I wouldve rather signed beltran at less money and years. Hes simply better than ellsbury and somehow less injury prone.
Not sure how in the world you can justify Beltran better than Ellsbury - and if you are concerned about injuries, since 2008, Beltran has played 583 games with 2,429 plate appearances. Over that same span Ellsbury has 537 games with 2,468 plate appearances.
Of course Beltran was less money, he'll be 37 before the season starts. Ellsbury is 7 years younger.
Over the past three seasons, Ellsbury as posted WAR's of 8.1 and 5.8 (2011 was basically a wasted year for him).
Beltrans last two seasons (which he has been healthy) he's posted WAR's of 3.8 and 2.4
If you compare apples to apples, a healthy Ellsbury at his best right now at 30 years old is much, much better than a healthy 37 year old Carlos Beltran.
I'm not saying if I were a Yankee fan I would be thrilled with the kind of money tied up with Ellsbury though. For a leadoff man he is not the greatest at getting on base (granted once he is on base he is a terror on the basepaths). The bigger issue is you're giving a 7 year contract to a guy that does rely on his legs quite a bit, so the back end of the contract has a good chance of looking not so good.