Matt Chapman hasn't played for the Giants since June 30. San Francisco still owes the former Blue Jays third baseman $100 million.

The latest update came Tuesday. MLB.com listed him as continuing his rehab in Arizona, with the expectation that he'll be ready by spring training.

Ready by camp is the good news. The bad news is that the contract keeps running whether he's on the field or not.

He's earning $25 million a year. ESPN's Jeff Passan reported in September 2024 that the $151 million extension started in 2025, when Chapman would be 32, and runs through 2030.

That figure sat on top of the $20 million he earned in 2024 under the deal the extension replaced. San Francisco went all in, no hedging.

There's no deferred money, and there's a no-trade clause. So the Giants can't spread the pain out or ship it elsewhere without his sign-off.

The Blue Jays dodged the back end of a mega deal

Toronto knows a thing or two about frustrating Octobers right now. Earlier this week, the Blue Jays beat the Reds 5-1 and still didn't qualify for the 2026 playoffs.

That's what makes the old Chapman years sting a little. The Blue Jays made the postseason in both of his seasons in Toronto, 2022 and 2023.

He arrived in a March 16, 2022 trade with the Athletics. Zach Logue, Gunnar Hoglund, Kirby Snead and Kevin Smith went the other way.

The first year delivered real thump. He hit 27 home runs with 76 RBIs in 2022.

Would this year's Blue Jays have loved that kind of power at third? Sure. And the nostalgia gets louder every time a season ends early.

But letting him walk in free agency before 2024 was the right call, and it isn't close. A third baseman on that salary who missed the back half of 2026 is the deal that clogs a payroll late.

Long contracts for players in their 30s work like a mortgage on a house that ages faster than the payments shrink. The cracks always show in the final years.

The Giants are staring at four more seasons of it. The first test comes in a 2027 camp where he's expected to be ready.

If he shows up in Arizona swinging like the guy who mashed in Toronto, San Francisco breathes easier. If not, the Giants have very few exits from this one.