According to multiple reports, the contract is worth $35 million.
The Mariners, Dodgers and Angels all would have had interest in Lincecum had he made it to the open market (Heyman).
Lincecum seemed like a good fit for the Mets on a short-term deal, and so this news is a little disappointing. Early on, the Giants said re-signing both Lincecum and Hunter Pence were their top priorities this winter. They not only achieved their initial goals, but managed to set early market barometers (on the high-end) as the hot stove season approaches.
Pence and Lincecum were set to be free agents, so the Giants had to overpay a bit to keep them from getting to the open market. Their deals may not be fair value... we'll see. I'm far less concerned with how San Francisco may impact market prices and more concerned with how Scott Boras has cornered the market by representing almost every big-name free agent this winter. This, more than anything, is going to force teams to overpay, and I fear Sandy Alderson is not willing to play that game.