Andy Pettitte underwent a physical examination yesterday, clearing the way for a news conference today at the Stadium to announce his three-year $25.5 million contract extension with the Yankees.
With the 27-year-old lefthander’s contract settled, the team can turn their full attention to completing Derek Jeter’s record seven-year, $119 million deal, which is expected to be finalized within the next few weeks. The Yankees also have arbitration cases pending for Mariano Rivera, Ramiro Mendoza and Jason Grimsley.
Pettitte’s deal, which includes a team-held option for a fourth year at $9.5 million, marks a turnaround of sorts in the fortunes of the lefty, who was close to being dealt to the Phillies prior to the July 31 trading deadline. But manager Joe Torre and GM Brian Cashman convinced George Steinbrenner that the Yankees should not give up on Pettitte because they believed in him as a big-game pitcher.
Although he struggled much of the year, finishing with a 14-11 record and a 4.70 ERA in 31 starts, Pettitte gained confidence with that endorsement and after the trade deadline passed and uncertainty faded, he responded with his best pitching of the season, going 5-1 with a 1.76 ERA in August. But he followed that with a 2-2 record and a 5.54 ERA in September.
In the postseason he was inconsistent, pitching well against Texas and in the pivotal Game 4 of the ALCS against Boston, but was shelled for five runs in 32/3 innings against the Braves in Game 3 of the World Series.
Pettitte, who would have been eligible for free agency after this, his sixth, season with the Yankees, had a strained elbow that landed him on the disabled list when the season started, but the physical was never thought to be a deal-breaker.