As per Buster Olney at ESPN.com, Jason Giambi is heading back to Oakland. He'll sign a one-year deal worth just $4 million with a $6.5 million option for 2010. There's a $1.5 million buyout, so let's just assume that Billy Beane is paying just $5.5 million for the right to upgrade his offense with a proven slugger.
Dave Cameron over at Fangraphs has Giambi worth about 2 wins above replacement; at the going rate of $4 million per win, the A's are getting quite a deal here. In fact, with Giambi, Milton Bradley and Pat Burrell signing under-market deals in the past two days and Manny Ramirez and Adam Dunn still unemployed, perhaps it's time to break out the headline "Miserable Masher Market Makes Many Moneyless".