Yates pitched in 75 games with Atlanta in 2007 and 72 with the Pirates in 2008 before being limited to 15 appearances with Pittsburgh last season. He had reconstructive elbow surgery in July and was removed from the Pirates' 40-man roster in October.
Cotts, who pitched in 284 games with the White Sox and Cubs from 2003-09, also had reconstructive elbow surgery in July. Burres is 13-20 with a 6.08 ERA in 81 games with the Orioles (2006-08) and Blue Jays (2009).
Yates would make $300,000 in the minors and $975,000 in the majors, while Cotts would make $120,000 and $900,000 and Burres would make $100,000 and $550,000.