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Giants, Matt Cain On The Verge Of 5-Year, $110MM Deal? [UPDATE]

March 14, 2012; Sscottsdale, AZ, USA; San Francisco Giants starting pitcher Matt Cain (18) throws against the Cleveland Indians at Scottsdale Stadium.  Mandatory Credit: Rick Scuteri-US PRESSWIRE
March 14, 2012; Sscottsdale, AZ, USA; San Francisco Giants starting pitcher Matt Cain (18) throws against the Cleveland Indians at Scottsdale Stadium. Mandatory Credit: Rick Scuteri-US PRESSWIRE

Update: The Giants and Matt Cain have agreed on a 5-year, $100MM extension, which includes a $5MM signing bonus. The deal keeps Cain in San Francisco through the 2017 season, and includes a club/vesting player option for 2018. There's a $7.5MM buyout on the option, bringing the total value of the deal to $112.5MM. Cain has a full no-trade clause through the whole deal. The deal is also the biggest ever given to a right-handed pitcher.

Original Story: According to two people familiar with the negotiations, San Francisco Giants pitcher Matt Cain will sign an extension before Opening Day "in the neighborhood" of 5-years, $110MM, San Francisco Chronicle writer John Shea tweeted.

Yesterday it appeared the Giants and Cain were getting closer to a deal. Cain wanted the deal done before the opener on Friday. The Giants didn't want to wait until the big right-hander became a free agent after the season. After the season, Cain would join Cole Hamels as the jewels of the free agent pitching market.

Cain, 27, has played seven seasons for the Giants, making him the longest tenured player. While wins have been hard to come by due to the Giants' punchless offense, Cain has a 3.35 ERA in 1317 1/3 career innings pitched. He went 12-11 last year, posting a 2.88 ERA and a 2.84 K/BB ratio. Cain pitched 21 1/3 scoreless innings during the 2010 playoffs, leading the Giants to their first World Series Championship since moving to San Francisco.