Nathan Eovaldi - from Baseball Reference
He's an SP that's estimated to cost 3 million in arbitration. This has GOT to be a cost-cutting move, or maybe a move to get a young pitcher. Jones has 1/5 left on his deal and could easily be DFA'd, and Eovaldi is arb-eligible for the first time this offseason. The two together will make less than Prado will make this year, and Prado still has one more year at 11 million left, so the deal saves $14 million plus whatever Phelps would have cost. The upside is that Eovaldi is young and somewhat durable: he pitched 200 innings last year as a 24 year old and stuck out 148 (though it was to the tune of a 4.37 ERA/1.33 WHIP/3.37 FIP).
EDIT: Also reported that the Yanks will get a Class A starter Domingo German from the Marlins.