Yankees agree to terms with Soriano

The Yankees may not have a great rotation, but they should have a heck of a bullpen.

They have agreed to terms with Rafael Soriano on a three-year deal worth $35 million, an outrageous amount for a set-up man. The catch is that Soriano can opt out after either of the first two seasons. He is set to make $11.5 million this season and $10 million in 2012.

In Soriano and Mariano Rivera, the Yankees have $26.5 million invested in their closer and set-up man for this season. It was only a few days ago that Brian Cashman said he wouldn’t give up a first-round pick on Soriano.

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With David Robertson back and lefty Pedro Feliciano having been added, the Yankees have four very good relievers. Joba Chamberlain has fallen off the map in the Bronx.

Based on what they spent last year, the Yankees have approximately $20 million in reserve. So they could still pull something else off.