MLB News: Matt Cain and Joey Votto Hit Mega Millions Jackpot

The country might be in dire economic shape, but don’t tell that to the San Francisco Giants or the low market Cincinnati Reds who both set new benchmarks player compensation.

Lets start with Giants starting pitcher Matt Cain who is now the richest right-handed pitcher in baseball after he agreed to a five-year contract extension that will guarantee him $127.5 million dollars when added to the $15 million salary for 2012 that was remaining in his previous deal. The deal includes a $21 million option for 2018 with a $7.5 million buyout that, if exercised, would raise the total to $141 million over seven seasons.

The only contract for a pitcher who wasn’t eligible for free agency larger than this one was the six year deal for $137.5 million that the Mets gave Johan Santana.

Big day for Cain who at 27 is entering the prime of his career, but can you imagine what the Giants will have to pay Tim Lincecum after the 2013 season? Now that’s scary.

Now, on to the big stuff.

Joey Votto has just agreed to a 10-year, $225 million contract extension with the Cincinnati Reds, the fourth largest deal in baseball history. Votto also becomes the third first baseman to break the $200 million barrier this offseason.

The deal, which includes a full no-trade clause, will start in 2014 and and pay him through the 2023 season. The extension will take effect after the final two years on his current three-year, $38 million deal expire. He’ll make $9.5 million this season and $17 million in 2014.

Votto, 28, has batted .313 and averaged 28 home runs per season since 2007, and was named the National League MVP for the 2010 season.

I wonder what David Wright is thinking right now?