The 49ers gave Christian McCaffrey $38 million reasons to show up to mandatory minicamp

Pro Football Talk reported that the San Francisco 49ers are giving running back Christian McCaffrey a two-year extension that averages $19 million per year. ESPN’s Adam Schefter added that McCaffrey will receive an additional $8 million over what he was initially scheduled to make. NFL Network’s Tom Pelissero said it’ll be a $38 million extension.

McCaffrey was already the highest-paid running back in football on an annual basis. Now, he’s $4 million higher than the next running back. That’s quite the pay bump and a good reason for McCaffrey to show up to mandatory minicamp.

McCaffrey will be under contract through the 2027 season. It’s a fantastic deal for him. In fairness, he earned it after an incredible season last year. We don’t have the contract numbers yet, but the Niners are effectively ripping up the existing contract and paying McCaffrey roughly $15.55 million per year. So it’ll read like a four-year contract for $62.2 million.

Previously, McCaffrey’s total value on his existing deal was $64 million with $36 million guaranteed. The additional guarantees and when they kick in will impact how the contract reads.

Here’s a brief breakdown of McCaffrey’s extension:

2024: Was $12 million in cash, now $15.5 (up to $16)
2025: Was $12.2 million in cash, now $15.7 (up to $16.2)
2026: New $12 million cash up to $12.5
2027: New $17 million cash up to $17.5

Per Over the Cap, the 49ers will save roughly $8.6 million in cap space over the next four years after this extension. So, it’s a team-friendly deal in that sense, as they create room and keep their best player under contract.

McCaffrey’s cap hit in 2024 was scheduled to be $14.14 million. It’s now $4.56 million if we assume the Niners at at least one void year added for the max cap spread. This is a win for all parties involved.

We’ll have more specifics about McCaffrey’s deal soon. His “old” deal had two void years, which helped the 49ers add cap space. The new deal may remove those void years while backloading money on his contract, which would explain how they’re able to create cap space.

The team also officially announced the signing of tight end Logan Thomas. The corresponding move was to waive defensive lineman Raymond Johnson III.