Done: Derek Jeter, Yankees agree to three-year contract

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UPDATE: Jack Curry of YES Network has the contract details. He reports that Jeter’s deal is worth $51 million guaranteed over three years. Interestingly, the deal includes a player option for a fourth year worth $8 million where he would have the chance to earn an additional $9 million in performance-based incentives.

And so, if Jeter exercises the player option, he will be guaranteed $56 million. The $51 million total mentioned above includes a $3 million buyout in the event that Jeter declines the option.

4:34 PM: We’re right back where we expected to be.

While negotiations went a little rockier than we originally thought they would, the Yankees have finally agreed to a new three-year contract with Derek Jeter, according to Jack Curry of YES Network. Jon Heyman of SI.com hears the same.

Jeter will make between $15-17 million per season and the fourth year option will not be guaranteed. The contract is pending a physical.

And so, the Yankees did give in a little bit from their original offer, but not by much. Good for them. I’m already waiting for a columnist to say that Jeter took a paycut before the winter meetings in order to help the team make room on the payroll for Cliff Lee and/or Carl Crawford. He’s a real team guy, don’t you know? Ah well, whatever it takes to keep his iconic status intact. Jeter is right back where he belongs and all the negative stuff we’ve read over the past couple of weeks will be forgotten by spring training. It was a fun ride, though.