The San Francisco 49ers on Tuesday agreed to terms on a lucrative extension with one of their biggest offensive stars, but not the one many might have anticipated.
San Francisco signed running back Christian McCaffrey to a two-year extension worth $19 million a year that will keep him under contract through the 2027 season.
While McCaffrey reported for mandatory minicamp with the new deal he wanted secured, All-Pro wide receiver Brandon Aiyuk remained away from the team facility, risking a six-figure fine by refusing to report.
Aiyuk may be growing increasingly frustrated after seeing the reigning Offensive Player of the Year, who was already the NFL's highest-paid running back, receive a new contract before him.
However, with the full details of McCaffrey's contract now out there, the reality is that Aiyuk should be excited the 49ers have come to terms with their star back, as his deal increases the chances of the Niners being able to present their leading receiver in each of the last two seasons with a satisfactory contract.
The McCaffrey contract
Under the terms of his previous contract, McCaffrey had been due to receive an $11.8 million base salary in 2024 and $12 million in 2025, carrying camp hits of $14.14 million this year and $14.34 million next season. However, his deal did not feature any guaranteed money.
In reworking his contract and adding two extra years, the 49ers have guaranteed McCaffrey $24 million at signing. Per Over The Cap, this includes a $14.29 million signing bonus, McCaffrey's $1.21 million base salary for 2024 and $8.5 million of his compensation for 2025.
With the $38 million in new money added to the $24.2 million that was left on his previous deal, McCaffrey is essentially receiving a four-year, $62.2 million contract worth $15.5 million annually.
However, the vast majority of his guaranteed money prorated over the life of the contract and a 2028 void year (the contract features three additional void years in total), the extension has enabled the 49ers to keep McCaffrey's base salary at an extremely low level for each of the next three seasons.
After receiving his guaranteed $1.21 million base this year, McCaffrey will be owed $1.25 million in base in 2025 and $1.3 million in 2026. His cap hits for each of those seasons: $6.68 million, $9.80 million and 11.91 million.
For this year, McCaffrey's extension has saved the 49ers $7.46 million against the cap. That is extremely important in giving them more room for maneuver during the 2024 season and providing the Niners with more cap space to carry over into 2025.
But it is the flexibility they have bought themselves for the coming years that is more important as it pertains to Aiyuk.
Much greater middle ground
The 49ers would probably ideally like to sign Aiyuk to a four or five-year extension that they can backload, while spreading another significant signing bonus over the life of the deal.
However, the 2020 first-round pick could have his heart set on a three-year deal that would give the 26-year-old a chance to cash in with another big-time contract on the back of what are likely to be his prime years.
With McCaffrey owed minimal base salaries over the course of 2025 and 2026 and carrying very manageable cap hits, the 49ers are likely to be in a much better position to offer Aiyuk a shorter deal that carries more significant cap charges during those seasons and gives him another opportunity to cash in, especially at a time in NFL history in which the salary cap is continuing to balloon.
In other words, the McCaffrey extension increases the likelihood of the 49ers getting a deal done because it creates greater room for the two parties to find middle ground.
Aiyuk may understandably be irritated at his teammate jumping the queue and getting a contract before him but, because of McCaffrey's extension, the Niners now have greater scope to end their leading wideout's frustrating wait.
