Matt Cain and the Giants agree to $112.5 million extension

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First Joey Votto and now Matt Cain.

Said to be working hard on contract negotiations over the weekend, the Giants just made things official with Cain by announcing a five-year, $112.5 million extension with a sixth-year vesting option.

Cain was already set to earn $15 million this season in the final year of a three-year, $27 million extension signed in March of 2010. That deal covered Cain’s final two arbitration eligible seasons and his first year of free agency. This five-year extension will keep him in San Francisco through his age-32 season in 2017 and the 2018 option includes a $7.5 million buyout.

Obviously any $100 million-plus investment in a pitcher is extremely risky and $22 million per season is a ton, especially for a team that learned (and is still learning) the hard way with Barry Zito, but limiting the commitment to five years and avoiding Cain’s mid-30s lessens the Giants’ risk somewhat and he’s been remarkably consistent with a 3.35 career ERA and at least 190 innings in each of his six full seasons.

On a related note, the Phillies would no doubt be thrilled if Cole Hamels accepted a five-year, $112.5 million deal. Hamels has better secondary numbers than Cain and has pitched in a hitter-friendly ballpark, but their raw numbers are very similar: 3.39 ERA in 1,161 innings for Hamels. 3.35 ERA in 1,317 innings for Cain.

Luis Valbuena to miss four to six weeks with a strained right hamstring

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Angels first baseman Luis Valbuena will miss the next four to six weeks with a strained right hamstring, Pedro Moura of the Los Angeles Times reports.

Valbuena, 31, signed a two-year, $15 million contract with the Angels in January and was on track to get the lion’s share of the playing time at first base. While he’s out, however, C.J. Cron will handle first base on a regular basis. When Valbeuna returns, the two will likely form a platoon.

Last year with the Astros, Valbuena hit a solid .260/.357/.459 with 13 home runs and 40 RBI in 342 plate appearances.

Raisel Iglesias injured elbow and hips falling in the shower

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Reds reliever Raisel Iglesias hasn’t appeared in a Grapefruit League game since March 14 and now we know why. He injured his right elbow and both hips falling in the shower three weeks ago, Zach Buchanan of the Cincinnati Enquirer reports. He has had anti-inflammatory shots applied in both areas and he’ll be be shut down from pitching for a few more days.

Iglesias might not be ready for Opening Day, according to manager Bryan Price. Iglesias, however, thinks otherwise. He said, “I’m going to be OK. I’m probably going to throw one bullpen, and after that, mentally and physically, I’ll be ready to join the season and compete.”

Price said throughout the offseason that he intended to pick his closer according to the matchups rather than naming one official closer. As a result, this injury likely doesn’t change much except that Michael Lorenzen, Drew Storen, and Tony Cingrani may get a few more early season save chances if Iglesias doesn’t start the season on time.

Iglesias, 27, finished last season with a 2.53 ERA and an 83/26 K/BB ratio in 78 1/3 innings across five starts and 32 relief appearances.