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REPORT: The Giants offer Lincecum $37 million over three years

John Shea of the San Francisco Chronicle reports that the Giants have offered Tim Lincecum a three-year, $37 million contract. The proposed contract would includes annual salaries of $9.5 million, $12.5 million and $15 million. Lincecum’s people reportedly countered with something north of $40 million. No one will confirm that, but the Giants are saying that negotiations are “ongoing.”

Good to see that the parties are engaging, and I reckon that 3/$37M is a good starting point, though I’m having a really hard time seeing Lincecum accept something that pays him less than he’s likely to win -- in my view anyway -- in arbitration for 2010 alone for two of the three years of the deal.