The Yankees just polished off their 11th consecutive trip to the postseason, but the cherished World Series trophy has eluded them since 2000.With general manager Brian Cushman and pitching coach Mel Stottlemyre likely gone and manager Joe Torre in limbo, winter in the Bronx will be one of upheaval, and that’s not even mentioning the roster. And speaking of the roster …

Rebuilding, although it has its time and place, doesn’t play well in Gotham. The aging Yankees are approaching the point at which tearing it all down would make perfect sense. But they’re not quite there yet. This is a team that won 95 games and a tough AL East this season. The core performers – Alex Rodriguez, Gary Sheffield, Jason Giambi, Derek Jeter, Jorge Posada, Mariano Rivera – are all under contract and figure to be productive at least through the 2006 season.

The nemesis up I-95 is similarly poised, so to bail out now and raze the team would be shortsighted. Of course, do repeat last winter’s plan, which frittered away millions of dollars on the likes of Jaret Wright, Carl Pavano, and Tony Womack isn’t the solution, either.

Of the team’s 13 pending free agents, only Kevin Brown and Bernie Williams really need to be cut loose, not least because it would free up more than $25 million in salary. Overall, only one of the group needs to be re-signed: Tom Gordon. The bullpen behind Rivera is woefully thin, and there’s no reason to exacerbate that state of affairs by cutting bait on Gordon.

So the Yanks need to bolster the rotation behind Randy Johnson and Mike Mussina, fortify the middle-relief corps, find a first baseman, and, most vitally, sign a legitimate center fielder.

On the pitching front, the Yankees should focus on signing Marlins refugee A.J. Burnett. His rare combination of strikeout ability and groundball tendencies bode extremely well for the future, and, at 28, he’s still relatively young by free-agent standards.

Other possibilities include the underrated Kevin Millwood (who quietly claimed the AL ERA title this season) and coveted Japanese import Daisuke Matsuzaka, whose hard and heavy stuff have drawn comparisons to John Smoltz. Paul Byrd is still another potential upgrade. And, heck, if Roger Clemens opts against retirement and is willing to pitch somewhere other than Houston, he’s an option for the Yanks.

As far as the bullpen goes, there are a number of potential middle-relief upgrades out there. Internally, the Yanks could explore the possibility of converting Chacon and or Wright into relievers – a role they’ve previously filled. On the market, tolerable lefties like Scott Sauerbeck and Chris Hammond are out there, while highly capable right-handed setup men like LaTroy Hawkins, Bob Howry, Cal Eldred, and Julian Tavarez are also available. If the Yanks can leverage their coffers and storied atmospherics, they might be able to persuade a free-agent closer like Mike Timlin, B.J. Ryan, Kyle Farnsworth, or Todd Jones to come aboard in a setup role.

As mentioned, goal no. 1 this winter should be to add a legitimate center fielder. On the market there’s Johnny Damon, Jacque Jones, and Kenny Lofton. Clearly, the best option is Damon. He’s a conspicuous talent and sure to be coveted on the market, which means his next contract will likely contain too many dollars and too many years. That’s fine; the Yankees certainly have the wherewithal to treat contracts as sunk costs once the time comes.

As for Damon’s merits, he’s got a plus glove in center, and over the last three seasons he’s authored a cumulative batting line of .298 AVG/.364 OBA/.440 SLG. Those are respectable numbers for a gifted up-the-middle defender, and don’t forget that Yankee Stadium is a more accommodating environment for left-handed hitters than Fenway. There’s also the added bonus of plucking him directly from Boston’s roster.

Giambi still has a potent bat, but he’s a brutal defensive first baseman. The Yanks need to buy out the option on Martinez’s, who’s no longer adequate with the bat, and find a low-cost platoon solution who can provide better defense than Giambi. The ideal situation would be Travis Lee and Olmedo Saenz. Lee provided his usual strong glove work this season, and over the last three years he’s hit a respectable .270/.350/.456 against right-handers. Pair him with Saenz, who’s a career .280/.360/.484 hitter against lefties, and you’ve got an effective platoon at first.

And that’s it. For a team with the Yankees’ means, that’s not a great deal of outlay to improve upon a 95-win club. With Lee and Saenz at first, Damon in center, Burnett and Millwood in the rotation, and Timlin, Chacon, and Ryan added to the bullpen, the Bombers would be fielding a championship-caliber team. And with the Yankees’ revenue base and proactive approach on the market, it’s easily achievable.

Mr. Perry is a writer for Baseball Prospectus. For more state-of-the-art commentary, visitbaseballprospectus.com.