Yankees Looking to Void Giambi's Deal?

According to the New York Daily News, Jason Giambi's admission in a USA Today interview that he used steroids may lead the Yankees to again look into voiding his contract. Giambi is owed $21 million each in 2007 and 2008, with a $22 million team option for 2009. The team option holds a $5 million buyout.

With the Yanks on the hook for at least a guaranteed $47 million over the next two years, I guess it would be prudent to explore this option. I don't know how successful they will be, however. I would imagine the players' union would have a small problem with the idea. Also, I know the Yankees are trying to stray from the seven billion dollar payroll thing, which is fine, but I don't think they will find a 1B/DH option of Doug Mientkiewicz and Josh Phelps conducive to winning championships. And we all know how George likes his rings.

Also:

• Evan Grant of the Dallas Morning News has an interesting column on summer trade candidates. Maybe Teixiera is the guy for NYY if they can shed Giambi's contract.
• It turns out that Evan Grant is a rumormongering machine! Here's another column on the possibility of Torii Hunter ending up in Texas as a free agent.
• According to John Shea of the San Francisco Chronicle, Lastings Milledge's trade value continues to drop, lately because of his behavior off the field. It's not like Omar Minaya absolutely has to trade his most valuable chip; I would hold on to him until either his value begins to rise or a pressing need arises with respect to that rotation.