Fooch's update: The NFLPA salary cap report likely reflects Erik Pears contract and NOT Reggie Bush. This would mean the 49ers cap space will go down a bit more once the Bush contract is processed by the NFLPA.
The San Francisco 49ers announced Wednesday that Reggie Bush signed a one-year contract. There have been no reports on the dollar figures, but as Matt Maiocco pointed out, the NFLPA daily cap report might provide some hints.
According to the report, the 49ers currently have $9,243,810 in cap space. I missed yesterday's number, but according to Maiocco, that figure is down $2,846,000 from Wednesday morning. That does not tell us specifics, but it would appear to give us a ballpark figure for Bush's new contract. He is not listed in the NFLPA salary database, so we will continue to wait for more on that, but it would appear his contract is reflected in the cap report.
The 49ers cap space remains in flux, even as the team has likely added most of the free agents they will add. Aldon Smith's roster bonus contract requires another $5 million or so in cap space because he hopefully plays all 16 games. Additionally, Justin Smith has not finalized his retirement decision. If he retires, the 49ers clear $4,250,000 in cap space.
The 49ers do not need Aldon's space until the season gets here and he is actually playing the games. Given the 49ers current cap space and what will be necessary for draft picks, they really are in no rush to get a decision from Smith, from a financial perspective. Obviously he could impact the draft, but to be perfectly honest, I think defensive line remains a need even if he returns. He is unlikely to play more than one more season, so the position is not locked in moving forward.