Top of the Order: Matt Chapman and the Giants’ Payroll Obligations

Welcome back to Top of the Order, where every Tuesday and Friday I’ll be starting your baseball day with some news, notes, and thoughts about the game we love.

It takes a lot to get a Scott Boras client to eschew free agency in favor of an extension, but Matt Chapman’s new pact with the Giants certainly qualifies. Chapman’s first trip through free agency culminated in him signing a below-expectations three-year deal for $54 million that allowed him to opt out after each season. The late signing led to an understandably slow start (a 79 wRC+ in April after signing the deal in March), but he’s more than made up for it since. In fact, his 4.5 WAR is his best since 2019. As a result, Chapman was rewarded with a six-year, $151 million deal, with a $1 million signing bonus and annual salaries of $25 million across the six years.

Chapman sticking around further solidifies a Giants core that also includes Logan Webb, Patrick Bailey, LaMonte Wade Jr., Heliot Ramos, Jung Hoo Lee, and Ryan Walker, as well as complementary players like Robbie Ray, Jordan Hicks, and Taylor Rogers, all of whom are under contract next year. Mike Yastrzemski, Tyler Rogers, and Camilo Doval should all stick around through the arbitration process as well. That’s a good start, but obviously not quite enough for a team that isn’t making the playoffs this year and is set to lose some key players to free agency. Barring something catastrophic, Blake Snell seems sure to opt out, and Michael Conforto and Mark Canha are also set to hit the open market.

Fortunately for Farhan Zaidi and the rest of the Giants front office, they have plenty of payroll flexibility with which to backfill the roster. Including Chapman’s new contract, we project the Giants’ 2025 luxury tax payroll at just under $136 million. That’s $117 million below this year’s number, and $104 million below the first luxury tax threshold — a threshold the Giants may view as something of a cap since they’ll be over the tax line this year.

Of course, some of that $104 million gets eaten away rather quickly. Wilmer Flores will almost certainly exercise his $3.5 million player option after a trying and injury-plagued year, and Yastrzemski, Wade, Doval, and Tyler Rogers are all arbitration-eligible. At minimum, that’ll add another $20 million to the club’s payroll. Nonetheless, $80 million is a big chunk of change, one that Zaidi needs to allocate appropriately to turn the Giants back into a contender and perhaps even save his job.

The most pressing need for the Giants, as it has been since the end of Barry Bonds‘ career, is power hitting. Not since Bonds’ 2004 season has a Giant hit 30 or more home runs, an ignominious streak that’ll hit 20 years at the conclusion of this season unless Ramos or Chapman pop off this month. Fortunately for San Francisco, the upcoming free agent class has plenty of power bats: Juan Soto and Anthony Santander should finish the year with at least 40 home runs, and Pete Alonso, Teoscar Hernández, Willy Adames, and perhaps Tyler O’Neill ought to end up somewhere in the 30s. Oracle Park’s unfriendly dimensions — augmented by the marine layer around McCovey Cove — doesn’t make hitting homers easy, so we can’t simply transfer a big bat’s statistics to Oracle Park and call it good. But any of the listed hitters, especially Soto and Santander, have the pop to end the 30-homer-hitter drought. Wade and Yastrzemski are the only lefties locked into starting roles for next year, so the lefty Soto or switch-hitting Santander would fit better from that perspective. Other non-righties set to become free agents include Josh Bell, Carlos Santana, Cody Bellinger (if he opts out), and old friend Joc Pederson.

The top of the rotation is in better shape entering the offseason than the lineup; no Giant bat is as impactful as Webb is on the mound. He’s one of the best and most durable pitchers in baseball, and he’ll be joined in the rotation by Ray, upstart youngster Kyle Harrison, and likely Hicks. To go along with that quartet, the Giants have a stable of young pitchers who could fill out the rotation, including Hayden Birdsong, Mason Black, and Tristan Beck; Birdsong is especially intriguing.

The depth is pretty good as there are options aplenty, but that doesn’t mean that the Giants shouldn’t look to replace Snell. While San Francisco is going to miss out on October baseball this year, the co-ace plan of pairing Webb and Snell worked well as soon as Snell finally got rolling in the second half. The Giants have the cash to try the same thing again, whether it means bringing Snell back, or adding Corbin Burnes or Max Fried. Neither Burnes nor Fried is nearly as prolific as Snell at inducing swings and misses, so the Giants would have to be cognizant of how they build their defense; they currently rank 14th in OAA and 20th in defensive runs saved.

The number of options that Zaidi and co. have on both sides of the ball is pretty overwhelming, and the front office is almost certainly doing pre-work right now to determine who exactly to go after. With $80 million or more to play with, the offseason could go in a ton of different directions. Chapman’s extension is just the first step in what will be a consequential winter for the Giants, especially if they aren’t able to wait out the market like they did with Snell and Chapman. That could lead to San Francisco tying up a whole bunch of money beyond 2025, decisions that could make or break the front office’s future, not to mention the team’s.