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.

Yankees, Mariners expressing interest in J.A. Happ

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Jon Morosi of MLB Network reports that the Yankees and Mariners are both expressing interest in Blue Jays starter J.A. Happ.

Happ is posting a 3.48 ERA and a 94/25 K/BB ratio in 82.2 innings across 14 starts and has been stingy with the hits as well. Between that, the Blue Jays’ lack of contention and the fact that Happ is in the walk year of his three-year, $36 million deal, all signs point to the Jays trading them.

In normal circumstances you might not expect the Jays to make a trade with the Yankees, but at this point it sort of doesn’t matter, does it? It’s not like Happ in New York on a couple month rental will impact the 2018 Jays too much. And, given his pending free agency, it’s not extraordinarily likely that he’d haunt the Jays from the Bronx long term either.

There’s not a ton of elite pitching currently available, but as the trade deadline approaches — a little over a month to go on that score — the talk about Happ, Cole Hamels, Francisco Liriano and others will heat up. Figure the Yankees will be linked with any and all available starters.