Tim Lincecum has been given a $23 million, 2-year contract. All is right with the world.

The San Francisco Giants reached a preliminary agreement with their 25-year-old phenom just in the nic of time, as their pesky arbitration hearing (which would have been a Giant embarrassment for the club) was set for this afternoon.

Lincecum will receive a $2 million signing bonus, $8 million this year, and a huge raise of $13 million in 2011 with a shot at earning performance and award bonuses… which he no doubt will. Just like any other agreement, this one is subject to a physical. And possibly a drug test.

The Freak will certainly enjoy his new income, relative to the $650,000 he made last season, where he won his second consecutive Cy Young Award. The two time All-Star boasts a career 40-17 record and 2.90 ERA with 676 strikeouts in just three big league seasons. After winning 18 games for the Giants in 2008, he won 15 last season with a league-leading 261 Ks and four complete games with two shutouts.

The kid is an animal.