Madison Bumgarner: Should San Francisco Giants Lock Lefty Up Long Term?

The San Francisco Giants are a team built around their pitching staff. They made a run to the 2010 World Series largely due to their pitching, and if they are to get back there any time soon, it will undoubtedly be because of the strength of their pitching staff.

With Matt Cain slated for free agency following the 2012 season and Tim Lincecum eligible for free agency following the 2013 season, the Giants have made signing Cain and Lincecum to long-term extensions one of their top priorities this offseason. And rightfully so, considering their track record over the past four seasons and their importance to the franchise.

While nothing new has been reported with Cain, the Giants are struggling to come to a long-term agreement with Lincecum's camp. In fact, there's a sizable gap between the two sides on a contract extension.

But what about Madison Bumgarner? Should the Giants lock up the promising lefty for the foreseeable future?

Bumgarner is under team control until after the 2016 season, when he will become a free agent. But starting in 2014, Bumgarner is eligible for arbitration, meaning he will become increasingly more expensive.

By locking him up now, the Giants would have to take a hit in the short term because Bumgarner won't cost much until 2014, but they would save themselves some money on the back end of his deal, as well as guaranteeing cost certainty.

In his short time in the Major Leagues, Bumgarner has proven to be a hot commodity. He's truly got everything going for him. He's still extremely young (22), is left-handed, has pitched over 200 innings in the past two seasons (214.1 in 2010 if you include the minors and the postseason) and has increased his strikeout rate every year while decreasing his walk rate.

Essentially, Bumgarner is an ace in the making, although he's already an ace, even though he's not a finished product.

During 2011, Bumgarner ranked 23rd in ERA, which is still an excellent feat in its own right. But he was even better in advanced statistics, ranking fourth in FIP (Fielding Independent Pitching), seventh in xFIP (same idea as FIP, but balances the home run allowed rate) and 10th in K/BB ratio.

He's currently a top-20 pitcher and he should only get better considering his relative inexperience. On top of that, he could still earn the league minimum salary through the 2013 season. The Giants should lock him up right now and throw away the key.

The problem, however, is that the Giants' payroll is currently maxed out, so finding the money for Bumgarner could be difficult. To make matters worse, the Giants are currently paying Aaron Rowand $13.6 million to disappear and Barry Zito $39 million over the next two years (plus a $7 million buyout in 2014), so freeing up money in the coming years isn't an easy task.

Then consider that Cain and Lincecum will cost somewhere between $40 million and $50 million combined per season if they are both signed to extensions. That alone will take care of the money coming off the books between the Rowand and Zito contracts.

That's not even factoring in Buster Posey and Pablo Sandoval, who are soon entering arbitration (Sandoval is eligible this year for the first time) and are slated to receive a nice chunk of change in their own right.

So, should the Giants lock up Bumgarner long term? That's simple—yes they should. But a better question is: Can the Giants lock up Bumgarner for the foreseeable future?

That, it appears, is much easier said than done.