Two-time NL Cy Young Award winner Tim Lincecum and the San Francisco Giants reached an oral agreement Tuesday on a two-year contract worth $40.5 million.
The deal includes a $500,000 signing bonus and salaries of $18 million this year and $22 million in 2013, a person familiar with the agreement said Tuesday, speaking on condition of anonymity because the terms were not announced. Lincecum still must take a physical, which the Giants hope will happen early next week, to complete the deal.
The former University of Washington star had asked for a near-record $21.5 million in salary arbitration and had been offered $17 million by the club. He remains eligible for free agency following the 2013 season.
The 27-year-old right-hander, the winning pitcher in the Game 5 World Series clincher at Texas in 2010, earned $13.1 million last season, when he finished a two-year deal worth $23.2 million.
When the sides exchanged numbers last Tuesday, Lincecum’s request neared the record amount sought in arbitration. Houston pitcher Roger Clemens asked for $22 million in 2005.
San Francisco’s offer was the highest in arbitration history, topping the $14.25 million the New York Yankees proposed for shortstop Derek Jeter in 2001.
As Giants vice president Bobby Evans expected, they found common ground around the midpoint of the figures – and did so in only a week.
POSADA RETIRES
Flanked by his wife and children, with five World Series trophies sitting on a table to his right, Jorge Posada announced his retirement.
The five-time All-Star catcher is ending his major league career after 17 seasons, all with the New York Yankees. He finishes with a .273 career batting average, 275 home runs and 1,065 RBI. Shifted to designated hitter last year, his playing time diminished.
MORROW, JAYS AGREE
Pitcher Brandon Morrow and the Toronto Blue Jays have agreed to a $21 million, three-year contract that avoided salary arbitration.
Morrow, the Seattle Mariners’ No. 1 pick in the 2006 draft (No. 5 overall), was 11-11 last season with a 4.72 ERA.
But the 27-year-old right-hander also set career highs in wins (11), innings (179) and strikeouts (203).
SHORT HOPS
All-Star catcher Russell Martin and the Yankees avoided salary arbitration by agreeing to a $7.5 million, one-year contract. … The Athletics and free-agent right-hander Bartolo Colon agreed to terms on a $2 million, one-year contract. … Versatile outfielder Cody Ross agreed to sign with the Boston Red Sox, reportedly a one-year deal for $3 million. … Infielder Wilson Betemit and the Orioles agreed to a two-year, $3.25 million contract that includes a vesting option for 2014. … Tony La Russa will manage the National League in this year’s All-Star Game on July 10 in Kansas City, Mo. – joining Hall of Famer John McGraw as the only retired managers to lead an All-Star team.
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