According to "The Mighty 1090" (the San Diego equivalent of KJR), Brian Giles has re-signed with the Padres. Unoficially a three-year deal worth $30m, with a 2009 option.
Certainly looks like a reasonable contract to me, one I would've been comfortable with the Mariners exceeding (in terms of money, not years). Of course, it probably wouldn't have meant anything, since apparently Giles wanted to stay in California all along.
Update: and here's your confirmation link.