Giants, Snell agree to 2-year, $62M deal

The San Francisco Giants agreed to a two-year, $62-million deal with left-hander Blake Snell on Tuesday.

The contract contains an opt-out after the 2024 season.

Snell's deal includes a $17-million signing bonus, and he'll earn a $15-million salary in 2024.

Snell remains in the National League West after spending the last three campaigns with the San Diego Padres. He posted a 14-9 record with a 2.25 ERA and 234 strikeouts in 180 innings last season.

His addition gives the Giants a formidable one-two punch atop the team's starting rotation with Logan Webb. Webb finished second to Snell in NL Cy Young voting last season.

Giants projected rotation to begin 2024

* As reliever
** Starters Robbie Ray and Alex Cobb are injured

Snell entered free agency seeking a lucrative long-term deal after winning the second Cy Young of his career. However, amid a frigid offseason for free agents, the 31-year-old settled for a short-term pact with a high annual average salary. He reportedly turned down a six-year, $150-million offer from the New York Yankees earlier this winter.

Snell drew interest from multiple teams this offseason, including the Houston Astros and Los Angeles Angels.

The pitcher is the latest addition by the Giants this winter. San Francisco also signed outfielder Jung Hoo Lee to a six-year, $113-million contract, added Ray's salary in a trade with the Seattle Mariners, and signed free agents Hicks, Matt Chapman, Jorge Soler, and Tom Murphy.

San Francisco will give up a third-round draft choice and $500,000 of its international signing bonus allocation for signing Snell after previously losing a second-round draft choice and $500,000 in international signing bonus allocation for signing Chapman, reports The Associated Press.

The Padres will also receive a compensatory draft pick after the fourth round for making Snell a qualifying offer that he turned down.