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.
Gotta say, if CC performs SO well that he wants to opt out of the remaining four years, that'd be great. Great that the Yanks got three great years. Great that they could be out of the balance of the deal which is where the risk lies. Of course, if he underperforms, well, all bets off.