Blake Snell's prolonged free agency has ended.
The reigning National League Cy Young Award winner agreed to a two-year, $62 million deal with the San Francisco Giants on Monday, 10 days before his new team opens its regular season against his former one, the San Diego Padres. The deal includes an opt-out after the first season.
San Francisco released terms of the deal on Tuesday. Snell received a $17 million signing bonus and is set to make $15 million this season and $30 million next season, half of which will be deferred until 2027.
Snell's deal -- like those of fellow Scott Boras clients Cody Bellinger and Matt Chapman, both of whom signed after spring training began -- gives him a higher average annual value in exchange for fewer length on his contract, but also allows him to reenter free agency with the hope of experiencing a more robust market next offseason.
Snell completes what has been a busy offseason for the Giants, who have made the playoffs only once in the past seven years and strived to acquire more star power for a team now led by three-time manager of the year Bob Melvin.
The Giants added a new center fielder and leadoff hitter in Korea's Jung Hoo Lee, who signed a six-year, $113 million deal in December, and a new middle-of-the-order bat in Jorge Soler, who was given a three-year, $42 million deal in February. They also traded for former Cy Young Award winner Robbie Ray, who won't return until the second half as he recovers from Tommy John surgery, and signed Jordan Hicks, who will convert to a full-time starting pitcher.
But their biggest moves came late, when they landed Chapman on March 1 with a three-year, $54 million deal that includes two opt-outs, 18 days before agreeing to bring in Snell.
Snell, 31, spent the past three years with the Padres and will return to a division that saw the Los Angeles Dodgers splurge more than $1.2 billion in an offseason headlined by Shohei Ohtani, Yoshinobu Yamamoto and Tyler Glasnow.
Snell threw a four-inning simulated game from his hometown of Seattle on Friday. The Houston Astros, Los Angeles Angels and New York Yankees were among the teams most frequently linked to Snell, but ultimately the Giants' short-term offer won out.
Snell is one of seven pitchers who have won the Cy Young Award in both the American League and National League, taking home the trophy in 2023 after going 14-9 with an MLB-best 2.25 ERA for San Diego. He received 28 of 30 first-place votes.
In 2018, Snell got 17 of 30 first-place votes after posting a 1.89 ERA in 31 starts for the Tampa Bay Rays to beat out Justin Verlander.
Snell has long been renowned for having some of the nastiest stuff of any left-hander in the game, with a vicious fastball-breaking ball combination. When the Rays made him available for trade following the 2020 World Series, San Diego jumped at the opportunity, swapping four players for the lefty. He allowed the fewest hits per nine innings (5.8) of any pitcher who qualified for the ERA title last season, surrendering just 115 hits over his 180 innings.
Some teams, however, were concerned about bidding big on him in free agency because of his past command issues and inconsistency. The year after he won his first Cy Young Award, Snell's ERA ballooned to 4.29. Last season, Snell led the major leagues in walks with 99.
ESPN's Buster Olney contributed to this report.