Found December 28, 2011 on SF Giants Nirvana:

Three months ago, Zack explored the possibility of a Madison Bumgarner extension. It’s something that’s been discussed a lot lately though; with Matt Cain and Tim Lincecum set to earn monster deals, why not lock up Bumgarner as soon as possible for the purposes of cost certainty? As Zack noted, a pitcher of Bumgarner’s caliber — assuming he continues to pitch as well as he has — will inevitably cost a lot of money going year to year in arbitration. Even a deal that just buys out his arbitration years could save the Giants a good chunk of money in the long run. And a deal that buys out his arb years and – say — his first couple years of free agency? Well, that’s obviously more risky, but accordingly, leaves more potential for reward.

Anyway, over at MLB Trade Rumors, Tim Dierkes looks at Madison Bumgarner as an extension candidate. Given a) how talented Bumgarner is, b) how little the Giants would be risking in the grand scheme of things, and c) the modest potential for reward, I say go for it:

A Madison Bumgarner extension is risky, as is the case w/ any SP. But the potential rewards/savings make it worth pursuing.

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