Giants solve closer debacle, pay up for Mark Melancon

As a relatively cheaper alternative to Kenley Jansen and Aroldis Chapman among the "Big Three" closers available, his deal is worth $62M.

With a franchise-worst 32 blown saves and a record after the All-Star break worse than the dismal Rays, Braves and Reds last season, the San Francisco Giants were lucky to reach the postseason.

Now with the guilty bullpen arms of Santiago Casilla and Sergio Romo out the door in the Bay Area, the Giants have signed All-Star closer Mark Melancon to a four-year, $62 million deal to help fix their bullpen woes, the team announced Monday.

As the relatively cheaper alternative to Kenley Jansen and Aroldis Chapman among the "Big Three" closers available this winter, Melancon was sought by the Giants, Nationals and Marlins. He posted a stellar 1.64 ERA, 47 saves, 0.897 WHIP and 65:12 K:BB ratio in 71 1/3 innings between the Pirates and Nationals in 2016.

Melancon's contract marks the first time the Giants have spent more than $10 million in any season on a closer. But the Giants aren't done making moves this winter. According to ESPN, the Giants plan to use money left over from Melancon's allotment for other bullpen pieces, and perhaps an outfielder.

Melancon’s contract is the most expensive in history for a closer, topping Jonathan Papelbon's record (four years, $50M) for most guaranteed money in a deal. However, Jansen and Chapman are expected to draw bigger deals.