First, the Red Sox are not going to make a hugh counteroffer for Pedro, his performance in the AL is not worth 50 million. Most they will give him is two years for 25 million.
Second, Pedro would be better off going to the NL, somewhere like San Diego, a warmer climate and teams that do not know him, he would have great success.
Third, this deal will backfire on Steinbrenner just like the A-Rod deal. Not only is Pedro going to have problems repeating his success but Steinbrenner is going to alienate a lot of fans.
Of course when all the Yankee fans starts raving about how great Pedro is the irony will be most delicious.