What the Yankees should have done is kept Alex Rodriguez at shortstop, move Derek Jeter to either second or third base, then when Cano comes up put Cano where Jeter isn't.
If A-Rod would've stayed at short, I bet he would still be there for a couple more seasons. He wouldn't be good defensively anymore, but he would be slightly better than Jeter.
Honestly I don't see Jeter staying at shortstop much longer. Yeah, it's a shame and takes away part of the coolness factor to having Jeter at short, but honestly the guy is a trainwreck there now. His range is nowhere near acceptable for a shortstop.
I don't know if Cano can play shortstop... he probably lacks the range, but from what I've seen of him his arm is pretty damn accurate and stronger than most second baseman's.