49ers Rumors: Arik Armstead Will Be Released; Declined 'Significant' Contract Pay Cut

San Francisco 49ers defensive end Arik Armstead has decided to become a free agent and will be released, NFL insider Jordan Schultz reported Sunday.

The 49ers reportedly approached Armstead about taking a "significant" pay cut, which he declined, resulting in his release, per NBC Sports' Matt Maiocco.

Armstead was set to enter the final year of a five-year, $85 million contract in 2024.

Armstead has been with the 49ers for nine seasons since he was drafted in 2019. The veteran had 27 tackles and five sacks last season and notched six tackles and a sack in the Super Bowl.

While Armstead ultimately declined the pay cut, the two sides "came close to a deal," per ESPN's Adam Schefter. Instead, Armstead will weigh his options in the free agency market.

If the 49ers designate Armstead as a post-June 1 designation, the move would save them $18 million in cap space. If the release is immediate it would save them just $2.5 million. Armstead carried a $25.35 million cap hit for the 49ers and has $25.86 million in dead money. Per Over the Cap, a post-June 1 cut could split the dead money for San Francisco.

The 49ers are coming off a 12-5 season that ended with a loss in the Super Bowl to the Kansas City Chiefs. San Francisco boasted one of the top defensive lines in the league last year, with Armstead being a big contributor. Now, the 49ers will have to replace his talent in free agency.

For Armstead, he'll enter free agency and find a new home after nearly a decade in San Francisco.