UPDATE 12:56pm: It is official, Cain has signed. Here is my promised write up on the contract.
UPDATE 12pm: John Shea is reporting that a deal is close and should hopefully be complete before opening day.
BREAKING NEWS: Two people familiar w/ talks told me Cain will sign "in the neighborhood of" 5 years and $110 mil before opener. #sfgiants$110 million might be a little bit higher than what I would be comfortable with but it is probably in line with what he would be able to get on the open market (although some think it might even be more than this).
— John Shea (@JohnSheaHey) April 2, 2012
When (or if) the deal is official, I will do a more thorough break down of the contract and what it means for the Giants.
According to Andrew Baggarly of CSN Bay Area talks between Matt Cain and the Giants on a contract extension are "heating up."
Sources tell me [Baggarly] that the volume of dialogue has increased between the Giants and Cain's representatives as Friday's soft deadline edges near. Cain reiterated on Saturday that he sees the start of the season as a "cutoff" to ensure he stays focused on baseball.With all of the talk during the offseason on how they need to keep their pitching together, it would be an embarrassment to the front office to not be able to deliver on that promise.
One more little nugget from Baggary:
It's believed that five years and $100 million is an absolute floor in negotiationsWhen I looked at giving Cain an extension, five years, $100 million was just above the break even point on what you could realistically expect to have Cain be worth over the length of a contract. If it goes too much higher, the Giants might be paying a premium just to keep him away from the open market.
If the premium isn't too high, I won't worry about it, but if they really push up the number, it could negativity effect their ability to keep other players. I hope that isn't the case.
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