The San Francisco Giants are heading into the 2025 season with significant financial constraints, limiting their ability to maneuver after another disappointing year. With the tenth-largest payroll in Major League Baseball in 2024 and a losing record, the team is projected to carry the eighth-highest payroll next season. This challenge falls on the shoulders of newly appointed president of baseball operations, Buster Posey, as he embarks on the difficult task of navigating a rebuilding process while managing several hefty contracts.

The Giants’ current roster features a number of high-priced commitments that will shape their future, starting with more than $25 million owed to star third baseman Matt Chapman, $16 million to outfielder Jung-hoo Lee, and $12 million to reliever Jordan Hicks in 2025. These significant financial obligations come at a time when the team is seeking to regain its competitive edge in the National League.

Adding to the complexity of the Giants’ payroll situation is the expectation that former All-MLB first team pitcher Robbie Ray will exercise his player option. According to Bleacher Report’s Tim Kelly, Ray is predicted to opt into the remaining two years of his contract, which will see him earn another $50 million through the 2026 season.

Ray’s contract, originally signed as a five-year, $115 million deal with the Seattle Mariners after his Cy Young Award-winning 2021 season with the Toronto Blue Jays, was inherited by the Giants when they traded for him. However, injuries have plagued his tenure in San Francisco. After undergoing Tommy John surgery in 2023, Ray managed only a handful of starts in 2024 before being sidelined again with a hamstring injury. Despite these setbacks, the Giants are now tied to Ray’s contract for the next two years, further straining their financial flexibility.

“Now-former president of baseball operations Farhan Zaidi likely took on Ray’s deal knowing he would be on the books for the team through the 2026 season,” noted Kelly. “Zaidi’s successor, Buster Posey, will now inherit the final two years of that contract.”

At his peak, Ray was one of the best pitchers in baseball, posting a 2.84 ERA over 32 starts in 2021 for the Blue Jays and earning the American League Cy Young Award. However, his performance has significantly declined due to injury, and his availability for the 2025 season remains uncertain.

The Giants will be hoping for a bounce-back campaign from the veteran left-hander, whose recovery from Tommy John surgery and subsequent injuries has slowed his contributions on the field. “As Ray moves further away from Tommy John surgery, his results should get better than what they were in 2024,” Kelly added. “He’ll be hard-pressed to match the 2021 season he put together for the Toronto Blue Jays.”

For Posey and the Giants’ front office, the challenge lies not only in navigating the financial burden of these large contracts but also in revamping the team’s roster to return to contention. With limited wiggle room, the team’s success in 2025 may largely depend on getting healthier, more productive seasons from expensive players like Ray, Chapman, and Lee.

The Giants will need strategic decisions to make the most of their roster while keeping future flexibility in mind as they look to retool under Posey’s leadership. Fans will be watching closely to see how the legendary former catcher, now in a front-office role, manages this high-stakes transition.