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Joe Torre Rejects Contract, Out as Yankees Manager
Joe Torre is officially out as manager of the New York Yankees, rejecting a $2.5 million pay cut after the team failed to make it past the first round of the playoffs for the third straight year.
Torre turned down a one-year, $5 million contract Thursday that still would have made him the highest-paid manager in baseball.
Bench coach Don Mattingly is the leading contender to replace Torre, who led the Yankees to 12 straight playoff appearances and won four World Series championships.
Yankees broadcaster Joe Girardi, the NL manager of the year with Florida in 2006, is another top contender, along with Tony LaRussa, who is still undecided if he will return as manager for the St. Louis Cardinals.
After losing the first two playoff games to Cleveland, owner George Steinbrenner said he didn't think Torre would be back if the Yankees didn't advance. They lost in four games.
Torre, who took over the team to start the 1996 season, made his decision after traveling fom New York to the team's spring training complex in Tampa, Fla. He was accompanied by Cashman and chief operating officer Lonn Trost.
Torre made $7.5 million this year, the final season of a $19.2 million, three-year contract. The Yankees offered Torre a one-year deal with a base salary of $5 million and incentives that would have increased his salary to $8 million based on postseason performance. Under that offer, if Torre reached the World Series in 2008, an option for 2009 would have vested.
Torre led the Yankees to the postseason every year he managed them, winning the AL East 10 times. However, the Yankees have gone without a Series championship in the last seven and haven't even reached it since 2003, a stretch of futility that finally prompted Steinbrenner to make a change.
According to earlier reports, Torre's decision to leave has a strong effect on whether closer Mariano Rivera will return to the team as well.
Third baseman Alex Rodriguez is still undecided about whether he will opt out of his contract with the Yankees also.
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