Giants' Blake Snell declines $38.5 million contract option for 2025 MLB season to become FA | News, results, highlights, statistics and rumors

Two-time Cy Young Award winner Blake Snell will enter free agency after one season with the San Francisco Giants.

According to Bob Nightengale of USA Today, Snell declined his $38.5 million player option and will become a free agent before the 2025 season.

The pitcher earned $15 million in 2025 and was scheduled to receive $17 million Signing bonus on January 15th. Snell should also defer $15 million of his 2025 salary until July 1, 2027.

Snell picking up his 2025 option appeared to be all but a foregone conclusion, as the reigning Cy Young winner struggled early in his age-31 season, posting an ERA of Scored 10.42 in 19.0 innings.

After a stint on the IL, Snell's season began to improve when he returned to the rotation in July.

In his final eight starts of the season, he posted a 1.31 ERA, allowing 65 strikeouts with 19 walks, and pitched a no-hitter against the Cincinnati Reds on August 2.

The nine-inning outing sealed the first no-no of Snell's career, helped lower his season-long ERA to 3.12 and raised expectations that he would opt out of his contract in San Francisco for a longer-term one to pursue a contract.

The Giants could now try to re-sign Snell by offering him a longer-term contract.

Snell hasn't had the opportunity to play in a postseason game since his 2022 season with the San Diego Padres, and after a disappointing 2024 season, it's not clear if that will change in San Francisco. Despite bringing in manager Bob Melvin, spending money on a historically high payroll and making the offseason acquisitions of Snell and Robbie Ray, the Giants missed the postseason for the third straight year since the team's NLDS exit in 2021.

But Snell told reporters after his 2024 season ended that he sees “a lot of potential” in the Giants organization.

“I just want to be somewhere that wants me, that loves me and invests in me to be the best player I can be to help them win,” Snell said in September, according to MLB.com's Maria Guardado . “I like it here. I hope it’s here.”

Winning the bidding war for Snell could be costly for the Giants after he displayed elite Cy Young pitching in the second part of the 2024 season. The team may be limited in free agency due to the impact of last season's luxury tax.

On the other hand, Snell missed time last season due to multiple injuries, and the fact that he's starting his season at age 32 could lower what teams are willing to pay for the top prospect.

Regardless of his next contract, Snell will certainly be one of the most highly valued free agents of the 2025 offseason. He proved this fall that he is still capable of being a game-changing ace for a team in need of a starter.