The New York Yankees and general manager Brian Cashman have agreed upon a new three-year contract, the club announced on Tuesday.

The move has been little more than a formality because both the team's leadership and Cashman have repeatedly said that they wanted to remain together. Cashman's previous contract was reportedly in the $2 million per season range. He was expected to get a slight raise.

Yankees ace CC Sabathia has agreed to a contract extension that should keep the big lefty in New York through 2017, if he stays healthy, and pay him as much as $142 million, according to a person involved in the negotiations.

The deal should allow Sabathia to end his career as a Yankee and surpass Cliff Lee as the pitcher with the biggest contract in baseball by average annual value. The new contract, which replaces the four years and $92 million that had remained on Sabathia's existing deal, will pay him five years of guaranteed salary totaling $117 million, with a team option for a sixth year.