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.
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