UPDATE: Giants hand Cain three-year extension

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cain headshot.JPGUPDATE:  Baggarly hears that Cain’s salary will remain at $4.5 million this season, but jumps to around $8 million in 2011 and north of $15 million for 2012.  All things considered, it’s a great deal for the Giants.

3:38pm:  The San Francisco Chronicle’s Henry Schulman reports that it’s a three-year deal. Cain is getting a restructured sum this year and a raise on his $6.25 million option in 2011. Financial terms aren’t yet available, though it’s safe to guess that he will also be making big bucks in 2012.

3:20pm:  Andrew Baggarly of the San Jose Mercury News hears that the Giants will announce an extension for right-hander Matt Cain on Sunday afternoon.

It has been a busy few days in Giants camp, with left-handed setup man Jeremy Affeldt landing a two-year, $9.5 million contract extension on Wednesday and 28-year-old closer Brian Wilson agreeing to a new deal just a few days later.

It’s not clear what kind of money Cain will receive.  He’s just 25 years of age and went 14-8 last season with a 2.89 ERA and 1.18 WHIP, so we’d have to think his asking price was fairly high in negotiations.  The righty is entering the final season of a four-year, $9 million extension signed back in 2007.  That deal included a $6.25 million club option for 2011.

Padres release Phil Hughes

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The Padres have released right-hander Phil Hughes. He was recently designated for assignment.

Hughes was traded from the Twins to the Padres at the end of May in a deal that was, essentially, the Padres acquiring a Competitive Balance pick and agreeing to pick up half of Hughes outstanding salary, which is $13.2 million in 2019. The Padres used him for 16 relief appearances but he was terrible, posting a 6.10 ERA.

The 32-year-old is a 12-year veteran. Given that he’ll basically be free to anyone who wants him, it’s not unreasonable to think he’ll get a non-roster invite to someone’s spring training next year, but it could very well be the end for him as well.