BREAKING NEWS: The Yankees Spend A Lot Of Money

ESPN reports that in 2007, the Yankees set a new record high for payroll with $218.3 million, $62.9 million higher than the World Champion Boston Red Sox, who had the second highest payroll in baseball.

The Yankees continue to spend and spend, only to sit in the dugout as they watch other teams celebrate a playoff victory on the field in front of them year after year.

But there may be a light at the end of the tunnel. The Yankees, it would appear, have already begun to abandoning their past "winning at all costs" philosophy; after all, they claim they aren't trading for Johan Santana because of the money he would cost. And then there's this from the ESPN article:

New York is on track to lead the major leagues in payroll again but its total appears likely to drop. The Yankees have committed $198.6 million to 19 signed players on their 40-man roster. Adding in the midpoints for their three players remaining in arbitration -- Chien-Ming Wang, Robinson Cano and Brian Bruney -- the total increases to $207.6 million.

Attempting to buy World Series Championships hasn't worked, and it's time for a change in philosophy, and I think the Yankees have finally started to figure this out. Spend money, but make sure you spend it wisely.