So now what?????

Just as I write that the Yankees needed to committ to Chien Mien Wang for the year, he goes and gets himself hurt. In case you missed it today, Wang left in the sixth inning with what is being called "shoulder strain," which seems a lot more ominous than the usual "shoulder stiffness" or other initial, "get the press off my ass" releases.
Who knows, maybe the Yankees give Wang an MRI, everything looks good, and the righty is back on the hill in 5 days. Or maybe Wang is about to take a long, extended turn on the DL (remember, he has had shoulder surgery and missed almost the entire second half of the season in 05 with shoulder problems).
So, let's play doctor for a second and say Wang has seen his last turn in the rotation for a long, long time. What do the Yankees do?

Option 1: Move Phil Hughes back into the rotation.

This would seem to be the most likely and logical choice. Hughes had pitched okay before being removed from the rotation in the beginning of June. He had pitched a gem against Texas, going 8 innings of shutout baseball, and had gone 5 innings, giving up 4 runs and striking out 6 against the Indians on May 31, his last start. Not nearly as impressive as he has been since going to the pen, but serviceable none the less, and his start against Texas showed the flash of brilliance the Yankees have been looking for.
Of all possible internal options the Yankees have, moving Hughes back to the rotation would seem to have the most upside and possibilty for big gains.
The downside?
For one, Hughes has been utterly dominate since moving to the pen, and he is as big a reason why that part of the team has gone from a minus to a plus. Hughes, Coke, Bruney (when healthy), Aceves, and even the talented yet still learning Dave Robertson, really give the Yanks a lot of different looks and a lot of quality to play with. If you remove Hughes, it creates a void that isn't easily solveable.
The second thing is that Hughes would join Joba in the rotation, creating a scenario where the Yankees would have two young, inexperienced hurlers on pitch and innings limits going every five days. That could ultimately put a lot of strain on your bullpen and a lot of pressure on your top three pitchers to ALWAYS give quality and length. Will Hughes be able to translate his stuff and confidence from the pen to the rotation? If so, it's a no brainer. If not, it creates problems all over the Yankee pitching landscape.

Option 2: Keep Hughes in the pen and move Aceves to the rotation.

Alfredo Aceves has been a starter his entire professional career. In the few spot starts he made last year he looked pretty good. There is no reason to believe he would not be a competent starter for the Yanks.
Here are the drawback: like Hughes, it moving Aceves would hurt the pen. Granted, Aceves has been pushed back a bit since Hughes' arrival, but he is still very valuable and very much trusted out there by Girardi. Also, Aceves has never pitched consistently as a starter at the major league level. You have no idea what you would get from him every fifth day. Finally, as nice a pitcher as Aceves is, he does not give the Yankees the type of upside that Hughes does. His stuff just isn't electric enough.

Option 3: Leave Hughes in pen and trade for another starter.

You could do this. The Yankees have some trade chips to put out there for possible consumption. They have some nice young arms. The Yankees could try to pull off a deal for a mid-level pitcher. Maybe you're not getting Cliff Lee or Roy Oswalt, but maybe you can swing a deal for a Jonathan Sanchez? Not that I would be in favor of Sanchez (a 5 ERA in the NL West doesn't bode well for the AL East) but that is an option at this point for the team.
Problem with that? It costs money and talent for someone that might not make the difference between winning and losing. Want to take on Barry Zito's contract and his 5 ERA? Want to try and put together a trade for Jake Peavy and give up the king's ransom it would take to get him?
Maybe this makes sense if you can pry a Zach Duke away from the Pirates for prospects, but other than that it seems like a last resort for the Yanks.

Option 4: Trade for a pitcher, move Hughes back to the rotation, move Joba to the pen.

I figured I would throw this out there because, well, the debate can never die. I have been a proponent of Joba being in the rotation, but I do believe that he has to begin to show an ability to be more than just an average-at-best starter. Hughes has a highes inning's limit than Joba, meaning that, with his current stint in the rotation, he probably would be able to pitch the remainder of the season in the rotation without going over the limit, while Joba is on pace to hit that limit well before the season ends. It could also help Joba regain some of his swagger.
I don't think this is going to happen, but it could if Joba didn't begin to progress and the Yankees could pull off a deal for a good arm to put in the rotation.