The Yankees traded Jose Contreras for Esteban Loaiza, and the Bombers are still waiting for Loaiza to turn into the serviceable pitcher they thought they were getting when they pulled the trigger on that addition-by-subtraction deal. Contreras was too rickety to instill any confidence in the Yankees, and Loaiza has proven only that he is equally ineffective.

Loaiza, a Cy Young Award runner-up last season after going 21-9 with a 2.90 ERA for the White Sox, continues to live off the numbers he put up with Chicago and will take the mound again tonight against Toronto as the Yankees try to recover from last night’s 6-3 loss to the Blue Jays.

This season, Loaiza has plummeted to 9-7 with a 5.52 ERA, banishing him to the bullpen.

“I’m just trying to go out and put zeroes on the board,” Loaiza said, “and see how long I can go.”

The decision to start Loaiza was simple. Joe Torre said he needed someone on the mound tonight, and with the Yankees manager leery to send Orlando Hernandez out on only three days rest after going three innings Friday against the Red Sox (a start cut short by rain delay), Loaiza won a sweepstakes to get the game over Tanyon Sturtze and Brad Halsey.

“I think he’ll show us something [tonight], I hope,” George Steinbrenner said as he entered the Stadium yesterday.

“We needed a starter,” Torre said prior to last night’s game. “I like Sturtze in the bullpen. It’s Loaiza over Halsey because of experience. We will take what we get.”

Ever since the Yankees acquired Loaiza, they’ve been holding out hope that somehow, he would adjust to his new surroundings and pitch the way he did a year ago in Chicago. The results haven’t exactly made the team giddy, as Loaiza has been roughed up by opposing batters since his arrival, and tonight could very well be his last chance to showcase his right-handed arsenal.