The unknown new white-haired owner took over a gasping team, and he wanted to make a splash. The goal: rewire and reboot the San Francisco Giants.

So 16 years ago last weekend, Peter Magowan shocked baseball and the Bay Area by giving Barry Bonds a $43.75 million free-agent "homecoming" that put Magowan's imprint on the franchise for all eternity.

The world has changed a lot since the Bonds-Magowan heyday, of course.

But you have to wonder about the precedent. Is Bill Neukom tiptoeing toward a similar instant-legacy decision with star left-hander CC Sabathia?

Is this his Eureka Bonds Moment?

You can understand the temptation. By the reports and inklings coming out of the winter meetings this week, it's almost as if Sabathia, a Vallejo native, is begging the Giants to jump into the bidding with the Yankees and Brewers and maybe the Dodgers.

The Yankees have offered the 2007 A.L. Cy Young winner six years and $140 million. Nobody else is going to come close. The Giants aren't going to come close. That's understood.

Still, Sabathia's representatives are seeking other options, including, as the San Jose Mercury News' Andrew Baggarly is reporting, speaking with the Giants' brass earlier this week.

Sabathia, who meant so much to the Brewers' pennant chase last season, wants to stay in California — the Bay Area preferably — and wants to stay in the National League (and hit); the Giants qualify on all counts.

Last week, when I ran into Sabathia after a Warriors game and asked if he was going to talk with the Giants, he looked away, then said: "No comment."

You get the feeling that Sabathia's inclination is to give the Giants every shot at this, the same way that Bonds' inclination was to come to the Giants 16 years ago.

A franchise gets a shot at a proven young superstar once in a generation, if it's lucky.

Sure, we know that Neukom, the big-time lawyer, has displayed a quieter, more disciplined style than Magowan. But signing Sabathia has some lawyerly logic to it, too.

Sabathia would sell tickets, and the Giants need to sell tickets. Sabathia would draw attention away from the failed signing of Barry Zito and heighten the burgeoning greatness of Tim Lincecum.

Sabathia would signal the beginning of a new era.

The bonus is that Sabathia, 28, is a tremendous teammate and buoyant personality, which are not things that could be said about Bonds (ever) or Zito (in his Giants tenure).

But first, the Giants have to figure a way to fit another $100-million-plus contract alongside Zito's $126 million millstone and the mega-money Lincecum will be due in a few years.

(I wonder what Sabathia would think of Teammate Zito if Sabathia gave the Giants a $30 million discount only two years after Zito ransomed the Giants for an extra $40 million or so.)

Second, General Manager Brian Sabean has to figure out how adding Sabathia would solve the Giants' much more dire need — hitting, hitting and more hitting.

Could the Giants trade Matt Cain for a sure-fire No. 3 hitter? Or for Nos. 5 and 6 hitters? Is Sabathia ready to hit 15 homers himself?

Third, is Sabathia due to feel the toll after throwing 7,398 pitches over the past two regular seasons, the most in baseball? (Gil Meche, at 7,137, is the only other pitcher with more than 7,000 in the period.)

What happens if Sabathia gets hurt and Zito remains lousy? The Giants could be carrying $200-million-plus in left-hander free-agent waste for five more seasons, which is not survivable.

Those are all cogent concerns. Even if at peak performance in 2009 and beyond, Sabathia probably wouldn't single-handedly lift the Giants into contention. And he sure would raise them up the payroll ladder.

Obviously, you don't have to sign a guy just because he's the prime free agent on the market and he wants you to bid for him.

Obviously, the Giants could make a decent, rational bid for Sabathia, and still lose out to the Brewers, the Dodgers or the Yankees.

But I think Neukom gets the feeling like I get the feeling that Sabathia is circling the Giants. It's up to Sabean and Neukom to do the calculations, then make a call from the gut.

That's why you buy these teams or become a G.M. To make these calls, when a young superstar is out there, waiting.