The San Francisco 49ers agreed to a contract extension with Colin Kaepernick early Wednesday afternoon, and details are slowly starting to come out. Initially the deal was reported to include $61 million in guaranteed money. Adam Schefter is now reporting the deal includes a signing bonus of "only" $12 million. Normally, signing bonuses for big quarterback deals are a lot bigger. It will be interesting to now see what kind of other guarantees his deal includes, and when exactly some of these guarantees actually kick in.
Given that this deal is an extension, it would seem that the $12 million prorationg ($2.4 million per year) is the only addition to this year's cap figure. Kap was looking at a $1.6 million cap hit because of $973,766 in base salary, $556,691 in prorated bonus money, and $100,000 in workout bonus. Add in the $2.4 million and he is potentially looking at a 2014 cap figure of $4,030,457.
Fooch's Update: Jason LaCanfora tweeted out that the deal lowers his 2014 base salary to $645,000, and adds a $100,000 workout bonus. Tht would seem to give him a 2014 cap hit of $3,701,691.
It is important to note this is all based on this early reporting. There might be other money impacting 2014, but this is based on what we've heard so far.
Adam Schefter tweeted another interesting note:
Colin Kaepernick specifically requested his deal allow 49ers flexibility to negotiate extensions with players such as WR Michael Crabtree.— Adam Schefter (@AdamSchefter) June 4, 2014
During his press conference, Kap said that the deal was structured so the team could re-sign some key players. Given that he is potentially only looking at a $2.4 million increase, that would seem to leave the 49ers with a little under $6 million in cap space in 2014. They'll save some of that for injury necessity, but there is still some money for potential contract extensions.
The 49ers now have the financial structure in place to figure out where they will go next. And that was always one of the important reasons to get a Kap deal done sooner rather than later. This will be the biggest contract on their books for the foreseeble future, so it's good to know exactly what we're talking about with this deal.