Soriano to opt out of contract

The Yankees have announced that pitcher Rafael Soriano will opt out of his three year deal and become a free agent. The right hander was set to earn $14 million in 2013, but will now earn a $1.5 million buyout.

The Yankees will reportedly make Soriano a qualifying offer of $13.3 million, which he will most likely decline. This would like Soriano to draft compensation, meaning that if a different team signs him they will owe New York a draft pick.

Soriano had a great season in 2012, posting a 2.26 ERA with 42 saves while filling in for Mariano Rivera after he was lost for the season with a torn ACL.

Analysis: We had to see this coming, because Soriano will easily get a multiyear deal on the open market, and he knows that. Passing up $14 million must be tough, but he is a Scott Boras client, and should be able to get the money that he desires. Since Mariano Rivera's status is currently unknown for the 2013 season, New York will most likely do anything they can to bring Soriano back in the Bronx, even if they have to drastically overpay for him.