UPDATE: Giants agree to a deal with Mark Melancon

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UPDATE: Buster Olney reports that a deal is in place pending a physical. The financial terms are not yet known. UPDATE: Joel Sherman of the New York Post hears it’s in the four-year, $62 million range. That will make him, temporarily at least, the highest-paid closer in baseball history.

12:15 PMKen Rosenthal reports that the San Francisco Giants are close to a deal with closer Mark Melancon.

Melancon had an outstanding 2016, posting a 1.64 ERA, 2.42 FIP and a 5.42 K/BB rate in 71.1 innings while saving 47 games for the Pirates and Nationals. You may recall that the Giants had a strong interest in Melancon last summer. It was a well-founded interest given the bullpen woes which waylaid San Francisco in the second half of last season and continued on into the playoffs.

The terms of the apparently impeding deal will be known soon enough, but Rosenthal reported yesterday that Melancon was fielding offers in the four-years, $60 million range. That’s a lot for a closer, but it’ll probably look like a bargain compared to the deals signed with the other two top closers on the market, Aroldis Chapman and Kenley Jansen. Some have speculated that Chapman could get a deal closer to $100 million than $50 million, though that seems optimistic.

What the past couple of seasons have shown, however, is that having a top bullpen will get you very, very far in Major League Baseball. Champan may have been gassed at the end of Game 7, but he was essential to the Cubs’ World Series title. Powerful bullpens gave the Royals a title in 2015 and the Indians an AL pennant this past year. A weak one was, obviously, the Giants’ achilles heel.

Their great need at the back end of the pen, according to Rosenthal’s report, is apparently about to be filled.

Brian Cashman signs 4-year contract to remain Yankees GM

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SAN DIEGO — Brian Cashman has signed a four-year contract to remain the New York Yankees Senior Vice President and General Manager. The announcement was made during the first day of baseball’s Winter Meetings.

Cashman, New York’s GM since 1998, had been working on a handshake agreement since early November, when his five-year contract expired.

The Yankees were swept by four games in the AL Championship Series and haven’t reached the World Series since winning in 2009. It is the franchise’s longest title drought since an 18-year gap between 1978-96.

Cashman’s main goal during the offseason is trying to re-sign AL MVP Aaron Judge.

Judge hit an American League-record 62 homers this season with a .311 batting average and 131 RBIs. He turned down the Yankees’ offer on the eve of opening day of a seven-year contract that would have paid $213.5 million from 2023-29.

While Judge remains on the market, Cashman was able to re-sign Anthony Rizzo on Nov. 15 to a two-year contract worth $40 million after turning down a $16 million player option.

Cashman has been the Yankees general manager since 1998. He has been with the organization since 1986, when he was a 19-year old intern in the scouting department. In his 25 seasons as GM, the Yankees have reached the postseason 21 times, including four World Series championships and six American League titles.