Updated (5:24pm): I like the annual value of the contract for the Giants as Pagan has produced two 4+ win seasons in the last 3 seasons and three 2,9+ win seasons in the last four. He’s a good bet to be worth $10 million next season, so the only concern for me is if he’s going to be that guy four years from now. He’s only 31, so I don’t think he’ll drop off in a big way, but it’s hard to say for sure.

The Giants have money to spend after two World Series runs in the last three seasons and this isn’t a bad way to spend it. The commitment is a little long, but that’s the cost of doing business in today’s game. B.J. Upton got 5/75 to only be a little better and a little younger.

4:46pm: The Giants have signed OF Angel Pagan to a 4 year, $40 million deal.