So much for not losing a draft pick.
According to Jon Heyman, the Yankees have agreed to terms with Rafael Soriano on a three year deal.
UPDATE, 9:40 p.m.: Tyler Kepner has the contract breakdown: Soriano can opt out after the first or second year. If he opts out after 2011, he gets $11.5 million. If he opts out after 2012, he gets $21.5 million total. If he sticks around for all three years of the contract, Soriano gets the full $35 million.
As for the impact on the rest of the roster, I just talked to a Yankees source who said there has been no internal discussion about signing a reliever so that Joba Chamberlain is free to move back to the rotation. Unless something changes, the plan is still to keep Chamberlain in the bullpen.