Cole was once a highly-touted pitching prospect but he has fallen on hard times lately. New York hopes to revive his career, though he will start out as a long man out of the bullpen.

The Nationals recently designated Cole for assignment, so they were at least able to get some cash back from the Yankees in return. Cole's fall from grace was rapid.

Only 26 years old, Cole has a chance for resurrection with the Bronx Bombers. He has some dark horse appeal but should not be picked up in any leagues yet. Take a wait-and-see approach with Cole.