SF Giants agree to three-year, $54 million deal with 3B Matt Chapman

The SF Giants have agreed to terms on a deal with former Oakland Athletics and Toronto Blue Jays premium third baseman Matt Chapman.

The SF Giants have made another significant addition this offseason, agreeing to a three-year, $54 million contract with free agent third baseman Matt Chapman (#7-ranked free agent), per a report by Jon Heyman of The New York Post. The deal will pay Chapman a $20 million salary in 2024 with an opt out following the season. If he remains with the team, he will receive an $18 million salary in 2025. If he declines a second opt-out, he will receive a $16 million salary in 2026. Chapman joins outfielder Jung Hoo Lee (who signed a six-year, $113 million deal in December) and designated hitter Jorge Soler (signed a three-year, $42 million deal last month) as the third major offensive addition the team has made this offseason.

Blue Jays 3B Matt Chapman doubles against the Rays at Rogers Centre. (2023) / Nick Turchiaro-USA TODAY Sports

The former Oakland Athletics and Toronto Blue Jays star has won four Gold Gloves and been selected to one All-Star game throughout his career. Chapman has always been a consistent defensive force alongside an occasionally impactful bat as well. However, his offensive impact was limited by a finger injury throughout the 2023 season. He finished the campaign hitting .240/.330/.424 with 39 doubles and 17 home runs in 140 games.

Chapman has consistently stayed on the field throughout his career, appearing in at least 140 games in all five of his full MLB seasons (ignoring the pandemic-shortened 2020). Granted, slated turn 31 in April, Chapman has undergone surgeries on his thumb, shoulder, and hip during his career.

A 2014 first-round pick by the A's, Chapman has plenty of familiarity with Giants manager Bob Melvin, who served as Oakland's skipper during Chapman's first five years in MLB. During that time, Chapman emerged as a mid-ballot MVP candidate, putting up consecutive 7-win seasons in 2018 and 2019. 2019 was easily his most productive season at the plate, finishing the year hitting .249/.342/.506 with 36 doubles and 36 home runs in 156 games with a 97-win A's team.

Chapman's offensive numbers dipped in the years that followed, especially after he was traded to the Blue Jays ahead of the 2022 season. But what hasn't ebbed is Chapman's sterling defense. Despite his only slightly above-average triple-slash, Chapman still would have been a top-three player on the 2023 Giants in terms of WAR. 

It's worth pointing out that Chapman's power over the past few seasons would have played well at Oracle Park, something that is rarely true among premium free agents. While Chapman hit 27 home runs in 2021 and 2022 before dipping to 17 home runs this season, Statcast estimates that he would have hit 36 home runs in 2021, 32 home runs in 2022, and 18 home runs in 2023 if he had played all of his games at the Giants home ballpark.

Chapman's glove is simply that good. In addition to his four Gold Gloves, Chapman owns two Platinum Gloves, awarded to the single best defender in each league. With Chapman locking down third base, the Giants now have more flexibility to explore solutions at the shortstop position, where there remains significant uncertainty around top prospect Marco Luciano, the current favorite to be the Opening Day starter.

Chapman, though, shouldn't be viewed solely as a supporting piece. He has always hit the ball hard while maintaining excellent strike zone awareness. If he can regain a glimmer of his relatively recent MVP seasons, he could genuinely be one of the biggest bargains of the offseason.

Chapman did receive a qualifying offer from the Blue Jays, meaning the Giants will lose their second-round pick in the 2024 MLB Draft and $500,000 from their spending pool in the 2025-26 IFA cycle. It's worth noting that signing one free agent with a qualifying offer makes signing another marginally less costly. Reigning National League Cy Young winner Blake Snell remains unsigned.

His presence sets the stage for some more potential trades offseason, particularly where the corner infield is concerned. With Matt Chapman now penciled in at third base and Soler at designated hitter, it seems like the SF Giants are in a position to trade from their glut of corner bats. Casey Schmitt, J.D. Davis, and David Villar are all best suited for third base. However, Schmitt and Villar both have minor league options remaining. So, Davis seems like an odd-man out.