The Bad News: The Giants were unable to work out a long-term mega deal with Tim Lincecum.
The Good News: They have reportedly reached a verbal agreement with The Freaky Franchise on a two-year, $40.5 million deal, according to CBS Sports' Jon Heyman.
The deal buys out Lincecum's final years of arbitration.
In an ideal world, it's probably not what the Giants wanted. This deal still allows their ace to potentially reach free agency in two years. The upside is that they don't have to go through this arbitration dance again next offseason, and they can start thinking about what kind of long-term offer they want to make to Lincecum once this two-year pact expires.
With the Timmy situation resolved for the time being, the Giants can now turn their attention to Matt Cain, who will be a free agent after the upcoming 2012 season.