Offseason In Review: San Francisco Giants

It was a bit of a slow burn, but the Giants ended up being the main beneficiary of the tepid offseason, as they were able to sign three star players after February had already begun. Since they had also signed a significant deal with a Korean superstar and traded for a former Cy Young winner, it added up to the most significant winter the club has had in years.

Major League Signings

• OF Jung Hoo Lee: Six years, $113MM (plus $18.825MM posting fee; Lee can opt out after four years)
• LHP Blake Snell: Two years, $62MM (can opt out after 2024)
• 3B Matt Chapman: Three years, $54MM (including buyout of 2027 mutual option; Chapman can opt out after ’24 and ’25)
• RHP Jordan Hicks: Four years, $44MM
• OF/DH: Jorge Soler: Three years, $42MM
• C Tom Murphy: Two years, $8.25MM (including buyout of 2026 club option)
• RHP Austin Warren: One year, $755K

2024 spending: $73.755MM (not including Lee’s posting fee or Snell’s 2026 signing bonus)
Total spending: $324.005MM (not including Lee’s posting fee)

Option Decisions

• OF Michael Conforto exercises $18MM player option
• RHP Ross Stripling exercises $12.5MM player option
• Team exercises $10MM option on RHP Alex Cobb
• LHP Sean Manaea declines $12.5MM player option

Trades and Claims

• Claimed RHP Devin Sweet off waivers from Athletics (later lost on waivers to Tigers)
• Acquired OF TJ Hopkins from Reds for cash (later lost on waivers to Tigers)
• Acquired LHP Robbie Ray from Mariners for OF Mitch Haniger and RHP Anthony DeSclafani and cash
• Acquired C/OF Cooper Hummel from Mets for cash
• Traded RHP Ross Stripling and cash to Athletics for OF Jonah Cox
• Acquired LHP Ethan Small from Brewers for cash
• Acquired IF/OF Otto López from Blue Jays for cash

Notable Minor League Signings

• Yusniel Díaz, Cole Waites, Thomas Szapucki, Daulton Jefferies, Yoshi Tsutsugo, Donovan Walton, Tommy Romero, Cody Stashak, Pablo Sandoval, Nick Ahmed, Justin Garza

Extensions

• None

Notable Losses

• Manaea, Stripling, Jakob Junis, Scott Alexander, Joc Pederson, Brandon Crawford, John Brebbia, Alex Wood, AJ Pollock, Bryce Johnson, Mark Mathias, J.D. Davis,

Many recent offseasons for the Giants have been defined by who they didn’t acquire. They were in the mix for superstars like Bryce Harper and Aaron Judge but ultimately didn’t get those deals across the finish line. They had an agreement in place with Carlos Correa before the team got scared off by his physical and walked away.

The result has been that the clubs of the Farhan Zaidi era have mostly been middling, sputtering by while cobbling together some decent role players, compiling some passable platoon pairings and oscillating almost every pitcher between the rotation and bullpen. Since Zaidi took over as president of baseball operations in November of 2018, the Giants have mostly hovered below .500, apart from a 107-win campaign in 2021 that now looks like a clear outlier.

Gabe Kapler won manager of the year for that surge, but the club fell to 81-81 in 2022 and then 79-83 last year. Before last year’s campaign was even finished, the club decided to move on from Kapler, as he was shown the door at the end of September.

Thankfully, a solution to their managerial vacancy fell from the sky, which was perhaps an omen of how the rest of their offseason would play out. Across the division and the state of California, rumors started to percolate out of San Diego about discord within the Padres organization. That club’s manager Bob Melvin had reportedly been clashing with president of baseball operations A.J. Preller. They initially planned to put their differences aside and continue working together, but the Giants came calling and asked to talk to Melvin, which the Padres agreed to.

Melvin was the manager of the Athletics when Zaidi was working in that front office, prior to joining the Giants. Presumably, the two were at least passingly familiar with each other from then and Melvin decided to skipper his ship up the coast to the Bay Area. Melvin’s contract with the Padres ran through 2024, as did Zaidi’s with the Giants. But the Giants decided to give the two some extra job security by extending both through 2026.

With the decisions made about the decision makers, the focus could turn to the roster. Starting pitching was a clear target after a season in which the club was quite nonchalant about moving guys between the rotation and the bullpen. Logan Webb, Alex Cobb and rookie Kyle Harrison were the only pitchers to work exclusively as starters, as Sean Manaea, Anthony DeSclafani, Alex Wood, Ross Stripling, Jakob Junis and others were oscillated between starting and relieving gigs, with Wood later expressing some frustration with that inconsistency.

