The wait is finally over for Blake Snell.
The two-time Cy Young winner signed to a two-year, $62 million contract with the Giants on Monday, ending his extended free-agency run.
Snell figured to be a sought-after free agent following his outstanding 2023 campaign in which he led the majors in ERA (2.25) and hits allowed per nine innings (5.8) while striking out 234 batters in 180 innings. That performance was rewarded with his second Cy Young win, his first in the National League, making him the seventh pitcher to claim the Cy Young award in both leagues.
Though he is undeniably talented and has produced among the best arms in the sport, his wait on a new contract was not altogether surprising. For starters, he is represented by Scott Boras, a notoriously crafty agent who maximizes value for his clients. Adding to that are the few areas of concern for his long-term success. Snell led the majors with 99 walks, has been a bit up-and-down between Cy Young wins, and is heading into his age-31 season.
Here's what you need to know about Snell's contract with the Giants.
Blake Snell is a Giant 🤩
— SF Giants on NBCS (@NBCSGiants) March 19, 2024
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Blake Snell contract details
San Francisco has reportedly signed Snell to a two-year, $62-million contract. The deal makes Snell the eighth-highest-paid pitcher in baseball by average annual value.
The southpaw's latest deal comes equipped with an opt-out clause after the 2024 season, so Snell stands to gain even more dough should he impress during his maiden campaign in the Bay Area.
Snell always seemed unlikely to return to the Friars, especially after the franchise reiterated its desire to reduce its payroll ahead of the 2024 season. The fact that he inked a deal with the Giants might have not been the expectation. But when superstars enter the free agency, anything can happen...including a divisional rival sweeping them away.
Given Snell's status as a Boras client, the fact that he signed a short-term deal is hardly unsurprising, though. Cody Bellinger and Matt Chapman — also signed to Boras' agency — inked similarly short-term contracts during the offseason.
Snell's deal sees him receive a salary of $15 million in 2024, per the San Francisco Chronicle's Susan Slusser. His contract also includes a $17 million signing bonus payable in January of 2026.
If Snell is able to produce at a level similar to that of his Cy Young years, he should represent money well-spent for the Giants. He slots into a rotation already teeming with talent, including Logan Webb — the reigning NL Cy Young runner-up — and Robbie Ray, the 2021 AL Cy Young winner.
Highest-paid pitchers in baseball
Average annual value
By average annual value, Snell's contract places him tied for eighth overall in baseball history.
Here's a look at the top 10 largest contracts by average annual value signed by pitchers (not counting the dual-threat Shohei Ohtani), according to Spotrac.
| Player | Team | Years signed | Years | Total value | AAV |
| Justin Verlander | Mets | 2023-25 | 2 | $86.7 million | $43.3 million |
| Max Scherzer | Mets | 2022-24 | 3 | $130 million | $43.3 million |
| Jacob deGrom | Rangers | 2023-27 | 5 | $185 million | $37 million |
| Gerrit Cole | Yankees | 2020-28 | 9 | $324 million | $36 million |
| Stephen Strasburg | Nationals | 2020-26 | 7 | $245 million | $35 million |
| Zack Greinke | Diamondbacks | 2016-21 | 6 | $206.5 million | $34.4 million |
| Trevor Bauer | Dodgers | 2021-23 | 3 | $102 million | $34 million |
| Justin Verlander | Astros | 2020-21 | 2 | $66 million | $33 million |
| Blake Snell | Padres | 2024-25 | 2 | $62 million | $31 million |
| Clayton Kershaw | Dodgers | 2019-21 | 3 | $93 million | $31 million |