Towards the end of March, the New York Yankees signed veteran workhorse Kevin Millwood to a minor-league contract as insurance for their rotation. Millwood's deal assured him a prorated $1.5 million salary, were he to make it to the Majors, but it also came with a May 1 deadline, after which Millwood could opt out if he hadn't been placed on the 25-man roster.
That May 1 deadline is rapidly approaching, and as Buster Olney writes, Millwood will make one more start in the minors before the Yankees have to make a decision.
Right now, it doesn't seem like the Yankees have an imminent need, with both Freddy Garcia and Bartolo Colon pitching well. There's also the matter of Millwood's stuff not looking real hot - he's made only two starts in the minors so far, but one scout dismissed his stuff as looking "terrible", and his fastball has been sitting in the mid-80s. In short, while he's presumably still building up arm strength, Millwood isn't wowing anybody.
So we'll see what happens, but the odds are against the Yankees calling Millwood up before the end of the month. That would allow Millwood to declare himself a free agent again, though he could also choose to stick around.