Unless he turns it around who would give him a muti-year deal? A coupe of failures on the big stage of the playoffs, then a bad regular season as an encore and he’ll be looking at 1 year prove it type deals.
Also worth considering is if the Yankees reach a point and simply DFA Williams. Would be shocking on the one hand, but with an era over 9, and Williams only good for about 60 innings per season, and the Yankees trying to win their Division and be the top seed, there does reach a point where they run out of rope.