With most of the wheeling, dealing and signing done, here is where the Yankees stand in terms of draft picks.

-With the Damon signing, the Red Sox get the Yanks first round pick (28th overall)
-For Farnsworth, the Braves' compensation pick will get dropped down to the 2nd round (71st overall).
-With the Tom Gordon signing, the Yankees actually move up, going from the 28th pick to the Phillies' 21st overall pick. They also receive the 40th pick in the draft in the sandwich round between the first and second rounds.

In essence, the Yankees will have 2 picks in the first round and none in the second.

As a side note, with the addition of the Yankees' first round pick and a couple supplemental picks, the Red Sox have five picks in the first two rounds: 27 (their orginal pick), 28 (Damon), 39 (Damon), 43 (Mueller), and 70 (their own). They also got the 82nd overall pick for Mueller. I believe that the Indians are the only other team with 5 picks in the first two rounds, though they lost their first rounder to the Angels for signing Paul Byrd. They ended up 38 (Bob Howry), 55 (Millwood), 56 (Howry), 68 (their own) and 74 (Elarton). Obviously, the number of draft picks only matters if you make good picks, but having a lot of picks greatly increases the chances that at least one of your picks works out.