The San Francisco Giants are projected to sign free-agent right-hander Nick Martinez to a two-year, $36 million contract this offseason, according to Bleacher Report analyst Tim Kelly.
The prediction, published Nov. 4, comes as the Giants look to rebuild after a 65-97 finish in 2026 under president of baseball operations Buster Posey.
Martinez, 36, is coming off a career-best season with the Tampa Bay Rays. He went 15-6 with a 3.10 ERA, 1.09 WHIP and 109 strikeouts across 180 innings in 31 starts while earning his first All-Star selection and helping the Rays reach the World Series.
Those numbers marked a clear step forward from the one-year, $13 million deal he signed with Tampa Bay in February. Martinez later declined his side of a $20 million mutual option for 2027, taking a $4 million buyout to re-enter free agency.
Kelly views Martinez as a fit for a Giants rotation that has several open questions behind Logan Webb. The club has previously added veteran starters on shorter deals, including Justin Verlander and Tyler Mahle.
“The Giants gave Justin Verlander a one-year, $15 million deal two offseasons ago and Tyler Mahle a one-year, $10 million deal last winter,” Kelly wrote.
The projected contract is similar in structure to the two-year, $40 million agreement Merrill Kelly signed with the Arizona Diamondbacks last offseason.
Martinez does not rely on high strikeout totals. He recorded the lowest walk rate among qualified major league pitchers in 2026 at 1.3 walks per nine innings, according to MLB.com.
His command and ability to limit hard contact made him one of Tampa Bay’s most reliable starters during the regular season and postseason.
Teammates in Tampa Bay spoke highly of his presence. Rays ace Drew Rasmussen described Martinez as “the best teammate ever.”
Manager Kevin Cash called him “the rock of our clubhouse.”
At 36, Martinez is unlikely to be a long-term anchor. A two-year commitment would allow the Giants to add innings and experience without locking in a multi-year deal that stretches deep into his late 30s.
The Giants’ pitching staff ranked near the bottom of the league in ERA during 2026, and the rotation depth behind Webb remains thin after Robbie Ray’s contract expired.
The bullpen also struggled to find consistent late-inning options throughout the season.
Kelly’s projection is an analyst’s forecast rather than an indication that the Giants have contacted Martinez or begun negotiations.
Still, a $36 million outlay would represent a notable investment for a club trying to reverse course after 97 losses.
Whether San Francisco pursues Martinez or similar veteran arms, the offseason focus is expected to remain on adding reliable innings and experience to a staff that finished well outside the playoff picture.
