Thank God we can end any discussion about Zito being a Red. There was no way he was coming here and is over priced anyway.
Per Rotoworld:
According to ESPN's Peter Gammons, the Giants and Barry Zito have agreed to a seven-year deal worth about $18 million per year.

$18 million per year for seven years would be $126 million, which is the same deal that Vernon Wells just got. Not that they should have gone this high, but Zito would have made a lot more sense on the Mets. The Giants still don't project to have a very good team this year, and the combination of having one of baseball's oldest teams and weakest farm systems suggests things are only going to get worse. The Giants could stay afloat in the post-Barry Bonds era by spending $100 million-$120 million per year, but they're probably not going to build another great team with Brian Sabean at the helm.