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BREAKING: the Lee deal is blowing up -- Rangers jumping in?

UPDATE: Sherman is now hearing that it’s the Rangers jumping in (UPDATE: AOL’s Frankie Piliere, a former Rangers scout, is confirming that it’s the Rangers). If a team is going to come and knock the Yankees’ offer out, it’s likely to be the Rangers and their extremely rich system. The problem is that’s it’s rich in players, not money, and current payroll is a huge issue given the bankruptcy and all. But there are many potential workarounds there. Like I said, we’re in anything-can-happen-land right now.

3:49: P.M.: Joel Sherman -- who started this stuff at 4AM this morning -- is reporting that the Cliff Lee deal is imploding:

Mariners backing off Yankees offer, Post has learned. Does not look like Yankees are in it . . . To repeat the Yankees aren’t getting Cliff Lee, Mariners concerned about David Adams’ ankle plus apparently another team has jumped in hard

We’re well into anything-in-the-world-can-happen territory right now, kids. No clue who the other team is. No clue if what Sherman says is true about the Yankees being out. Either way, fasten your seat belts, because this is going to be a bumpy ride.