The Giants have signed Matt Cain to a three-year extension through 2012, according to the San Jose Mercury News. Cain posted 14 wins in 2009 with a 2.89 ERA in 33 starts last season. It was the best season of his young career and the Giants are banking on him to build on it.
Cain's previous deal was essentially thrown out, with the two sides compromising on certain parts of the deal.
The Giants ripped up Cain’s old deal, in which he would’ve made $4.5 million this year with a $6.25 million club option (with vesting language and escalators) for 2011. The option year is now guaranteed and both sides tacked on another guaranteed salary for 2012. Essentially, the Giants bought Cain’s first free-agent year.
Overall, a solid deal for the Giants who lock up a promising young pitcher.