Another intriguing starting pitcher is off the board, and once again, the Giants find themselves on the outside looking in.
Right-hander Cody Ponce, fresh off a dominant 2025 campaign in the KBO where he took home MVP honors, has agreed to a three-year, $30 million deal with the Toronto Blue Jays. The Giants were reportedly in the mix for Ponce, but his price tag ultimately pushed them out of contention. Toronto moved quickly - and decisively - to land the 31-year-old, who’s coming off one of the most impressive overseas pitching seasons in recent memory.
Now, this isn’t just a case of a team overpaying for a flash-in-the-pan. Ponce went 17-1 with a 1.89 ERA over 29 starts for the Hanwha Eagles in 2025, earning the Choi Dong-won Award, the KBO’s equivalent of the Cy Young. That’s not just dominance - that’s control, consistency, and the kind of performance that forces MLB front offices to take notice, no matter where it happens.
The Blue Jays clearly did. After losing both Chris Bassitt and Max Scherzer from their 2025 AL pennant-winning rotation, Toronto wasted no time reloading.
They’ve now added Dylan Cease on a massive seven-year, $210 million deal, and Ponce on a shorter-term, high-upside contract. That’s a bold one-two punch to stabilize a rotation that needed reinforcements.
For the Giants, though, this is another swing and a miss in a market that’s heating up quickly. Ponce’s deal came in well above what most around the league expected, suggesting Toronto saw something they were willing to bet on - whether it was his refined command, his durability, or just the sheer dominance he showed overseas. San Francisco, meanwhile, backed off once the bidding escalated.
It’s worth noting that Ponce does have some Bay Area ties - he’s married to Emma Kittle, sister of 49ers star tight end George Kittle - but that wasn’t enough to tip the scales. And while Ponce does have limited MLB experience (just 20 games with the Pirates from 2020-2021, posting a 5.86 ERA), his evolution overseas clearly changed his trajectory.
This move also comes on the heels of another reported setback for the Giants in their pitching search. San Francisco is not expected to land Japanese right-hander Tatsuya Imai, a three-time NPB All-Star who’s drawing serious interest across the league and is expected to command a deal north of $100 million. That’s two intriguing international arms slipping through the Giants’ fingers in a matter of days.
But all is not lost for San Francisco. With Ponce and Cease now off the market and Imai likely headed elsewhere, the Giants' front office - led by Buster Posey and company - still has viable options.
Chris Bassitt and Max Scherzer, the two veterans Toronto is moving on from, remain unsigned and could be strong fits depending on how aggressive the Giants want to be. Bassitt offers durability and command, while Scherzer, even in the twilight of his career, brings postseason pedigree and leadership.
The Giants have made it clear they’re in the market for starting pitching. They’ve been active, even if the results haven’t landed yet.
But with the winter meetings approaching and the rotation market thinning, the pressure is mounting. The next move will say a lot about how serious San Francisco is about contending in 2026 - and whether they’re willing to pay the price to do it.