The San Francisco 49ers and Denver Broncos have agreed in principle to trade terms for quarterback Colin Kaepernick, according to ESPN's Adam Schefter. HOWEVER, Schefter is saying Kaepernick and the Broncos are still negotiating a restructured contract, "and the two sides have not been close." The upside to this is the 49ers and Broncos at least seem to have figured out the draft pick (and/or player) compensation.
Earlier today, Eric Branch reported Kaepernick met with Broncos general manager John Elway, and I imagine there was plenty of discussion about his contract. Branch said they met at least one other time since March 15, and I would imagine there has been plenty of discussion between Kaepernick's agents and the Broncos.
Kap's current contract calls for a base salary of $11.9 million for 2016. That number was fully guaranteed once Kaepernick was on the 49ers roster this past Friday. He is also due $2 million in game-day roster bonuses this season, and a $400,000 workout bonus. He signed through 2020, but only his 2016 base salary is fully guaranteed. Portions of future salaries are guaranteed for injury.
Although the 2016 salary is guaranteed, anything can be negotiated. Jason Cole reported the Broncos wanted Kap to take a pay cut down to $7 million. We do have to take Cole's reports less seriously than others, but it would not surprise me if the Broncos set their initial negotiating point down fairly low. It's all about finding that middle ground, and I have to think they'll get something done. Kap is already making less than some fairly average quarterbacks, so this really should not be that difficult.
My guess is something gets done before Monday, but we'll see what the next 36 hours brings.