The Yankees are going to have roughly $69M to fill these holes: Pettitte, Kuroda, Hughes, Joba, Mo, Aardsma, Logan, Youk, Granderson, Cano, Hafner.
That's 11 spots. 3 Starters, 4 Relievers, Starting 2B, Starting CF, Fill-in 3B, and Bench/DH.
Problem might arise if Pettitte, Kuroda, and/or Mo wish to play one more year, which would almost certainly mean they earn near the $10-15M mark each. Hughes is likely to go up from this year's salary, and at a multi year deal, depending on his performance (let's say a good year puts him at 4/$60m). Joba, I have no idea what he will garner. If he stays in the pen and no team decides to try him back as a starter, I would imagine he's worth at least a 2 year deal worth 7 or 8 million perhaps. Aardsma is an unknown at this point, but with a good season could get back in the closer type discussion.
Granderson we all know is going to go for big bucks, as is Cano. Youk was an overpay just because the Yanks were in dire need. He's worth maybe $7m tops. Hafner is a throw in not worth much, unless he amazingly tears the cover off the ball again.
All this adds up to (IMHO) = No way the Yanks can keep a majority of these guys and stay within the $189M goal. They are gonna lose some of the 3 old guys, Joba/Hughes combo, and Granderson/Cano combo.
If the 3 old guys decide to call it quits (Pettitte, Kuroda, Mo) it will help towards the cap, but leave some major holes to be filled. And unless some of the A ball kids step it up, it's gonna be hard to fill those spots with quality from the FA pool at that price.
I expect the Yankees to try really hard to keep Cano. I don't expect Granderson will be kept due to finances. I think at least one of Joba/Hughes will be cut loose. I hope they don't go crazy with Cano, and I hope they keep it to no more than 7 years at worst. If some team wants to break the bank on him, then I would rather they cut ties. Cano is a great player, but the Yanks need to learn from past mistakes.