Because a baseball player's professional life is in the public domain does not mean that players must give up all privacy. Your life story is yours to tell or not and to sell or not. If the people involved in that private story don't want it to become a movie, no one has the right to make that movie. If the movie makers are dying to tell a story about a wife-swap, they could easily fictionalize it.
This movie would be a clear invasion of privacy. In these days of constant attention and social media bullying, people should have more control over their own image so they do not have to let a movie be published about them. This is true especially if it might open them up to ridicule.
People should have a right to stop anyone from lying about them, especially if the lies are harmful. However, they cannot stop other people from making movies that tell the truth about them. Otherwise, any time we wanted to make a movie about a real event, we would have to get permission from everyone involved.
The Yankees players can complain all they want about them swapping wives, but one thing they cannot prevent is trying to stop a movie about it. As long as the movie makers don't mention real names, and change the story a little bit, anything is fair play. If they did not want anything about this, then they should not have done it.