Derek Jeter just got a raise next year, which will actually cost the Yankees LESS money
Because Jeter's extension would have counted as part of his previous contract, his annual average value against the luxury tax would have been far more than his actual salary, since he made about $50M over the past three years.
Jeter will now be making more money, $12M next year, but will be costing the Yankees less. This is a win-win for both sides, despite the fact that he is still absurdly overpaid.
The Yankees will be pushing hard to get their payroll under $189M, which will reset the luxury tax for them. Currently they're taxed at a nearly 50% rate, and that would go down to below 20% if they get under $189M.
With Jeter's restructuring, they're a small step closer to that. If Alex Rodriguez is suspended for all of next season, that would be a monumental help to them as well.
Some other contracts coming off the books for the Yankees (for now, at least): Robinson Cano ($15M in 2013), Curtis Granderson ($13M), Hiroki Kuroda ($15M), Andy Pettitte ($12M), Kevin Youkilis ($12M), Mariano Rivera ($10M), Phil Hughes ($7.15M), Mark Reynolds ($6M) and a few others.
That's about $90M right there, which gives the Yankees a chance to still re-sign someone like Cano, and possibly go after one or two other big free agents, and then try to fill the rest of their roster holes with young players on the cheap or veterans looking to snag a ring (also on the cheap).
This is one of many moves that we'll see from the Yankees this offseason designed to save some money and rework their luxury tax number. Keep an eye on them to see if they can put together a solid team and still somehow come out under $189M.