Here's what you need to know:

1. CC Sabathia will be a Yankee. The free agent pitcher's deal is reported to be between six and seven years and $140 and $160 million. SI.com’s Jon Heyman is also reporting the Yanks are close to a deal with Derek Lowe.

2. K-Rod is a Met. Free agent closer Francisco Rodriguez signed a three-year, $37 million deal Tuesday. K-Rod saved a major league single-season record 62 games last year.

3. Plaxico Burress backed by Union. The NFL Players' Association filed a non-injury grievance on Burress' behalf, claiming Giants' punishment was "excessive."

4. Knicks fall to Bulls, 105-100. Knicks outscored 8-3 in game's final minute to drop to 9-12. Chris Duhon had 15 points, 14 assists and 9 rebounds in his return to Chicago.

5. Islanders lose to Flyers, 4-3. Simon Gagne scored game-winning goal for Flyers. Isles drop to 10-16-2.

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