Joe Torre rejected the Yankees $5 million offer to return as Yankees manager next season.
The Yankees don't owe Joe Torre anything. Torre had failed as a manager at three stops before taking over the Yankees. The media scoffed and labelled him "Clueless Joe". Still the Yankees turned over the reins to a ballclub on the cusp of greatness to Torre. Thus Torre went from a career of pinching interns' butts at Baseball Tonight to a $7 million per year gig, 4 World Series Championships, and became the toast of New York.
Joe Torre does not owe the Yankees either. He took a franchise that had not won a championship in eighteen years to 4 titles in 5 seasons. Torre guided the Yankees to the playoffs twelve consecutive seasons.
The relationship between Torre and the Yankees was mutually beneficial for its duration. The fact that the two parties couldn't reach an agreement to extend the relationship is not an indictment of either side.
Somehow I get the sense that most of the media will not see it this way. My best guess is that we will see a lot of articles painting the Yankees as villains. They will probably be panned for low-balling Torre, in a cynical attempt to make him turn down their offer, and attempting to save face in the process. Joe Torre will be portrayed as a hero, for nobly refusing to be exploited by the Evil Empire. They will likely ignore the fact that he was still offered more money than any other manager in baseball.
(This post has no real ending. It just sort of stops, like a Strokes song)