The free agency period has officially begun, and Jon Heyman is reporting that the Yankees will make a hefty offer to CC Sabathia as early as today that will exceed the $137 million dollar deal the Mets gave to Johan Santana last year (perhaps $160 million and a small island or two?). This isn't news outside of what we expected, but the article also expands on the Yankees' pursuit of A.J. Burnett and Derek Lowe:

The Yankees are hoping to blow away the field for Sabathia, who prefers to play in California if all things are equal, then fashion the rest of their rotation from a very strong free-agent market for pitchers. The Yankees don't expect immediate acceptances from all three pitchers, but one competing executive said, "I wouldn't be shocked to see the Yankees sign all three guys.'' (That's probably a long shot, however.)

Heyman also mentions that the Yankees expect Mike Mussina to decide on whether to return or not sometime next week (via WFAN).

UPDATE: Just heard on ESPN that the expected offer is going to be in the $140-142 million range, according to Buster Olney.