SAN FRANCISCO -- The Giants announced on Saturday night that veteran left-hander Tony Watson has exercised his player option for 2020, ensuring that one of the club's most trusted relievers will return to anchor the bullpen next season.

Watson, 34, posted a 4.17 ERA over 54 innings in 2019, though he finished the season on the injured list after fracturing his left wrist in September. He will earn approximately $7 million in the final season of the incentive-laden deal he signed in February 2018.

Watson figures to take on a prominent role at the back end of the bullpen next year and could begin the season as a closing option if fellow left-hander Will Smith departs via free agency.

The Giants also announced on Saturday that they have declined a 2020 club option on left-hander Fernando Abad, making him a free agent. Right-hander Kyle Barraclough, who was designated for assignment earlier this week to clear a spot on the 40-man roster for left-hander Tyler Anderson, cleared waivers and elected free agency.

When a player's contract is designated for assignment -- often abbreviated "DFA" -- that player is immediately removed from his club's 40-man roster. Within seven days of the transaction (had been 10 days under the 2012-16 Collective Bargaining Agreement), the player can either be traded or placed on irrevocable outright waivers.