I've written quite a bit about the draft here over the years. Some of the names being bandied about for the Yanks this offseason are great ideas: Tanaka; good ideas: Cano; and non starters if they get QO's: Beltran and McCann.
The Yanks can't give up their draft pick. It's as simple as that, and McCann and Beltran at 37 are not the sort of players the Yanks should be tempted to do that for. Instead, the Yanks have to steadfastly hold onto pick 18 and see if they can add more first round picks by offering QO's to Cano, Granderson and Kuroda.
Losing the first round pick would not only hurt the Yanks ability to add a top 20 player to their system, but it would cost them the slot, making it more difficult to sign other draft pick. Conversely, adding 1,, 2 or 3 more first rounders would increase their draft pool allotment, and allow the Yanks a shot at 1-3 more top prospects.
The most important FA for the Yanks to get is Tanaka, because he's only 24 and patches the pipeline till some of the other high upside kids are ready. And he doesn't cost a pick. Cano, regardless of what people thing of his efforts down to first, deserves to finish his career as a Yankee.
I'd rather have picks than Granderson and Kuroda, and really take lumps next year, but having them both back on one year deals, wouldn't be terrible. Anyway, no more wasting picks on middling free agents. It's supposed to be a deep draft...