The Giants spent the offseason declaring that they couldn't afford to sign big-name hitters because they were squirreling their cash away to keep their young pitchers. Matt Cain was the first priority, as he was going to be a free agent after the 2012 season. And when the offseason started to come to an end, and with Cain and his agent declaring that they did not want to negotiate after Opening Day, Giants fans were a little nervous.
But Cain will be a Giant for a long time. The five-year extension he just signed starts after the 2012 season, and it will take the right-hander through the 2017 season. If he's still around and productive then, the Giants will hold a team option on Cain for the 2018 season, presumably when he's driving a flying car to the stadium because it's 2018. A breakdown of the deal from Alex Pavlovic:
The Giants just announced that they have agreed to a five-year extension with right-hander Matt Cain, who was scheduled to be a free agent after this season. The deal is worth $100 million and includes a $5 million signing bonus.
The deal keeps Cain in San Francisco through the 2017 season and includes a club/vesting player option for 2018. There is a $7.5 million buyout on the option.
It's a semi-confusing deal, but the main points are that a) Matt Cain is wealthy, and b) Matt Cain is probably going to be on the Giants for a long time, especially considering that he has a full no-trade clause on his contract. And don't forget that Cain is still under .500 for his career. This is a glorious moment in the revolution against the oppression and tyranny of won-loss records, brothers and sisters. Rejoice!