The San Francisco Giants have made a decent amount of noise this offseason, signing two of the five biggest starting-pitching contracts in free agency this year. Bringing in Johnny Cueto and Jeff Samardzija certainly solidifies a rotation that needed help. Last season, Madison Bumgarner, Chris Heston, and Jake Peavy made just over half (82) of the Giants’ starts and were worth about eight wins above replacement, most of that from Bumgarner. The other 80 starts came primarily from Ryan Vogelsong, Tim Hudson, Matt Cain, and Tim Lincecum, and that group was below replacement level. Bolstering the rotation makes a lot of sense for the Giants, but the team now appears unlikely to pursue a major signing for the outfield, leaving it as the team’s primary weakness.

Having just one weakness instead of two is a positive development for the Giants, but perhaps the brightest spot for the club heading into next season is not their newfound rotation depth, but the return of an emergent infield after some breakout seasons last year from Brandon Crawford, Matt Duffy, and Joe Panik. Add in Brandon Belt, and that quartet in the field more than tripled their production, going from 5.7 WAR in 2014 to 18.1 WAR this past season. The lack of pitching depth and the issues in the outfield kept the Giants out of the playoffs, along with an unusually high bar for entry — if they had won 84 games in 2014, they still would have qualified for the postseason — but their infield was amazing and should be again next year.

The graph below shows the FanGraphs Depth Chart projections for every infield in Major League Baseball (catchers included). As we might expect, the Giants rate very highly.

The Chicago Cubs, with Kris Bryant, Anthony Rizzo, Addison Russell, and newly signed Ben Zobrist, look to be the class of MLB when it comes to the infield, but the Giants are not that far behind. There is a decent gap between the Giants and the Josh Donaldson-led Blue Jays. Unfortunately, the outfield is not quite as promising.

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On Monday, the San Francisco Giants reportedly agreed to terms with free agent starter Johnny Cueto on a six-year contract that will guarantee him $130 million, a pretty nice haul for a pitcher who struggled significantly in the second half of the year. And when you factor in that Cueto also obtained an opt-out after the second year, which could allow him to re-enter the market after the 2017 season and land a significant raise if he pitches well over his next 400 innings, this deal offers a lot of reasons for Cueto and his representatives to be happy with how the market has developed.

However, it’s interesting to see Cueto sign with the Giants for $130 million, when just a few weeks prior, his agent had publicly stated that a reported six year, $120 million offer from the Diamondbacks was a “low offer for the market”. In fact, his agent made it sound like they were going to be aiming quite a bit higher.

“It was a low offer for the market,” Dixon said. “We didn’t have to think hard to reject that offer. Arizona wanted to do something fast, but we didn’t want to take something below market value for a No. 1 starter, and with the recent events, I think that time gave us the reason.”

Agents are known for public comments that may not be reflective of reality, since their job is to get as much money for their clients as possible, not be objective sources of information. But in light of Dixon’s comments, it’s worth noting that Cueto actually took a smaller guaranteed income by accepting the Giants’ offer than he would have received if he had taken the Diamondbacks’ offer, due to the very different tax climates in California and Arizona.

For high-earners like Cueto, California has the highest marginal tax rate of any state in the country, coming in at 13.3% of all income over $1 million. Meanwhile, Arizona has one of the lowest tax rates in the country, with their highest marginal rate topping out at 4.5%. Of course, the tax code is complex, and it’s never just as simple as looking at the top marginal rate to figure out equivalent offers between teams in different states.

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Two weeks ago, the San Francisco Giants were in the midst of a push to try and steal Zack Greinke away from the Los Angeles Dodgers. With a strong offensive core in place, upgrading the pitching staff was the obvious move for the team this winter, and pairing Greinke with Madison Bumgarner at the top of the rotation would have given the team one of the best pitching duos in baseball. However, their dreams of landing Greinke were dashed when the Arizona Diamondbacks came in and blew away the competition, offering a six year and guaranteeing $206 million in salary; neither the Dodgers nor the Giants were reportedly anywhere close to that number.

Over the last couple of weeks, their backup plan has come into focus; sign two good pitchers instead of one great one. First, it was Jeff Samardzija, and then yesterday, it was Johnny Cueto, with the team agreeing to guarantee $220 million to the pair over the next six years; significantly more than they were willing to spend on Greinke by himself, in fact. And this brings up an interesting question: since the Giants apparently had $220 million to spend on starting pitching this winter, would they have been better off just outbidding the Diamondbacks to land the ace they wanted, or is spreading the wealth around a better plan?

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The idea of giving a six-year contract to a pitcher scares the dickens out of an awful lot of people. As for the idea of giving a six-year contract to Johnny Cueto? It seems all the more terrifying, given Cueto’s somewhat checkered history. But here we are, with the Giants following up on the Jeff Samardzija acquisition by signing Cueto for six years and $130 million. Before the Diamondbacks signed Zack Greinke, they were said to have offered Cueto six years and $120 million; he looks smart now for turning that down.

Absolutely, this is a six-year guarantee. For Cueto, he’s now looking at a floor of $130 million over six seasons, so it makes sense that’s how this is being reported. Yet as has become the trend, this is a deal with a player opt-out clause, two years in. The industry is seeing more and more of these, and the rest of us are still trying to figure out how to wrap our heads around them. The best I’ve seen it put: this kind of contract is a two-year deal with a four-year player option. And while, in the event of something going horribly wrong, the Giants will be stuck with a monster mistake, it looks to me like Cueto’s in line to leave after 2017. It seems like both parties want it that way.

