I'm still learning about how the draft and pick compensation works, so if anyone spots flaws in this, please let me know. It seems to me that the Yankees could potentially make a killing with draft picks in 2009.
They have their own 1st round pick. They also will receive pick #29 as compensation for failing to sign Gerrit Cole last year.
Then they have free agents Bobby Abreu and Mike Mussina, who I believe are both Type-A free agents. If either of them signed with the Angels, Cubs, Rays, Red Sox, Phillies, Brewers, Mets, White Sox, Twins, Blue Jays, Astros, Cardinals, Dodgers or Marlins, we'd also receive their first-round pick, plus a sandwich pick in-between rounds 1 and 2.
If they signed with any of the other remaining 15 teams, the Yankees would receive that team's second round pick, as well as a sandwich pick. Of course it's possible that Mussina doesn't pitch at all, but I think the odds of getting picks for Abreu is pretty high.
In addition to that, Pudge Rodriguez is a Type-B free agent. I'm not sure about Giambi. If the Yankees offer arbitration to a Type-B and have them sign elsewhere, they would get another sandwich pick between rounds 1 and 2.
Of course, the Yankees would have to forfeit picks depending on which FA they sign. A type-A like Sabathia or Teix would cost them their own 1st rounder. But if the Yankees didn't make a splash like that, and all of these guys potentially left, the Yankees could be sitting on quite a nice stack of draft picks in 2009, including 3 or 4 first round picks and 3 or 4 sandwich picks.
Food for thought.