The price for a Carlos Zambrano long-term contract is now set. ESPN.com reports that the San Francisco Giants have signed Barry Zito to a 7 year, $126M contract. (Hat tip: Chicago Cubs Online.)

Zambrano and Zito are very different pitchers who produce similar results. Zito's career ERA+ is 127; Zambrano's is 133. Zito has a slightly longer track record (6 full seasons v. 4). Zambrano is three years younger. Zambrano hits much better, with Zito being 1-for-29 in his career. (At 80 plate appearances over a full season, a pitchers' hitting ability should come into the equation more than it does, even if it shouldn't be much of the equation.)

If Zambrano eventually signs a contract worth $18M per season, that will push the Cubs' 2007 payroll to $119M, without knowing what Mark Prior, Neal Cotts, and Will Ohman are going to make. It will also push the payroll committed to just 13 players in 2008 to $103M.