The Giants are backing up the Brinks truck to Matt Cain’s doorstep, agreeing to a record five-year, $112.5 million extension on Monday, four days before the Opening Day.
The new deal covers the 2013 through 2017 seasons and includes a club options that kicks in if Cain throws a certain number of innings in 2017. The upcoming 2012 season is included in the deal, with no adjustments to the salary ($15 million), so that a full no-trade clause could be included.
So it’s actually a six-year deal for $127.5 million, if you care about these things.
With an average annual salary of $22.5 million after this season, Cain becomes the highest-paid right-handed pitcher in MLB history.
The Giants released a statement announcing the extension. In it, Giants general manager Brian Sabean said:
“Ensuring that Matt remained a Giants beyond this season was a top priority for the organization. Matt is an integral part of the team whose performance on the mound will be one of the keys to our success for years to come.”
The news of the extension should come as welcome news to a fan base that was scared they might lose one of their aces. There were reports last week that the Giants and Cain were far apart on a deal and that the Giants weren’t anywhere close to offering $100 million.
But Cain’s reign as the highest-paid right-hander could be short.
Tim Lincecum has to be happy for his teammate, but he’s probably giddy because his price tag just went up. If you thought Cain’s deal was massive, just wait until Lincecum signs his next deal. Whether it’s with the Giants or with someone else, it’s sure to beat Cain’s deal.