I was originally going to include this with my post from earlier today but I felt like they would be better separate.

I am a Yankee fan and as such I can honestly say that I am not upset in the least about missing out on Cliff Lee. In fact, I’m happy. I wasn’t comfortable with giving a near 33 year old pitcher a 7 year contract worth any amount let alone $150 million, no matter how good he is. The Yankees had just gotten out from under most of their bad contracts and I was reluctant to have them add another. As for what I expect them to do next after missing out on Cliff Lee, here are a few ideas I’d consider if my name was Brian Cashman.

1. Sign Kerry Wood: bolster the back end of the bullpen with a guy who did it for you last year. The bullpen will be more important now to help offset the short comings in the rotation.
2. Find a second left handed reliever in the bullpen: For the reasons I mentioned about Kerry Wood but also because the Red Sox are suddenly very left handed with the acquisitions of Adrian Gonzalez and Carl Crawford to go along with David Ortiz, J.D. Drew, and Jacoby Ellsbury. A second lefty in the pen went from a luxury to a necessity for the Yankees.
3. Get a definite decision from Andy Pettitte: As was the case the last few seasons, Andy Pettitte has been undecided about pitching in 2011. Now, the Yankees need for him just got bigger and his price just soared. Yes, the Yankees are better off with him but either way they need a definite answer one way or another so they know which direction to go in.
4. Assess the trade market: The Yankees have already kicked the tires on the trade market and it would benefit them to continue to do so even though I currently don’t see a fit for them.
5. Be smart: When assessing the trade market it is essential that they avoid the knee-jerk reaction and sell the farm to bring someone in just for the sake of doing so. Brian Cashman preached patients this afternoon in his conference call with reporters this afternoon so he and the Yankees seem committed to it.
6. Depth: It’s as important now more than it’s ever been for the Yankees and not just with pitching. The Yankees face the challenges of an aging roster as well as a thin rotation so having depth is a must. This afternoon, they made what I consider to be a depth move by signing Russell Martin. The deal would give the Yankees another option at catcher, and — in theory — make it easier to trade Jesus Montero for a front-line starter.I don’t think signing Martin makes it inevitable that Montero will be traded. Martin isn’t a sure thing as an everyday catcher, and there’s still a solid chance Montero could outplay him for the job. That said, Montero is clearly the Yankees top trade chip, and if they’re going to try to find a top-of-the-rotation starter on the trade market, trading Montero might be essential. At the very least, Martin solidifies the situation behind the plate and makes it easier to deal Montero for a pitcher. However, this afternoon Cashman called it unlikely.

It may not seem like it as of right now but I think the Yankees are better off without him, long term. Anybody who would leave $50 million on the table obviously doesn’t want to pitch in New York. Thank God they found out in time for their sake. Remember the trade that wasn’t between the Yankees and Mariners last year that almost brought Cliff Lee to New York?

“I’m thankful even more so now that I didn’t do that.” – Brian Cashman

You and I both.

There will obviously be plenty of second guessing in the coming days and weeks — and months — but I don’t look back and find anything the Yankees did wrong. They knew what they wanted, and they went after it. Lee also knew what he wanted, and he went after that.

Patience didn’t work, but that doesn’t mean it was the wrong approach.

“The one thing The Boss has taught me personally is the fact that you have to get in the arena and fight.Sometimes you win the fight, sometimes you lose the fight, you get knocked down and you have to pick yourself back up and keep fighting. The Boss is a fighter, the Yankees are fighters and I’m going to keep working. We’re not down and out at all.” – Brian Cashman

Once again, I couldn’t agree more.