Giants Sign Matt Cain To Three-Year Extension

The AP gives us the scoop on Matt Cain’s new contract with the Giants:

The extension preserves the 2010 dollar amount from Cain’s old deal, but locks him in for the two years following, with a major payday in 2012. Cain was previously set to become a free agent that offseason.

Under the conditions of Cain’s old deal, signed in 2007, he would’ve made $4.25m this year with a $6.25m club option for 2011. This extension nullifies Cain’s previous contract, and though financial details aren’t yet known, we do know it’s a three-year deal. Cain was set to be a free agent after the 2011 season, so the Giants have now locked him up through his first year of free agency.

The 25 year old Cain has been a rock for the Giants since he was first promoted in 2005, and through the first 137 starts of his career, he’s posted a 3.53 ERA and a strikeout rate of 7.5 per nine innings. Though there have long been concerns about his command, he misses enough bats to remain effective, and his flyball tendencies are a great fit for the ballpark. Young, successful, and healthy, Cain’s a solid investment, and the Giants have ensured that they’ll have the makings of an intimidating rotation for the foreseeable future.