MLB Trade Rumors

The Giants’ late offseason dealings saw them sign two of the four prominent free agents who lingered on the market late into the offseason, inking Blake Snell on a two-year, $62MM deal and Matt Chapman on a three-year, $54MM pact. Both contracts came with opt-out opportunities this offseason — Chapman’s also has an opt-out opportunity post-2025 — and despite an early slate of injuries for Snell, both are looking like shrewd pickups now.

Snell has garnered more attention recently, which is understandable on the heels of a 15-strikeout performance that was immediately followed by a no-hitter in Cincinnati’s homer-happy Great American Ball Park. But while Snell draws headlines, Chapman continues to more quietly post excellent numbers. Both players look like locks to opt out at season’s end right now, although Jon Heyman of the New York Post writes that the Giants have interest in signing Chapman to a long-term deal that’d keep him in San Francisco.

For the 31-year-old Chapman, the 2024 season has played out in almost inverse fashion to his 2023 campaign. Last year, Chapman roared out of the gates with a Ruthian start to his season, hitting .384/.465/.687 through the end of April. He was never going to sustain that level of production, but the extent to which his bat cratered was nonetheless alarming. The two-time Platinum Glove winner hit just .205/.298/.361 the rest of the way. A hand injury suffered in August likely contributed to a truly dismal finish, but even leading up to that injury, Chapman had been a below-average hitter for a stretch of more than three months.

That cold snap carried over into the 2024 season, as Chapman hit just .222/.266/.385 through the end of April. Since then, however, he’s turned his season around. In 367 plate appearances since May 1, Chapman is touting a .257/.360/.473 batting line. He’s homered 15 times, walked at an impressive 13.1% clip and cut his strikeout rate from last year’s 28.4% down to 24.3% in that stretch. (If you truly want to cherry-pick, Chapman is slashing .275/.382/.519 since May 17.)

It’s been an odd stretch for Chapman, who from May 1, 2023 to May 1, 2024 looked the part of a hitter very much on the decline. He’s now spent more than half a season’s worth of plate appearances distancing himself from that slump, however — and he’s done so while playing his customary brand of standout defense. Between his renaissance at the plate and his always excellent glovework, Chapman has been worth 5.3 wins above replacement (per Baseball-Reference) and 3.8 WAR, per FanGraphs. The discrepancy stems primarily from bWAR using Defensive Runs Saved in its equation (which credits Chapman as an elite defender), whereas fWAR uses Ultimate Zone Rating and Statcast’s Outs Above Average (which feel he’s been “merely” above-average). Regardless of one’s preferred version of the stat, Chapman has graded out as a star-caliber player this season. If he continues this pace, he’ll likely garner some down-ballot MVP votes.

Given the manner in which his season has played out, it’s not all that surprising to hear the Giants have interest in keeping him around. It can’t hurt that San Francisco brass was quite familiar with Chapman even before he signed there. President of baseball operations Farhan Zaidi was an assistant general manager with the A’s in 2014 when they selected Chapman with the 25th overall pick in the draft. Skipper Bob Melvin managed Chapman in Oakland from 2017-21.

Many of the roadblocks that prevented Chapman from landing the nine-figure deal most anticipated last year still persist. He’s 31 years old and will turn 32 next April. There’s minimal precedent for position players at that age signing for $100MM+. Freddie Freeman, Paul Goldschmidt, Jose Altuve and Manny Machado are the only hitters in the past decade to sign contracts of that magnitude beginning in their age-32 season (or later). Of course, rare precedent doesn’t rule out the possibility — and there’s also nothing yet suggesting that Chapman is dead set on a nine-figure deal (though given the strength of his season it certainly seems like a likely goal for Chapman and agent Scott Boras).

The Giants have just under $85MM in guaranteed salary on the books next season (not counting the buyout on Chapman’s $18MM option). That’d jump to more than $135MM if each of Snell ($30MM), Chapman ($18MM) and Wilmer Flores ($3.5MM) picked up their player options. Flores seems likely to do so, but he could be the only one if Snell and Chapman stay healthy. Arbitration raises will be owed to Mike Yastrzemski (earning $7.9MM this year), LaMonte Wade Jr. ($3.5MM in ’24), Tyler Rogers ($3.2MM), Thairo Estrada ($4.7MM) and first-time-eligible closer Camilo Doval, regardless of the fact he was optioned to the minors tonight.  No one from that group is going to push the Giants into uncharted payroll territory, and Estrada’s not guaranteed to be tendered a contract in light of his injuries and offensive struggles.

Looking further down the road, the only players on the books beyond the 2025 season are Robbie Ray (signed through 2026), Jordan Hicks (through 2027), Logan Webb (through 2028) and Jung Hoo Lee (through 2029). Ray can opt out after the current season (unlikely at the moment), while Lee can opt out after 2027 (although it’s far too soon to tell whether that’s realistic). Regardless of how those opt-outs play out, the Giants are just over $80MM in terms of guaranteed payroll in each of the next two seasons and around $60MM in 2026 and $45MM in 2027. There’s ample room on the payroll to factor in a long-term arrangement for Chapman, if the two sides can come to terms on a price point that’s agreeable for all parties.