tuesday afternoon, it was reported that free agent ace Cliff Lee had already received two seven-year contract offers from two mystery suitors. It was also reported that the Yankees were growing frustrated with the slow progression of their talks with Lee. Put those together, and what you get is that the Yankees probably have yet to make Lee a formal offer, and sure enough, Andrew Marchand confirms that fact.
Via ESPN New York, the Yankees are only now preparing to make their first contract offer to Lee. This comes despite weeks-old reports that the Yankees had offered a significant contract. Yankees general manager Brian Cashman is just "waiting for the green light" from Lee's agent Darek Braunecker, at which point he will proceed.
As Marchand writes, the Yankees remain insistent on limiting any Lee contract to six years in length, with a possible annual value of as much as $25 million. They're expected to be in it to the end, along with the Rangers, but these mysterious seven-year contract offers have the potential to make this race very interesting.