The Yankees were simply outbid.
The Yankees offered Lee a six-year deal worth $22 million a year plus a $16 million player option. $22M x 6 = $132M + $16M = $148M or $21M/per.
The Rangers offered Lee a six-year deal worth a total of $138 million with a lot of deferred money. Details are not 100 percent clear, but that is essentially $23M/per.
The Phillies offered ...
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