49ers' Updated Salary Cap After Christian McCaffrey's Contract Extension

The San Francisco 49ers signed running back Christian McCaffrey to two-year, $38 million extension that will add an "additional $8 million over what he was scheduled to make in the first two years while adding $24 million in guarantees," per ESPN's Adam Schefter.

ESPN's Bill Barnwell further broke it down, noting that the new extension "is really just paying McCaffrey what he was already going to make this year, then a minimum of $12.5 million (and more realistically a total of $20.2 million, paid over two years) for an additional guaranteed year in 2025."

Per Spotrac, the Niners had total cap allocations of $273 million and around $24.4 million of top-51 cap space for 2024 before McCaffrey's extension. Both numbers will be changing this season, though the exact amount they'll be changing is a touch murky.

Few people will argue against McCaffrey getting the bag. The three-time Pro Bowler and two-time first-team All-Pro was the Offensive Player of the Year last season, leading the NFL with 1,459 yards and 21 total touchdowns while adding 67 catches for 564 yards.

He's a one-man offense, and was a huge part in leading the Niners to the Super Bowl.

But there is a question of how the team will pay its other offensive stars going forward after his new money. Both Brandon Aiyuk and Deebo Samuel are in line for extensions, and there has been speculation that the team won't be able to keep both over the long haul.

Neither was traded this offseason, but with Aiyuk a free agent after the 2024 campaign and Samuel having cap hits of $28.6 million in 2024 and $24.2 million in 2025, the Niners would have to allocate major cap resources to one position to keep both. All of that while a long-term extension for quarterback Brock Purdy also looms.

The team further fueled such speculation after they used a first-round pick to select Florida wideout Ricky Pearsall. And Nick Bosa is already on a contract (five years, $170 million) that had the highest average annual value among all non-quarterbacks until Justin Jefferson signed his huge four-year, $140 million extension on Monday.

All of that to say, the Niners have some big financial decisions looming on the horizon when it comes to their star-studded offense. Somebody isn't going to make the cut.

One thing is clear, however—the team sees McCaffrey as an instrumental part of their future. He isn't going anywhere.