Braunecker may return before the meetings end on Thursday, but he wouldn't have left if anything were imminent. The act of leaving conveys little sense of urgency.
One thing we can say for sure is that, before Braunecker left, the Yankees made Lee an offer. Given earlier reports that the Yankees were preparing a "monster" contract, we can say with a fair degree of certainty that this offer - their first for Lee - is a big one. Lee is thought to already have a pair of seven-year contract offers on the table from other teams, and the Yankees have little reason to mess around. They want to get Lee signed, and they want to sign him soon.
It's evident that Lee will not be signing with anyone before the end of the meetings. With all these contracts out there from different suitors, though, we could have a resolution within a couple weeks.