Only a few hours after Alex Rodriguez confirms he has spoken directly with the Steinbrenner family; reports start to surface that the Yankees and their third baseman are close to a multi-year deal that would be worth as much as $290 million. The move is seen, in part, as an attempt to soften the harsh criticism incurred when A-Rod, through his agent Scott Boras, announced his decision to opt out of his contract with the team during Game 4 of the World Series.

The New York Yankees re-sign catcher Jorge Posada for $52.4 million over four years. This makes Posada the highest-paid catcher in major league history, edging out Mike Piazza’s $13 million average from 1999-2005.

In the closest election since 1980 when the current voting method was initiated (5 points for 1st, 3 points for second, and 1 point for third), the Baseball Writers’ Association of America selects Ryan Braun as the National League Rookie of the Year. The Brewers’ third baseman, by a margin of just two points, edges Rockies shortstop Troy Tulowitzki, who was listed first on more than half of the BBWAA ballots.

Dustin Pedroia (.317, 8, 50) becomes the sixth Red Sox player and the first to win the American League Rookie of the Year since Nomar Garciaparra’s selection in 1997. The 5’9″ second baseman, who was listed first on 24 of the 28 BBWAA ballots, easily outdistances Rays outfielder Delmon Young (.288, 13, 93).

In front of 7,000 fans at Straub Park, Tampa Bay announces the team is changing its name from the Devil Rays to the Rays, revealing uniforms featuring the colors of Columbia blue, Navy blue, and gold with a yellow sunburst logo, that will replace the 11 year-old franchise’s original hues of green and blue and its insignia of a cartilaginous fish. Other options considered for names included the ‘Aces,’ ‘Bandits,’ ‘Cannons,’ ‘Dukes,’ ‘Stripes,’ and the ‘Nine,’ the personal favorite of team owner Stuart Sternberg.

Curt Schilling agrees to terms to stay with the World Champion Red Sox. The $8 million, one-year deal includes an additional $5 million in bonuses, $3 million based on innings pitched, and another $2 million based on the right-hander’s weight.

At their annual meeting, baseball’s general managers vote 25-5 in favor of using instant replays on a limited basis. The proposal, which owners, players, and umpires will need to approve of making the use of video a reality, would be utilized only in determining home run calls in doubt due to possible fan interference, balls clearing the fence, and balls near or over the foul pole.

Curt Schilling agrees to terms to stay with the World Champion Red Sox. The $8 million, one-year deal includes an additional $5 million in bonuses, $3 million based on innings pitched, and another $2 million based on the right-hander’s weight.