All that considered, I'm very happy the Yankees signed him. He's a huge improvement over what they have had at catcher the past several years, and it's not a contract that cripples the team long-term. Honestly, it's not a great contract for McCann, since it will expire as he's about to turn 35 and no one will want to go near him at that age. Maybe that's why he's getting $17M a season...but who knows what other teams were offering.
As a player, I think I'd be much more inclined to take less dollars annually and get more years out of a deal. That's the problem with Cano right now. He's older than McCann...and is trying to gouge both money and years.
I actually think it's a great contract for McCann. A catcher who's been playing fewer and fewer games each year and who gets hurt very often getting a five-year deal with that much money plus a vesting option, he should be ecstatic. Honestly, I'd be surprised if he doesn't retire when his contract is up.