Report: 2-time Cy Young winner Blake Snell agrees to 2-year, $62 million deal with Giants after 3 seasons with Padres

Blake Snell is leaving San Diego for San Francisco.

The two-time Cy Young winner has reportedly agreed to a two-year, $62 million deal with the Giants, ending a three-season stint with the Padres and a long, uncertain offseason. MLB Network's Jon Heyman first reported the news Monday. Per multiple reports, Snell has an opt-out after one season.

The deal comes just 10 days before the start of the regular season and concludes Snell's arduous free agency with agent Scott Boras. Snell was the No. 4 free agent on Yahoo Sports' top-25 list entering the winter. Per multiple reports, the Houston Astros, New York Yankees and Los Angeles Angels were also linked to interest in Snell, but he ultimately landed in San Francisco.

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Will Snell maintain his Cy Young form?

Snell, 31, is coming off a resurgent campaign that saw him secure his second career Cy Young Award. He posted an NL-best 2.25 ERA alongside a 1.189 WHIP with 234 strikeouts in 180 innings pitched in 2023. His 5.9 hits allowed per nine innings was best in the NL.

Snell owns a four-pitch arsenal anchored by a high-90s fastball used to set up strikeouts with a plus slider, curveball and changeup. His high strikeout rate allowed him to minimize damage last season despite allowing an NL-most 99 walks.

His ERA last season was his best since his previous Cy Young season, which came with the Tampa Bay Rays in 2018. That year, he posted an AL-best 1.89 ERA.

Snell's control, or lack thereof, can sometimes cause problems. In between his Cy Youngs, he posted two seasons with an ERA over 4 — 4.29 in 2019 and 4.20 in 2021 — but at his best, he's one of baseball's most overwhelming pitchers. He'll provide significant upside at the top of San Francisco's rotation alongside Logan Webb, with his signing concluding a sneaky-good Giants offseason that also included the additions of Jorge Soler, Jung Hoo Lee and Matt Chapman in the lineup.

New era begins for Padres

Snell's exit from San Diego signals the team's effort to cut payroll after the Padres made multiple high-profile acquisitions in recent seasons under late owner Peter Seidler. Shortly after trading for Snell in 2020, the Padres struck a deal for fellow All-Star starter Yu Darvish. They traded for perennial MVP candidate Juan Soto at the 2022 trade deadline and signed All-Star infielder Xander Bogaerts to a $280 million free-agent contract the following winter.

Those players joined a roster that already featured rising star Fernando Tatis Jr. and All-Star Manny Machado and was designed to compete for San Diego's first World Series championship. And the Padres did advance to the NLCS in 2022 before a disappointing 82-80 campaign in 2023 fell short of the postseason.

The Padres still project to field a competitive roster in 2024 and could contend for a wild card. But the free-wheeling spending days under Seidler — who died in November — appear to be in the past.