That hodgepodge rotation got even thinner this offseason, with Manaea opting out of his deal and returning to the open market. Wood and Junis also became free agents while Cobb required hip surgery at the end of October, with a recovery timeline that would keep him out of action into the 2024 season.

Zaidi acknowledged early on that starting pitching would be a priority, as well as outfield defense. At shortstop, Zaidi said in October that rookie Marco Luciano would have the chance to be the everyday guy, though the club’s commitment to that plan would later prove to be weak.

At first, the club set its sights high, seemingly looking for the superstar it had failed to land in previous offseasons. All eyes were on Shohei Ohtani in the early parts of the offseason and the Giants stayed involved in that market the whole way through. They were apparently willing to offer Ohtani the same heavily-deferred contract that he eventually signed with the Dodgers, but it nonetheless went down as another miss.

And it wasn’t the only big whiff of the winter, as the club was also connected to targets like Yoshinobu Yamamoto, Juan Soto, Cody Bellinger and others, but none of that group would be coming to San Francisco either.

In mid-December, they did make one notable strike. Jung Hoo Lee, a star in Korea, agreed to join the Giants on a six-year, $113MM deal. The 25-year-old outfielder is not a star in North America, at least not yet, but it was easily the biggest free agent deal of the Zaidi era. Previously, that was the $44MM over two years given to Carlos Rodón, who ended up opting out after just one year. It’s a bit of a gamble since there’s some uncertainty about whether Lee’s approach will translate to the majors, but his youth and athleticism could allow him to serve as a solid everyday center fielder and leadoff-hitting type.

As for the rotation, the club’s signing of Jordan Hicks sat as the most notable addition for a long time. In mid-January, he and the club agreed to a four-year, $44MM pact. That contract was roughly in line with expectations for Hicks as a reliever but it was a surprise to hear that the Giants were going to plug him into the rotation.

Hicks has youth on his side, still just 27 years old, but counting on him to provide bulk innings is no guarantee. He was a starter as a prospect but never logged more than 105 innings, which came back in 2017. Since reaching the majors, the Cardinals have mostly kept him in relief. They gave him a chance to try starting again in 2022 but he suffered a flexor strain in May and the club moved him back to the bullpen once he was healthy.

He has triple-digit heat but has been more passable than dominant, with a career ERA of 3.85 thus far. His 28.4% strikeout rate last year was strong but he still walked 11.2% of batters he faced. He compensates for those free passes with heaps of ground balls but it remains to be seen whether he can do that for multiple innings and for an extended stretch of time.

There was another significant rotation move that came in January, though one that wouldn’t be able to help in the short term. The Giants sent Mitch Haniger and Anthony DeSclafani to the Mariners in exchange for lefty Robbie Ray. The signing of Lee had given the Giants a bit of an outfield surplus, as Mike Yastrzemski would be pushed into the corner mix with Michael Conforto, Luis Matos and others. DeSclafani, meanwhile, had likely fallen out of the club’s plans as he had been injured for much of the previous two seasons and the younger Giants pitchers neared the majors.

Getting a former Cy Young winner for a couple of spare parts is a nice coup, in theory, but there are some asterisks. Ray underwent Tommy John and flexor tendon surgery in May of last year and won’t be available to them until the All-Star break, even in a best-case scenario. It’s also possible the Giants will remain on the hook for his contract, which runs through 2026. Ray can opt out after 2024 but he won’t be able to log many innings before making that decision, so he would likely have to be in great form for him to consider walking away from two years and $50MM.

In addition to the DeSclafani trade, the Giants further thinned out their rotation by sending Ross Stripling to the Athletics in early February. They got outfielder Jonah Cox in that deal but it was mostly a salary dump, as it saved them $9.25MM.

Just as Spring Training was about to begin, the Giants made a strong move to upgrade their lineup. Joc Pederson had been their primary designated hitter last year but he hit free agency and moved across the division to the Diamondbacks. The Giants replaced him by signing Jorge Soler to a three-year, $42MM deal. Soler is a streaky hitter but is one of the best power bats in the league when at his best.

