Simply, from mouth of Joe Torre, stated why he did not return. The press conference was just held a few minutes ago...
His words and thoughts:
Joe Torre told his side of the story Friday, saying the incentives in the New York Yankees' contract offer were an "insult."
"I just felt the contract offer, the terms of the contract, were probably the thing I had the toughest time with -- the one year for one thing, the incentives for another thing," Torre said of his reasons for declining the offer. "I've been there 12 years and I didn't think motivation was needed."
"We knew exactly what was expected here," he said, "So, I just didn't think it was the right thing for me, I just didn't think it was the right thing for my players."
Asked if he would return if the team reconsidered, Torre said he wasn't expecting that to happen. He said committment, not money, was the biggest factor.
"I like to work with people -- there's a certain trust that has to be earned and forged in order to have the commitment to follow," Torre said. "I can't answer that question because I don't anticipate it happening. If someone wanted me to manage here, I'd be managing here."
"Yes it was a very generous offer," he added, "but it wasn't the type of commitment that 'we're trying to do something together,' as opposed to 'let me see what you can do for me.'"
I agree with Torre on this one, sorry.
You tell the guy he's going to be fired if he loses, and yet offer him a contract more than two weeks later getting paid substantially less than he was previously for the same job.
After all he's done for the Yankee organization, I'd give him no choice but to leave.