Two notable occurrences in Yankee-Land on Thursday night — let’s analyze.

– The Greatest of All-Time Returns –

CBS Sports:

Uber closer Mariano Rivera has agreed to terms with the Yankees on a $10 million contract for the 2013 season, reports Insider Jon Heyman. Heyman also reports that, in addition to the guaranteed $10 million, Rivera’s new contract will include bonuses based on awards and incentives benchmarks.

Sounds good to us. We said we’d offer God $10 million, which was a cut from his $15 million base last season. Got that right.

– Russell Martin signed with Pittsburgh —

FOX Sports:

It isn’t often that the Pittsburgh Pirates beat the New York Yankees to a free agent.

But it happened Thursday, when the Pirates reached agreement with free-agent catcher Russell Martin on a contract, according to a major-league source.

The deal is for two years, $17 million, according to the New York Times. Martin earned $7.5 million last season.

Not matching Pittsburgh’s offer for Martin is — how should we put this? — Retarded. Two years / $17 million is more than reasonable for him, and is financially-sound. Not only did the Yankees refuse to match Pittsburgh’s deal, they reportedly didn’t even make an offer. And if they weren’t going to make him an offer, why did they let Boston sign David Ross to an even cheaper contract (2 years, $6.2 mil) (oh wait, he signed for two years too. The HORROR!)

In our October 27th post (give it a re-read), we said we’d offer Martin 2 years and a team option for a 3rd, which is pretty close to what Pittsburgh did. Here was our summary on why we wanted to keep Martin:

1. The Yankees simply don’t have any options internally who can take over for Martin full-time next season. And the free-agent class is thinnny thin thin.

2. There are worse catchers out there than Russell Martin, especially when you factor in his defensive reputation.

3. If his BABIP can rebound to more career-normal levels, he’ll hit better than last year. Even what he did from July through the end of the year would be fine (.779 OPS).

4. He’s only 29. That’s practically a baby in Yankee-land.

Unless the Yankees have another move cooking, this sure looks like Hal Steinbrenner purposely downgrading at another position (other position being RF), while upgrading nowhere. Hey, but at least he sold 49% of the YES Network earlier in the month.