Look at the available free agents at SS. Renteria was probably the third best player available after Furcal and Cabrera. It was a horrible group, and those three decent players were bound to benefit from it.
That said, I would have spent the money elsewhere, no matter how badly I needed a MLB caliber SS. Renteria has been declining in the field for a few years, but I guess he is practically a spring chicken compared to the rest of the Giants.

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