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49ers free agents 2014: Colt McCoy signs with Washington

The 49ers have seen another free agent depart, as quarterback Colt McCoy signed with Washington. We break down what it means for the comp pick formula, and the 49ers QB depth chart.

Matt Sullivan

The San Francisco 49ers "lost" another free agent on Thursday as backup quarterback Colt McCoy signed with Washington. The move came just a few minutes after I posted the review of 49ers opponents in free agency.

The 49ers moved on from McCoy when they traded for Blaine Gabbert. The quarterback depth chart currently includes Colin Kaepernick, Blaine Gabbert and McLeod Bethel-Thompson. The 49ers will add at least one more quarterback, although it remains to be seen whether that will be a draft pick or an undrafted free agent. My guess is they use a Day 3 pick, but we'll see how things slide.

For the 49ers, there could be some value in this news. If McCoy signed for more than the league minimum, it would boost the 49ers chances for an additional comp pick in the 2015 NFL Draft. My guess is the deal is for the league minimum, but a man can dream, right? As it currently stands, the 49ers are looking at 2 comp picks. They signed Antoine Bethea, and they have lost Donte Whitner, Anthony Dixon and Tarell Brown. The team also signed Chris Cook, and lost Mario Manningham and Carlos Rogers, but those three transactions likely will not impact the comp pick formula. Cook and Manningham each signed league minimum contracts, and the 49ers released Rogers. The comp pick formula only deals with players who have completed their contracts.

McCoy likely will have signed a league minimum deal given that he is at best the third string quarterback behind Robert Griffin III and Kirk Cousins. Washington could decide to trade Cousins, but even then, I'm still not expecting much money for McCoy.

On a side note, you may notice I refer to Washington's football team just as Washington. I've been doing that since last summer, but am not requiring it of people in the comments. Whatever your opinion on the topic, I highly recommend reading this article published today over at The MMQB. Jenny Vrentas discusses the complicated nature of the issue. Please give it a read.