10:14am: Tim Brown and Gordon Edes of Yahoo report that the deal is for $161MM over seven years (which would top Johan's average annual value).
The deal has an opt-out clause after the first three years, which are worth $69MM. The 31 year-old Sabathia will make his opt-out decision after the 2011 season with four years, $92MM remaining on the deal. He would have to buck the opt-out trend (or renegotiate) to make this more than a three-year, $69MM deal for the Yankees. That is not necessarily a bad thing for them.