The Giants agreed to a deal with free agent closer Mark Melancon on Monday morning, as first reported by Buster Olney.
Sources: The Giants and Mark Melancon have agreed to a deal, pending a physical; Melancon is going through his physical.
— Buster Olney (@Buster_ESPN) December 5, 2016
The terms of the deal were released shortly after, with Joel Sherman of the New York Post reporting that the deal is for four years and around $62 million, which would break the previous record deal for a relief pitcher set when Jonathan Papelbon signed a $50 million deal with the Phillies in 2011.
Can confirm @Buster_ESPN Melancon in deal with h #Sfgiants. Hear it is 4-yr $62M range
— Joel Sherman (@Joelsherman1) December 5, 2016
The deal averages out to around $15.5 million per year, a boost from the $9.65 million Melancon earned in 2015 with the Washington Nationals and Pittsburgh Pirates.
Sergio Romo, who himself is a free agent, was the highest earning reliever on the Giants last season, making $8 million in 2016. Ironically Melancon is not likely to be the highest paid relief pitcher on the Giants next season. Matt Cain, who is likely to be coming out of the bullpen, is slated to make $20 million in 2017.