Tim Brown and Gordon Edes of Yahoo! Sports report:

The deal, according to a source close to negotiations, gives Sabathia the right to opt out of the contract after the first three years, by which time he will have been paid $69 million. Sabathia appreciated the clause because it satisfied concerns he had about living in New York and the impact it might have on his wife and three children.

They are reporting the deal as 7 years, $161 million.