The Yankees believed that Austin Wells was the next Posada so they traded away most of their catcher depth. A good chunk of the current roster is built on catchers the Yankees traded to other teams.
It's pretty clear that on the basis of a couple months of metrics in July and August 2024 the Yankees became big believers in Austin Wells as their catcher of the future, maybe even a new young Core Yankee. And during those months, Wells' line was impressive. For that sustained 2 month period as a rookie over 168 PAs Wells hit .303/.389/.549 with a wRC+ of 166, 9 HRs and 29 RBIs.
The Yankees clearly saw something they liked so they decided trading away most of the rest of their catcher depth to help build a playoff caliber roster was justified and defensible:
| Date | Yankee Catcher Traded | Yankee Acquisition |
|---|---|---|
| December 2023 | Kyle Higashioka to the San Diego Padres | Juan Soto, Trent Grisham |
| March 2024 | Ben Rortvedt to the Tampa Bay Rays | Jon Berti |
| July 2024 | Agustin Ramirez to the Miami Marlins | Jazz Chisholm Jr. |
| December 2024 | Carlos Narvaez to the Boston Red Sox | Elmer Cruz + International Bonus Space |
| December 2024 | Jose Trevino to the Cincinnati Reds | Fernando Cruz, Alex Jackson |
| July 2025 | Alex Jackson to the Baltimore Orioles | International Bonus Space + Cash |
| July 2025 | Rafael Flores, Edgleen Perez to the Pittsburgh Pirates | David Bednar |
| July 2025 | Jesus Rodriguez to the San Francisco Giants | Camilo Doval |
So it's not like the Yankees catcher pipeline has been weak, in fact it's been the opposite. The Yankees have credibly produced a whole slew of catchers that other teams wanted. The Pirates reportedly turned down better trade packages for Bednar because they thought the Yankees catchers were coming from a high quality organization. It's just that the cupboard is bare now and the Yankees have painted themselves into a corner with not too many current options at catcher beyond Wells, Escarra, and Rice in an emergency.