As excessive as A-Roid's contract is, the Texas Rangers are still paying a good chunk of it. Funnily, A-Rod was one of Texas's biggest creditors when the club went bankrupt. I don't know how the payments are spread out, but according to this article, "...The team traded him to the Yankees in 2004, but agreed to pay an estimated $67 million of the $179 million still owed."
IIRC, net of the Texas payments, the Yankee$ themselves have been paying A-Rod somewhat less than Jeter. And I suspect that the unpaid Texas salary is worth somewhat less than 100 cents on the dollar on a mark-to-market basis...