While CC gets most of the press, I believe that signing Mark Texiera is just as (if not more) important as signing CC. We are (by choice) going to lose Abreu (280, 20,100) and Giambi (250,30,90,~390 obp) this offseason, and signing Tex (280, 35, 110, ~390 obp) for 1B replaces only a part of that production. NOT signing Texiera puts out offense in a lot of trouble. Many people have called Tex a 'luxury' for the Yanks - I vehemently disagree.
This is very much like when Carlos Beltran was a free agent. I was screaming to anyone who would listen that it was extremely important that we sign him, and that there was no better fit for the team than Beltran at the time. Bernie was winding down, our offense was starting to get old, and his numbers would make a great fit for our line-up. Unfortunately, Cash didn't agree and we now have a hole in one of the most important positions on the field.
Based on the Yanks' anemic offense in '08, the question becomes, does the combination of Tex and Matsui provide an upgrade over Abreu and Giambi? Assuming a healthy, productive Matsui, this is a debatable question. What is NOT debatable, however, is that if we fail to sign Tex it will be a huge offensive downgrade and therefore a huge problem.