He hit 48 home runs with the Royals back in 2019. That was the “juiced ball” season but that number led the American League and Kauffman Stadium is one of the hardest ballparks to hit it out of. He hit another 36 for the Marlins last year and opted out, eventually signing with the Giants. Oracle Park is also a tough venue for the long ball and no Giant has had a 30-homer season since Barry Bonds in 2004, a pretty stunning statistic. If Soler stays healthy and has one of his good years, he has a solid chance to break that streak.

As Spring Training ramped up, the Giants still hadn’t addressed their shortstop position. Though Zaidi initially said Luciano would get a chance to be the everyday guy there, the club was rumored to be looking around for other options throughout the winter. Franchise icon Brandon Crawford was out there in free agency but it seemed the Giants were ready to move on. In the last week of February, the Giants added Nick Ahmed on a minor league deal and Crawford joined the Cardinals.

He and Zaidi later spoke of the parting of ways, with Crawford expressing frustration at not coming back. A Bay Area native who grew up a Giants fan, Crawford has been synonymous with the franchise for his entire career. But Zaidi believed having such an iconic player on the bench wouldn’t be comfortable for the other players, so the club will proceed without Crawford for the first time since he was drafted in 2008.

Around the baseball world, a key storyline of the spring revolved around how many notable free agents remained unsigned in what turned out to be an incredibly slow offseason. The Giants were able to take advantage by signing third baseman Matt Chapman, who was pegged for a nine-figure deal at the start of the winter, for just three years and $54MM with opt-outs.

The Giants had J.D. Davis at the hot corner, but Chapman is a far superior defender and roughly comparable hitter. With an uncertain shortstop situation, it was a sensible swap for the club, especially at such a bargain rate.

The club then tried to shop Davis and his $6.9MM salary but found no takers. The free agent market had collapsed to such a point that solid infielders Gio Urshela and Amed Rosario each signed deals for just $1.5MM, which gave Davis little appeal at his price point. Arbitration salaries are not guaranteed if the sides go to a hearing, which Davis and the Giants had done, the player coming out victorious. But since it wasn’t guaranteed, the club was able to release him while only paying 30 days’ termination pay, which amounted to about $1.1MM.

This was obviously an unpleasant outcome for Davis, who eventually signed with the A’s for a guarantee of just $2.5MM. The unfair nature of the proceedings has seemingly been an inciting incident for the MLBPA, with players understandably upset by how things played out.

Despite all this activity surrounding the Giants, they arrived at the middle of March with the major target area of the rotation relatively unanswered. Cobb and Ray would be starting the season on the injured list, leaving the club with little certainty beyond ace Logan Webb. They had the converted reliever Hicks and then unproven young guys like Harrison, Triston Beck, Keaton Winn and Sean Hjelle. As Spring Training opened, Beck, Winn and Hjelle all battled injuries of varying degrees, highlighting the flimsiness of the group.

But they were able to take advantage of the weak free agent market once again, as they signed Blake Snell to a two-year, $62MM deal with an opt-out after the first season. Snell is the reigning National League Cy Young winner and was surely hoping for a massive nine-figure deal but was never able to land it.

There’s still plenty of uncertainty in the rotation picture but Snell makes it much stronger in the short term. And in the long term, it’s possible to imagine the season finishing with a San Francisco rotation consisting of Webb, Snell, Ray and Cobb, with one spot available for Hicks, Harrison or someone else. A lot has to go right for that to happen, but it’s wonderful to dream on for now.

In the end, the offseason could hardly have played out much better for Zaidi and the Giants. As mentioned, they have been incredibly averse to long-term free agent deals. Though they have made significant offers to players like Judge, Correa, Ohtani and others, they came into this winter having never given out more than the two-year, $44MM deal for Rodon. But they were able to add two Cy Young winners, one of the game’s best defenders, one of its best sluggers and a Korean star. And they did all of that without really breaking the bank in the present or in the future. The only guys who got more than three years, Lee and Hicks, are 25 and 27 years old, respectively. They are set to pay the competitive balance tax for the first time since 2017, but they are not far over the line and will face modest penalties as a “first-time” payor.

They still have some questions on the pitching staff and it seems as though the light-hitting Ahmed might end up as their everyday shortstop, but a lot of talent has been added to the roster this winter. They’re in for a battle since they share a division with the juggernaut Dodgers, the reigning N.L. champion Diamondbacks and the pesky Padres, but there’s more to be excited about than there was last year or even a six weeks ago.