Don't start celebrating just yet.
116 wins and a first round exit would be an incredibly ignominious honour. The pressure on this team to win it all has to be incredible. And if they don't at least get to the World Series (something the franchise has never accomplished), their record will most certainly come back to bite them on the ass. Fans will jump off the bandwagon in droves upon droves. It'll be ugly. The whole season will be a tremendous let down, despite everything, without at least an AL pennant.
The 114 win 1998 Yankees DID win it all, so regardless of how you feel about them, they're still perched higher on the pedestal than the 2001 Mariners. For now.