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McCaffrey had not participated in voluntary portions of the 49ers' offseason program. However, he reported to the team today for the mandatory minicamp, featuring two practices. The first has already started, and the second is scheduled for tomorrow.
Initially, McCaffrey had two years left on his previous deal. The extension keeps him under contract for another two years, through 2027, while reducing his base salaries over the next two seasons. McCaffrey was initially set to earn a base salary of $11.8 million in 2024 and $12 million in 2025. Reportedly, the 49ers have reduced his base salaries over the next two years by $21.34 million while maintaining a manageable 2026 base salary for the running back.
San Francisco did pay out a significant signing bonus, the impact of which will likely be spread throughout the contract's duration, possibly beyond.
Florio provides the following contract details, crediting a source knowledgeable of the terms. In total, it's a four-year, $62.2 million contract, with $38 million of that being new money. McCaffrey now has $24 million in full guarantees compared to none with his previous deal.
- Signing bonus: $14.29 million
- 2024 base salary: $1.21 million
- 2024 per-game roster bonus: $500,000 total
- 2025 option bonus: $14.245, with $8.5 million fully guaranteed at signing and due to be paid on April 1
- 2025 base salary: $1.255 million
- 2025 per-game roster bonus: $500,000 total
- 2025 offseason workout bonus: $200,000
- 2026 option bonus: $10.55 million
- 2026 base salary: $1.3 million
- 2026 per-game roster bonus: $500,000 total
- 2026 offseason workout bonus: $150,000
- 2027 base salary: $16.85 million
- 2027 per-game roster bonus: $500,000 total
- 2027 offseason workout bonus: $150,000
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