Tim Lincecum, who reportedly turned down $100 million over five years from the Giants this past week, agreed to a two-year deal worth more than $40 million on Wednesday, the team announced.
Lincecum will receive $18 million for the 2012 season and $22 million for the 2013 season, and after that year, he will still become a free agent.
The Giants ace will also get a $500,000 signing bonus.
Lincecum was offered a long-term deal with the Giants, as the team wanted to lock him up through his arbitration seasons and then past his current date for free agency, but he turned the team down.
He asked for $21.5 million in arbitration this season, but the Giants countered at $17 million; this means they got a pretty good bargain on the price by guaranteeing his contract for an extra year, particularly if Lincecum performs up to the level the team has come to expect and know.
Of course, if Lincecum pitches well, he's also in line to get rewarded with an absolute elephant of a deal after the 2013 year, provided the Giants can't work out another extension with the superstar pitcher.
This means the Giants will now be spending around $130 million on payroll in 2012. It also means that Lincecum will, once again, make less than Barry Zito in the coming year.