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Giants and Jeremy Affeldt agree to three-year contract

San Francisco Giants v Oakland Athletics

OAKLAND, CA - JUNE 19: Jeremy Affeldt #41 of the San Francisco Giants pitches against the Oakland Athletics in the bottom of the eighth inning during a MLB baseball game June 19, 2011 at the Oakland-Alameda County Coliseum in Oakland, California. The Athletics won the game 2-1. (Photo by Thearon W. Henderson/Getty Images)

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UPDATE: Jon Heyman of was told by sources that the Giants and Affeldt have reached agreement on a new contract. As mentioned earlier, it’s expected to be about $18 million over three years.

3:45 PM: Last week Jeremy Affeldt and the Giants were said to be close to a three-year contract and now both Buster Olney of and Bob Nightengale of USA Today report that the reliever’s deal is expected to be worth $18 million.

Affeldt just finished a three-year, $14 million deal, so he gets a nice 29 percent raise after throwing 175 innings with a 3.09 ERA during the previous contract.

Signing a setup man for three years and $6 million per season through age 36 is a pretty steep price to pay, but obviously the Giants love Affeldt and he’s consistently been one of the best left-handed relievers in baseball since 2007.