Buster Olney reminds us via Twitter that the Giants will pay a total of 119 million dollars to Aaron Rowand and Barry Zito through 2013 (including Zito's 7 million dollar buyout the Giants will likely exercise for 2014). Adding Jason Bay would impact their payroll flexibility for the next several seasons, which likely will be impacted anyways when the Giants lock up Tim Lincecum and Matt Cain.
"Remember that if SF signs Bay to a 4/64 type deal, they'd owe he, Zito and Rowand 46 mill. annually for next 3 years --before paying Lincecum, Cain."
The Giants still need to add a corner outfielder, and if the Giants are thinking the same way Olney is, we can likely rule them out for Bay or Holliday.
The Giants also need a first baseman, and a catcher now that Bengie Molina appears to be heading elsewhere.
Here are a couple moves the Giants could make this offseason:
At Catcher: The Giants could take a look at Pirates catcher Ryan Doumit. The Giants could offer 26-year old outfielder Nate Schierholtz, who put up solid numbers in 2007 and 2008 in limited time. In 2009, he hit .267 in 285 at-bats, but struggled down the stretch after hitting .288 with a .320 OBP before the All-Star game.
They could also consider free agents like Ivan Rodriguez or Jason Kendall.
At First Base: Free agent Russell Branyan could be an option at first base for the Giants if he spurns the Mariners. Nick Johnson finished strong with the Marlins, and could also fit into the Giants plan in 2010.
Outfield: Free agents like Johnny Damon, Mike Cameron, or Marlon Byrd could fit into the Giants' plan in 2010, and likely could be had at a reduced price.
While the options above may not be the best available guys, commitments to Aaron Rowand and Barry Zito definitely will hurt their future spending. Working out extensions for Lincecum and Cain would be smart, especially because their price is expected to be fairly high.
They could always look to move either Cain or Lincecum for a boatload of prospects. Not only will that save them money, but it will give them some solid pieces for the future.