Inaccurate as of now.
Pavano, Mussina, Abreu, Giambi, and Pet te made approx $77 million last season.
Sabathia, Burnett, and Teixeira are scheduled to make about $63 million next year if their annual is an average of their contract divided by years, lower than that $63 if it starts off with a lower salary and gets bigger annually.
So, if they don't sign another free agent, they did cut some of their payroll. Even if the re-sign Pet te for say $10 million (as rumored), that's still technically cutting "some" payroll.