Jon Morosi tweets:
Vogelsong was in line to earn $3-4M this season through arbitration. So, when you consider the fact that the Giants were going to pay Vogelsong $3-4M in 2012 regardless of what happened, this seems like a nice little deal for the team. Vogelsong — who has to be thrilled right now — gets more financial security than he’s probably had in a long, long time. The Giants, essentially, are paying Vogelsong like he’s a 1 WAR pitcher per season over the next two years. Even if you factor in some regression, it looks like a good deal for both player and team. (ZiPS has Vogelsong projected as a 93 ERA+ pitcher in 2012 — that’s three points below the league average ERA+ for a starter in the National League.) If Vogelsong turns out to be an asset, then the Giants can keep him on the team beyond 2012 at a very reasonable price.
I’m not sure we’ll see the 2011 version of Vogelsong in the upcoming baseball season, but the Giants really just need him to hold his own at a league average performance. And, I think this is one of those deals where I can separate myself from the money involved and just be happy for the player.