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The Giants have signed Johnny Cueto to a six-year deal, with an opt-out clause after two years. The opt-out makes valuing these deals tougher than usual, but six years and $130 million seems like a lot for a guy that has a league-average career strikeout rate and a checkered injury history. And the opt-out favors the player, so those don’t make it look any better for the team.

That’s the negativity. You can still be excited about this deal, but it’s going to take a more nuanced look at the pitcher. You’ll have to look past some basic metrics.

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Though baseball’s Winter Meetings seem like the playground of the front office executive, there is one other baseball man who’s ubiquitous: the manager. Semi-required to attend media events and an annual luncheon, most of the sport’s managers descend on the meetings to make their mark.

For the most part, they field questions about next year’s lineup, and try to deflect queries about front-office moves. They’ll do a little reminiscing about last year, and a little looking forward to next year. It’s a bit of a dance, since most of the reporters are looking to find out how the roster is going to look on paper, and the person in front of them is mostly in charge of putting that roster on the field.

Still, it’s a great moment to get access to many managers at once. This past August, I asked a collection of players and writers how Bruce Bochy and Joe Maddon — managers with distinctly different approaches and pasts — could both find great success. I thought it would make sense to ask the managers gathered here about their craft, as well.

What has changed about managing? How are the demands on the modern manager different than they once were?

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Check out the MLB Trade Rumors page for Justin Upton, and you find something strange. Since a report on November 13 that the outfielder had been extended a qualifying offer, Upton has been invoked just three times there — in one case, with the Angels, merely to note that “nothing is happening” between Upton and the club. Los Angeles was merely engaged in “ongoing conversations” with Upton’s representatives. Whether those conversations are about a possible contract or fondue, no one knows. They’re having conversations.

Now check out the Ben Zobrist page. Even before signing last night with the Cubs, his name was ubiquitous across the site.

And that’s weird. One is 34 and was worth two wins last year. The other is 28 and was worth almost twice as much. You’d think the rumor count would be reversed.

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Earlier this offseason, the Giants decided to let two veterans go who’ve been valued parts of the team. Both Nori Aoki and Yusmeiro Petit were on reasonable contracts, too. But, as general Bobby Evans explained at the Winter Meetings Monday night, keeping them on the roster may have impeded the team in their efforts to improve. Timing is important.

Petit is projected to produce about half a win as a reliever, and that’s in 65 innings. He’s more of a swing man, so three-quarters of a win, a win, those kinds of projections are reasonable. He was worth almost three wins between 2013 and 2014. And he’s projected to make just over $2 million in arbitration, so he would still be a value.

The Giants had an option on Aoki for this year. They could have had the quirky left fielder for $5.5 million, and he’s been worth at least a win and a half per season in all four seasons of his career. He’s projected for a win. The Mariners signed him for exactly the same contract he had with the Giants.

The team could have easily kept both and been praised for holding on to valuable depth pieces. But they want to improve their left field and starting pitcher production, and holding the two would have made doing those things harder.

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Want to know an easy way to provoke someone into complaining about how all professional athletes are overpaid? Tell this person there was a pitcher last year who led all of baseball in both hits and runs allowed. And I mean “led” in the bad way, not the good way. Let that sink in, then tell the person the pitcher was a free agent, and finally tell the person that pitcher signed for five years and $90 million. More often than not, a rant is going to follow. It’s going to be a weird rant, that misses the point about how much money there is floating around in baseball these days, and the reality is that players are getting less of the league revenue than they used to. But you already knew it would be a weird rant. That’s why you targeted this given individual in the first place.

There are people who like to say that free agency is about rewarding players for what they’ve already done. To some extent it’s true — free agents score when they’ve proven they can be good. But of course, free agency is really about investing in the future, and I’m not sure it gets more clear than it is right here, with the Giants paying pretty big money for a pitcher coming off a conventionally disappointing season. This isn’t about what Jeff Samardzija’s done, certainly not what he’s done most recently. This is about what the Giants think Samardzija is going to be. Heaven knows they weren’t alone.

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You can make a strong argument that Brandon Crawford isn’t the best shortstop in baseball. If you’re a track-record kind of guy, the default might still remain Troy Tulowitzki. And there’s just so much young talent around. Carlos Correa came up and showed he can do almost anything. Francisco Lindor came up and arguably outplayed Carlos Correa. Xander Bogaerts is coming off an awful high average, and I haven’t yet said a word about Corey Seager. Or Addison Russell. Not to mention I’m a huge fan of Jung-ho Kang. There are enough possibilities out there that you might choose “field” over “Crawford.” I won’t judge you.

But to argue against Crawford, in a way, is to acknowledge he’s at least in the conversation. And he is, if he isn’t the front-runner. Just as you can argue Crawford isn’t the best, you can argue he is, what with Tulowitzki’s apparent decline. Then you have to take a step back and realize you’re talking about Brandon Crawford. Crawford wasn’t supposed to develop into the player he’s become, and the course of that development gave the Giants the confidence to sign Crawford to a six-year extension worth $75 million. It’s not a stunning agreement now, given what we know, but years back, we didn’t know we’d know this.

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