10:38pm: Barring something unforseen, Sabathia is expected to exercise the opt-out clause in his contract, a source with knowledge of the situation told Mark Feinsand of the New York Daily News.
9:35am: Not many players would ever think about walking away from $92MM, but C.C. Sabathia is one of the few who could consider it. Sabathia can opt out of his contract with the Yankees after the season, but repeated today that he does not intend to do so. The left-hander told reporters, including Marc Carig of the Star-Ledger, that he will not opt out and that he doesn't intend to address the issue again this season (Twitter link).
However, Sabathia later told Joel Sherman of the New York Post that "anything is possible in a contract," suggesting that he could opt out.
Sabathia, a Legacy Sports client, signed a player-friendly seven-year, $161MM deal after the 2008 season. The contract allows him to choose between $92MM from 2012-15 or another free agent contract. Given the shortage of top available starters Sabathia would have a lot of leverage if he opts out. Sabathia has thrived in the AL East, posting a 3.27 ERA (136 ERA+) in 467 2/3 innings and leading the league in wins in consecutive seasons.