The 49ers have a new agreement with Christian McCaffrey. As first reported by ProFootballTalk, and clarified by the far more reputable Adam Schefter, the 49ers have agreed to a two-year, $38 million extension worth $19 million per year with McCaffrey.
The initial report from PFT and the ever-special Mike Florio was two years and $19 million, which made no sense. As it stood, McCaffrey had two years remaining, worth $14.14 million in 2024 and $14.34 million in 2025, plus a $4.28 million void year in 2026 from a previous restructure.
Because he was acquired in a trade from the Panthers, the 49ers were responsible for almost none of the guaranteed money in McCaffrey's deal. They were able to cut him if they so chose, with almost no repercussions.
The $24 million in new guarantees, which means McCaffrey will be much harder to cut in 2025. It almost certainly includes void years, and fake money pushed down the line. McCaffrey, the reigning Offensive Player of the Year, will be 31 at the time of the deal. He is secured as a 49ers for at least the next two seasons.