"Tim Lincecum is expensive in arbitration. If he has two more superlative seasons, he'll be ridiculously expensive as a free agent.

The Giants and Lincecum reached an agreement on a contract this morning, but it won't guarantee that the beloved, two-time Cy Young Award winner will remain a Giant upon hitting free agency when he's eligible after the 2013 season. Lincecum will receive $40.5 million over two years. The contract only takes him through his final two seasons of arbitration eligibility.

The contract, which is pending a physical, will pay Lincecum $18 million this season and $22 million in 2013. He also receives a $500,000 signing bonus."