Giants and Lincecum playing "We can work it out"

According to the San Francisco Chronicle, the two sides are still working to head off the arbitration hearing by negotiating the framework of a three-year deal. The three years would cover all the remaining arbitration eligibility that Lincecum has remaining.

The Chronicle story:

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/02/11/SP291BVJ96.DTL

The Giants are taking their negotiations with Tim Lincecum down to the wire. With an arbitration hearing scheduled for Friday, the sides have discussed parameters for a multiyear contract.

A major-league source said the Giants have made a three-year, $37 million offer with annual salaries of $9.5 million, $12.5 million and $15 million, and that the Lincecum camp countered with a proposal north of $40 million.

It seems like they are at a place where this gets done amicably without going to arbitration. The good will earned may come in handy after this deal is over and Lincecum becomes a free-agent.

The arbiter will consider the Giants offer of $8M vs. the Lincecum request of $13M for one year only.

Extended out to three years remaining, if Lincecum averages $13M for those three years, he comes out a big winner here. The Giants maybe save face keeping it under $40M total. So, the owners will still be able to show their faces around the posh country clubs and restaurants of Northern California.

I would set the over/under at $39.25 for a three year deal.

In other news the Giants further solidified the back end of the bullpen and provided an experienced emergency starter in ex- Cardinal Tood Wellemeyer. Another nice pick up.

Meanwhile, the Giants signed another pitcher, Todd Wellemeyer, who received a minor-league contract and an invitation to spring training. Evans said the Giants view Wellemeyer as a long reliever, but the right-hander also could be available to start if there's a need.

If he makes the team, Wellemeyer, 31, would make $1 million with a chance for an additional $500,000 in performance bonuses. He won 13 games with a 3.71 ERA for the Cardinals in 2008 but last season went 7-10 with a 5.89 ERA.