The San Francisco Giants have completed their $62 million, two-year contract agreement with left-hander Blake Snell, ahead of his anticipated introduction at a news conference scheduled for Wednesday.
Under the terms of the deal, Snell will receive a $17 million signing bonus to be paid on January 15, 2026, along with a $15 million salary for the current year. Additionally, he stands to earn $30 million if he remains with the team for the 2025 season, with $15 million of that amount deferred and payable on July 1, 2027.
Snell, who is 30 years old, boasts a career record of 71-55 with a 3.20 ERA across 191 starts spanning eight major league seasons. He clinched the Cy Young Award twice, first in 2018 with the Tampa Bay Rays and again last year while with the San Diego Padres.
The agreement was finalized by Snell on Tuesday, just nine days before the Giants’ season opener against the Padres, potentially setting up his debut with San Francisco against his former team. He joins a pitching rotation that features right-handers Logan Webb and Jordan Hicks, as well as left-hander Kyle Harrison.
Meanwhile, right-hander Alex Cobb continues his recovery from left hip surgery performed on October 31.
Snell’s addition marks another significant move for the Giants, who have recently made notable signings including outfielder Jung Hoo Lee to a $113 million, six-year contract, pitcher Jordan Hicks to a $44 million, four-year deal, outfielder Jorge Soler to a $42 million, three-year contract, and third baseman Matt Chapman to a $54 million, three-year agreement.
Originally selected by the Tampa Bay Rays with the 52nd pick in the 2011 amateur draft, Snell made his major league debut in 2016. His Cy Young-winning season in 2018 saw him post a remarkable 21-5 record with a 1.89 ERA.
In March 2019, Snell signed a $50 million, five-year contract extension, which was then the largest deal for a pitcher not yet eligible for arbitration. Despite battling injuries, he continued to contribute to the Rays before being traded to the Padres.
The left-hander made headlines ahead of the 2020 season for expressing his concerns regarding player salaries during the pandemic-shortened season, a sentiment he later acknowledged could be perceived as self-serving.
During his tenure with the Rays and Padres, Snell played a pivotal role in helping both teams reach the postseason. In particular, his performance in the 2020 World Series with the Rays earned him recognition, despite the team ultimately falling short against the Los Angeles Dodgers.
San Diego will receive an additional draft pick after the fourth round as compensation for extending a qualifying offer to Snell, which he declined. In return, the Giants will forfeit their third-round pick and $500,000 in international signing bonus allocation after already losing their second-round selection and $500,000 in allocation for signing Chapman.
As part of the agreement, Snell has committed to making charitable donations to the Giants Community Fund, amounting to $160,000 in 2024, with an additional $150,000 if the contract extends to 2025.
