He doesn't come without risks, but who does? truth is, pitching is volatile, anyone can blow up at any time for any reason.
he checks a lot of the boxes for the Yankees tho. as you said, cost controlled, in his prime, signed for 2 more years to help get under the tax (rather than throwing 100M+ at darvish, etc in off season), although even if they get Gray they can STILL do that because they'll have 3 cost controlled starters with Severino and Monty as well here.
Also, another thing to like about Gray.. 8 homeruns in 16 starts and 92 innings, 57% of his outs are on the ground. Most of his outs are via K or groundout which plays absolutely well in Yankee Stadium.