Two-time Cy Young Award winner Blake Snell and the San Francisco Giants have reached a significant agreement, with Snell set to earn $62 million over two years, a source familiar with the negotiations informed The Associated Press on Monday night.
The deal, pending a successful physical, allows Snell the option to opt-out after this season and explore free agency.
Snell’s compensation includes a $17 million signing bonus, payable on Jan. 15, 2026, along with a $15 million salary for the current year. Should Snell remain with the Giants for the 2025 season, he stands to earn $30 million.
At 30 years old, Snell, a left-handed pitcher, boasts a career record of 71-55 with a 3.20 ERA across 191 starts spanning eight major league seasons. His accolades include Cy Young Awards in 2018 with the Tampa Bay Rays and last year with the San Diego Padres.
The agreement comes just 10 days before the Giants’ season opener against the Padres, potentially setting up a debut against his former team. Snell will bolster a pitching rotation featuring right-handers Logan Webb and Jordan Hicks, as well as left-hander Kyle Harrison. Meanwhile, right-hander Alex Cobb is progressing in his recovery from left hip surgery last October.
This acquisition adds to the Giants’ offseason roster revamp, which includes signing South Korean outfielder Jung Hoo Lee to a $113 million, six-year contract, inking Hicks to a $44 million, four-year deal, securing outfielder Jorge Soler with a $42 million, three-year contract, and granting third baseman Matt Chapman a $54 million, three-year deal.
Originally selected by the Tampa Bay Rays with the 52nd pick in the 2011 amateur draft, Snell made his MLB debut in 2016. He clinched his first Cy Young Award in 2018, posting a 21-5 record with a 1.89 ERA.
After signing a $50 million, five-year deal, Snell encountered injuries during the 2019 season, finishing with a 6-8 record and a 4.29 ERA. Notably, he drew attention before the 2020 pandemic-shortened season with his remark, “I’m not playing unless I get mine,” a sentiment he later acknowledged as potentially selfish.
Snell played a pivotal role in the Rays’ journey to the 2020 World Series, where they fell short against the Los Angeles Dodgers. Traded to the Padres, he accumulated a 15-16 record over his first two seasons before a standout performance in 2023, where he secured an NL-leading 2.25 ERA and clinched his second Cy Young Award with an impressive 14-9 record.
As compensation for offering Snell a $20,325,000 qualifying offer, which he declined, the Padres will receive an additional draft pick after the fourth round. In exchange, the Giants will surrender their third-round pick and $500,000 in international signing bonus allocation, following the loss of their second-round selection and a similar allocation for signing Chapman.
