The industry expectation since the start of the offseason has been that Matt Chapman would play third base for the Giants on Opening Day. On Sunday, they made the deal official, although it's a much different type of contract than most expected when Chapman hit the open market in November.
Officially, the Giants announced it as a one-year, $18 million contract, although Chapman is guaranteed at least $20 million and ultimately could choose to be a Giant for the next four seasons. Here are the details:
2024: $16 million salary, plus $2 million signing bonus
2025: $17 million player option or a $2 million buyout
2026: $18 million player option or a $3 million buyout
2027: $20 million mutual option or $1 million buyout
Stay in the game with the latest updates on your beloved Bay Area and California sports teams! Sign up here for our All Access Daily newsletter.
If Chapman spends all four years in San Francisco, it would wind up being a four-year, $73 million contract. He also could hit the market again as soon as next offseason, turning it into a $20 million commitment for the Giants.
Chapman originally was said to be seeking a deal well into nine figures, but the market never materialized for the remaining top free agents after Shohei Ohtani and Yoshinobu Yamamoto signed record contracts with the Los Angeles Dodgers in December. Cody Bellinger, another Scott Boras client, took a similar three-year contract that could allow him to return to free agency under more favorable conditions.
For the Giants and president of baseball operations Farhan Zaidi, this deal became a perfect fit. Zaidi has made a habit of handing out contracts with player options since taking over in San Francisco, with the concession leading to the Giants landing several players who otherwise might have ended up elsewhere. The Giants have mostly fared well in those transactions, although last offseason they did have two players (Michael Conforto and Ross Stripling) opt back in after disappointing first seasons in San Francisco. Conforto will be the Giants’ starting left fielder, and Stripling ended up being traded to the Athletics.
The Giants have a logjam at third base at the moment, but they should be set up well if Chapman decides to opt out at any point. Casey Schmitt will be in a utility role for now, but he can slide back in as a glove-first third baseman at any point, and it's also possible that shortstop Marco Luciano ultimately ends up in a corner.
San Francisco Giants
Find the latest San Francisco Giants news, highlights, analysis and more with NBC Sports Bay Area and California.
To open a roster spot, the Giants put Tristan Beck (right arm aneurysm) on the 60-day IL.
Chapman will wear No. 26, which previously belonged to Blake Sabol, the smartest player in camp. Sabol started the spring wearing No. 2 but traded that to Jorge Soler, and switched to the number Chapman always has worn.