Giants Ace Tim Lincecum Files for Record-Setting Arbitration Figure

San Francisco Giants ace Tim Lincecum has filed for a $21.5 million salary in arbitration, according to Jon Heyman of CBSSports.com.

Per the San Francisco Chronicle, that figure represents a new record for money sought in arbitration by a player not yet eligible for free agency. The Giants' offer of $17 million represents a new record for money offered.

What Does It Mean?

No matter what the final figure is, the opening shots fired in Lincecum's arbitration case mean he's going to get paid a ton of money in 2012.

Lincecum is not going to get $21.5 million, but the figure he and the Giants will eventually settle on will place him among the highest-paid pitchers in Major League Baseball. New York Yankees ace CC Sabathia tops the list, but Lincecum could very well end up making the same kind of money as teammate Barry Zito.

Lincecum certainly deserves to be one of the highest-paid pitchers in baseball. He already has two Cy Young awards to his name, and has posted an ERA under 3.00 in three of the last four seasons. He has also topped 200 innings in all four seasons.

What Happens Next?

Now that Lincecum and the Giants have exchanged figures, they'll get down to business reaching a figure that is reasonable for both sides.

The Chronicle report says that the Giants are "optimistic" they can find common ground with Lincecum. The two sides are actually closer this year than they were in 2010, when they were $5 million apart.

The hearing for Lincecum's arbitration case will start on the first of February. It may take some time, but he and the Giants will get a deal worked out.

Lincecum is eligible to become a free agent for the first time in his career after the 2013 season. If the Giants don't sign him to a long-term extension, you can rest assured he will get a huge deal if he tests the open market.