The Yankees have made their initial offer to CC Sabathia. This is just breaking so I do not have a lot of details, but it is apparently a 6 year deal in excess of $137.5 (Santana's deal) most likely in the $140-$142MM range.
Burnett and Lowe should have offers in hand within the next couple of days. Guesses are that all three contract offers would total approximately $275MM.
I did see the Blue Jays may have made an initial offer to Burnett for 4 years at $54MM. That will most certainly be the starting point for every other team.
It sounds like the Yankees are prepared to sign all three. If they do, that is a pretty formidable rotation. If they manage to get 2 of them Andy Pettitte could be the fall back option for that third vacancy. Who knows they could sign Pettitte even if they get all 3.
The results of the pitching situation will dictate if the Yankees go aggressively after the big bats on the free agent market. When asked if the Yankees could land all three pitchers plus Teixeira plus Manny, Brian Cashman laughed and responded that's fantasy land not reality.