Blake Snell and San Francisco Giants agree to $62 million, 2-year contract, AP source says

Updated Mar. 18, 2024 10:30 p.m. ET

Associated Press

Two-time Cy Young Award winner Blake Snell and the San Francisco Giants have agreed to a $62 million, two-year contract, a person familiar with the negotiations told The Associated Press on Monday night.

The person spoke on condition of anonymity because the agreement was subject to a successful physical. Snell has the right to opt out after this season and become a free agent.

Snell gets a $17 million signing bonus payable on Jan. 15, 2026, and a $15 million salary this year. He would get $30 million if he keeps the contract for 2025.

A 30-year-old left-hander, Snell is 71-55 with a 3.20 ERA in 191 starts over eight major league seasons, winning Cy Youngs in 2018 with Tampa Bay and last year with San Diego.

Snell agreed to the deal 10 days before the opener at the Padres, setting up the possibility of Snell making his Giants debut against his former club. He joins a rotation that includes right-handers Logan Webb and Jordan Hicks and left-hander Kyle Harrison.

Right-hander Alex Cobb is working his way back from left hip surgery on Oct. 31.

The addition of Snell is another big move for a San Francisco team that gave South Korean outfielder Jung Hoo Lee a $113 million, six-year contract, sjgned Hicks to a $44 million, four-year deal and outfielder Jorge Soler to a $42 million, three-year contract, and then gave third baseman Matt Chapman a $54 million, three-year deal.

He was taken by Tampa Bay with the 52nd pick in the 2011 amateur draft and reached the major leagues in 2016. He won his first Cy Young in 2018, edging Justin Verlander after going 21-5 and 1.89 ERA.

He signed a $50 million, five-year deal, the largest at the time for a pitcher not yet arbitration-eligible. He was 6-8 with a 4.29 ERA in 2019, a season in which he was hampered by injuries.

Snell received some unwanted attention before the 2020 pandemic-shortened season when he stated “I’m not playing unless I get mine," referring to his salary. Snell later admitted that the statement could be seen as selfish.

Snell helped the Rays reach the 2020 World Series, where they lost to the Los Angeles Dodgers in six games. He was removed from Game 6 after 5 1/3 innings despite giving up just two hits and the Rays lost 3-1.

Tampa Bay traded Snell to San Diego for prospects. He went 15-16 in his first two seasons with the Padres, then went 14-9 record and an NL-leading 2.25 ERA and won his second Cy Young. He was 8-2 with 1.54 ERA in the second half.

San Diego will receive an extra draft pick after the fourth round as compensation after making Snell a $20,325,000 qualifying offer that he turned down. The Giants will give up their third-round pick and $500,000 in international signing bonus allocation after losing their second-round selection and $500,000 in allocation for signing Chapman.

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