THURSDAY: Jon Heyman of CBSSports.com has the breakdown (on Twitter). Vogelsong will earn $3MM in 2012, $5MM in 2013, and then a $6.5MM club option with a $300K buyout for 2014 comes into play. The total guarantee is $8.3MM.

WEDNESDAY: The Giants and Ryan Vogelsong have agreed to a two-year contract with an option for 2014, reports Mychael Urban of 95.7 FM The Game (via Twitter). The deal is worth a total of $8MM, Jon Paul Morosi of FOX Sports tweets. The Associated Press reports that the deal is worth $8.3MM (via ESPN). The team announced the agreement in a press release, noting that the club holds the third-year option.

Vogelsong, 34, was entering his final season of arbitration eligibility, so the contract will delay free agency by at least a year. MLBTR contributor Matt Swartz had projected a $2.5MM salary for the right-hander for 2012, though we heard during the Winter Meetings that the Giants intended to work out a multiyear deal.

Vogelsong pitched in the bigs last season for the first time in five years, enjoying a remarkable comeback. His 2.71 ERA in 30 appearances (28 starts) earned him an All-Star berth and even a Cy Young vote. The righty was originally drafted by the Giants, and was traded to the Pirates in 2001 in a deadline deal that sent Jason Schmidt to San Francisco. Over the next decade, Vogelsong underwent Tommy John surgery, pitched in Japan, and signed multiple minor league deals before finding success last year with the Giants.