Chapman became available after the Reds' deal with the Dodgers fell through during baseball's winter meetings three weeks ago when it was learned Florida police investigated an accusation of domestic violence involving the Cuban left-hander.
"We felt this was an opportunity to add a big arm to our bullpen, even though there are some things that are unresolved," Yankees General Manager
Cashman said the Yankees have had interest in Chapman for several years, but a deal only became affordable when the price for the reliever dropped after the report was made public.
New York was able to protect its top minor leaguers in the deal, sending right-handers Caleb Cotham and Rookie Davis and infielders Eric Jagielo and Tony Renda to Cincinnati. Jagielo was New York's No. 1 pick in 2013 (26th overall).
The Yankees will have to wait to set up their enviable bullpen of Chapman,
Chapman gives the Yankees the top three relievers by strikeouts and strikeouts per nine innings in the majors. Miller had 36 saves in his first year with New York and Betances made his second straight All-Star team as the setup man.
A 27-year-old left-hander, Chapman is eligible for free agency after next year's World Series. But that could be pushed back until after the 2017 season if he is suspended by MLB without pay for more than 45 days, giving the Yankees an extra year of control over one of baseball's best relievers.
After defecting from Cuba in 2009, Chapman spent the past six seasons with the Reds and saved 146 games in 164 chances. He had a 1.63 ERA this year, when he struck out 116 in 66 1/3 innings. Betances struck out a league-best 131 and Miller fanned 100.