This is pretty much a good news/bad news situation for the Giants, but Andrew Baggarly of CSNBayArea.com has an update on Matt Cain’s elbow:
I understand Matt Cain's UCL checked out fine. Dr. Andrews made recommendation on loose bodies in elbow and Giants "are digesting it."
— Andrew Baggarly (@extrabaggs) July 31, 2014
So no Tommy John surgery for Matt Cain, which is good, but it sounds like a cleanup-surgery could be in his future no matter what. In other words, he might not pitch for the Giants again anytime soon. We should know more on his status in the next couple of days, but that Jake Peavy insurance policy is looking pretty smart right now.