One thing I'm sure about: the Yankees aren't punting. Not now.
I don't believe that Dan McCutchen is ready. He was excellent in nine Double-A starts this spring, but has only five Triple-A starts and generally hasn't been able to keep the ball out of the air this season. At 25, he's a prospect but not a savior.
Ian Kennedy? He's on the DL, but throwing without pain. Kei Igawa has a 3.73 in Triple-A this season, and a 6.75 career ERA in the majors. Jeff Karstens has a 5.65 career ERA in the majors, and a 6.11 ERA in Triple-A this season. Dan Giese? What a story. At 31, he's finally getting his shot and he's getting it with the Yankees. If he really could pitch effectively in the majors, you'd think he'd have done it before now. But stranger things have happened.
Right now the Yankees don't seem to have any attractive options. But the same was true six weeks ago, right? And Darrell Rasner stepped in, and he's given the Yankees five quality starts (out of seven). Can the Yankees really catch the Red Sox and/or the Rays with a rotation that includes Chamberlain, Darrell Rasner and (for example) Giese? Probably not. But they have to try, and will.
(And the same goes for the Indians, who still have a fighting chance and aren't trading C.C. Sabathia anytime soon.)
Isn't this guy looking for work?
Hey, our boy Bouton prolly still has some life in his knuckler...