Betances only appeared in one game in 2019 due to multiple injuries. However, the four-time All-Star has been one of the most dominant relievers in baseball since 2014. He owns a career 2.36 ERA with a sublime 14.5 K/9 rate.
The 31-year-old is recovering from a partially torn Achilles tendon suffered in mid-September. Betances would certainly be a boon for the Phillies, as the club finished 23rd in the majors for bullpen WAR last season, according to FanGraphs.
Romine, meanwhile, filled in admirably for the Yankees when All-Star catcher Gary Sanchez was injured. The 31-year-old slashed .281/.310/.439 with eight home runs in 72 games during the 2019 campaign.
The Phillies already employ arguably the league's best backstop in J.T. Realmuto, so Romine would be set for a backup role.