The two-time NL Cy Young Award winner reached a preliminary agreement last Friday, and the sides have completed the deal, team spokesman Jim Moorehead said Wednesday.
Lincecum gets a $2 million signing bonus, payable half on March 15 with the rest due on March 15, 2011. He receives salaries of $8 million this year, $13 million in 2011 and the chance to earn performance and award bonuses. He made $650,000 last year.
In addition to his salary, Lincecum would earn $200,000 for pitching 225 innings, a figure he reached in each of his two full seasons. He would get $500,000 for each Cy Young Award, $250,000 for finishing second, $100,000 for third, $75,000 for fourth and $50,000 for fifth. He also would get $100,000 each time he's an All-Star, $100,000 for NL MVP, $75,000 for World Series MVP and $50,000 for league championship series MVP.
Already a two-time All-Star, Lincecum is 40-17 with a 2.90 ERA with 676 strikeouts in three big league seasons. He won 18 games in his first Cy Young season of 2008, then 15 to win again last season after leading the league with 261 strikeouts and tying for top marks in the NL with four complete games and two shutouts.
Two other top pitchers recently received five-year contracts, with Detroit's Justin Verlander getting $80 million and Seattle's Felix Hernandez $78 million.
Tim Lincecum files for record $13M in arbitrationPremier duo eye young keeper
