Johnny Cueto and the Reds finalize long-term extension

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This afternoon the Reds officially announced the long-term contract extension with Johnny Cueto that was first reported last week.

Cueto, who was arbitration eligible for the first time this season and submitted a figure of $3.9 million, gets a four-year deal worth an estimated $27 million and the Reds also hold an undisclosed team option for 2015.

In other words, they bought out all three of his arbitration-eligible seasons and his first year of free agency, with the option to buy out his second year of free agency as well. Cincinnati now controls Cueto through his age-29 season.

Ranked among baseball’s elite pitching prospects while coming up through the minors, Cueto surprisingly won a spot in the Opening Day rotation as a 22-year-old in 2008 and has sliced his ERA from 4.81 to 4.41 to 3.64 in three seasons. He hasn’t racked up quite as many strikeouts as his minor-league numbers and raw stuff suggested was possible, but Cueto looks likely to be a solid No. 2 starter long term.

Giants sign Austin Jackson to two-year, $6 million contract

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The Giants announced on Monday night the signing of outfielder Austin Jackson. According to Jon Heyman of FanRag Sports, it’s a two-year, $6 million deal with performance incentives that allow Jackson to earn up to an additional $2.5 million for a total of $8.5 million.

Jackson, who soon turns 31 years old, spent last season with the Indians. In 318 plate appearances, he hit .318/.387/.482 with seven home runs, 35 RBI, and 46 runs scored.

The Giants have been on the hunt for a center fielder and Jackson addresses that need relatively cheaply. Jackson will join Hunter Pence and newcomer Andrew McCutchen in the outfield.