On Wednesday afternoon, news broke around the football world that the San Francisco 49ers had agreed to a 6-year extension with QB Colin Kaepernick.
The deal is worth $126 million of which $61M is guaranteed to go along with a $12M signing bonus.
Kaepernick will be among the Top-10 players to be paid in the NFL, however, don’t be fooled by the big numbers, because in reality, it’s a solid deal for the 49ers, at least short term.
Here’s a quick breakdown.
In the final year of his contract, Kaepernick was scheduled to make about $1.6M, which includes a base salary (roughly $974,000), a prorated bonus salary from his rookie contract ($557,000), and a roster bonus ($100,000).
With the new extension, Kaepernick’s base salary for the upcoming season goes from roughly $974,000 to $645,000. Add in a prorated bonus salary of $2.9M the first season and $100K workout bonus, and Kap’s 2014 salary comes out to about $3.7 million.
In the short term, the Kaepernick deal leaves the 49ers cap room to possibly extend upcoming free agents like Michael Crabtree and Mike Iupati as well as possible camp holdouts like Alex Boone and Vernon Davis.