I think the Yankees have to seriously think about trading CC in August, along the lines of what the Red Sox were able to do last August when they offloaded Beckett, Crawford, and Gonzales.
CC has been horrible, but there will be at least 1 team (Dodgers? ) who will think he can be rejuvenated for a playoff stretch run. If Cashman had any sense of creativity, he would have found a way to deal CC to the Dodgers when they were in LA this week. "Magic-CC; CC-Magic"...From there, I'm sure something could have been worked out.
Truth is that this team can still compete for a WC THIS year without CC. It's not like his productivity can't be replaced - he's been the worst starter on the staff.