The deal is for three years at about $15-17 million a year. The Yankees original offer was 3 years $45 million. Jeter will be paid like a star, but the franchise was not prepared to let him go elsewhere.
Jeter didn't really have anywhere else to go, considering the Yankees' first offer was nearly double what any other team would offer him. Still, they didn't want to make the face of their franchise upset, so they gave him star money for a declining player.
Jeter is coming off his worst season in his career, as he hit .270/.340/.370 with 10 HR and 67 RBI. Jeter scored 111 runs and stole 18 bases from the leadoff spot.