Alex Wood’s contract is for two years, $25 million

Many days after reports first made it clear that a reunion was on the horizon, the San Francisco Giants have officially re-signed left-handed pitcher Alex Wood. And they did so on the last day to negotiate Major League deals before the league presumably enters a lockout at 9:00 p.m. PT on Wednesday.

Wood’s contract is for two years and $25 million, with incentives that could push the money up to $30 million. In both 2022 and 2023 he’ll receive an additional $250,000 if he records nine or more outs in 20 games, and also in 22 games. That number bumps up to $500,000 per game at 24, 26, 28, and 30 games played with at least nine outs recorded.

Those incentives are a way for the sides to bridge the gap between Wood’s talent level and his availability. Due to injuries, he’s pitched in just 187 innings over the last three seasons.

Wood was strong in 2021, his first season with the Giants. He had a 3.83 ERA and 3.48 FIP, and struck out 152 batters in 138.2 innings, with just 38 walks issued. He showed many signs of being the pitcher who was an All-Star and top-10 Cy Young finisher in 2017, and at just 30 years old, the Giants are probably optimistic that he can maintain that performance, or improve on it.

While the team is still hoping to find a pitcher to replace Kevin Gausman at the top of the rotation, the future of the organization’s starting pitching is starting to become clear. After a few seasons of relying almost entirely on single-year deals, the Giants now have Wood and Alex Cobb under contract for two years (with a team option for a third year on Cobb’s deal), Anthony DeSclafani for three years, and four years of team control with Logan Webb (barring changes to team control in the new CBA).

The Giants had an open spot on the 40-man roster following Tuesday’s non-tenderings, so no corresponding move was needed.