If you were the Giants front office, what approach would you take? Buy out his arb-eligible years and a couple years of FA a la King Felix?
Or, do you go year-to-year on the chance that Timmy gets hurt or cools off and you pay less for 2-3 years, but risk losing him in 2014?
I say let arb do its thing this year, albeit treading lightly in the courtroom, and then look to lock him up long-term next offseason when renteria's off the books and Rowand/Zito are a year closer to departure, giving some room to backload the contract.
If Timmy leaves SF after 2013 and is still one of the best arms in the game at that point, I have no doubt this organization would lose fans, or at least fan faith. And that, my friends, will cost them a whole lot more in the long run.