Matt Cain and San Francisco Giants Agree to Historic Contract Extension

Zachary D. Rymer@zachrymerMLB Lead WriterApril 2, 2012

SAN FRANCISCO, CA - AUGUST 06:  Matt Cain #18 of the San Francisco Giants pitches against the Philadelphia Phillies at AT&T Park on August 6, 2011 in San Francisco, California.  (Photo by Jed Jacobsohn/Getty Images)
Jed Jacobsohn/Getty Images

Matt Cain is going to be a San Francisco Giant through at least the 2017 season, and he is going to be paid very, very handsomely.

According to Andrew Baggarly of CSN Bay Area (and others, such as John Shea of the San Francisco Chronicle), the Giants have signed Cain to a five-year extension:

The Giants and Matt Cain have reached an agreement on a 5 year extension through 2017 with a club/vesting player option for 2018.

— Andrew Baggarly (@CSNBaggs) April 2, 2012

The Giants confirmed the news via their own Twitter account. Baggarly passed on the terms of the deal in a subsequent tweet:

It is a 100M deal plus a $5M signing bonus. In addition there is a $7.5m buyout on the club/vesting player option for 2018.

— Andrew Baggarly (@CSNBaggs) April 2, 2012

All told, Cain is in the books at a little over $20 million annually, putting him in a select group of major-league players making that kind of money. As far as the kind of dollars ever given to a right-handed pitcher, ESPN's Buster Olney was kind enough to point out that Cain now tops the charts:

Before Cain, the biggest deal for any right-hander, with $ to the player, was Kevin Brown's 7/$105 million. That has been eclipsed.

— Buster Olney (@Buster_ESPN) April 2, 2012

Additionally, Olney pointed out that Cain's new deal comes with full no-trade protection.

In short, Cain is pretty well set for the next couple of seasons, as well he should be. He's managed to fly under the radar, but Cain has been one of the best pitchers in baseball in recent seasons.

Since 2009, Cain has a record of 39-30 with a 2.97 ERA, good enough for eighth among all pitchers over the last three seasons. Cain has also pitched over 660 innings since 2009, with a K/9 of 7.16 and a BB/9 of 2.6.

Cain was at his best in the playoffs in 2010. During the Giants' championship run, he started three games and did not allow a single earned run. 

Cain isn't the only highly paid pitcher the Giants have on their roster. Two-time Cy Young winner Tim Lincecum signed a two-year, $40.5 million contract earlier this offseason, and former Cy Young winner Barry Zito is still serving the seven-year, $126 million contract he signed with the Giants prior to the 2007 season.


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