As has been blogged here before, I believe the Yanks are truly in a position of power in the Johan Santana sweepstakes. If the Twinkies were enamored with the Boston package of Lester/Materson/Lowrie/Crisp they would have pulled the trigger already. If the Red Sox were willing to give up more they would have likewise done so already.
What Cash and Co needs to do is put together a package that is clearly better than what Boston is offering and sit tight. That package should be:
One from the following list: Melancon/Ohlendorf/Horne/Tabata/Betances
And one from the following list: Wright/Marquez/Laird/Cox/Gardener
This trade would very much be in line with what the Tigers gave up for Cabrera/Willis, and what the DBacks gave up for Haren. It also serves to preserve the biggest of the big 3 (Hughes) and give us the best rotation in baseball.