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49ers 5-year deal with Pierre Garcon is effectively 3-year deal

The numbers make for an interesting deal, so long as Garcon can be productive for three years.

The San Francisco 49ers signed Pierre Garcon to a five year contract, but all accounts it is a three year deal. The deal is for five years, but includes options on the last three years. The proration of the signing bonus likely means they keep him through three years, but that’s about it, barring his performance improving as he gets older.

Master Tesfatsion and Tom Pelissero came up with several details on it that we’ll combine together here. It appears to be a five-year deal worth as much as $47.5 million. It includes $20 million in guaranteed money, with Pelissero reporting that $17 million is fully guaranteed. Of that, $12 million is in the form of a signing bonus, which means it pro-rates for cap purposes at $2.4 million per year. He is due $3,675,000 in year one.

Pelissero describes it as a two-year, $23 million deal with options for years three through five. Those options are $6 million for 2019, $8.9 million for 2020, and $9.6 million for 2021.

The $20 million in guarantees is tied for ninth with Emmanuel Sanders. The overall APY ($9.5 million) ranks 18th among wide receivers. If we remove the final two option years, the APY still ranks 18th.

For a 30-year old receiver, it’s a big chunk of change. But if they can get three solid years out of Garcon, it really doesn’t strike me as such an awful deal. If age catches up quickly, or this doesn’t work out beyond a year or two, then yes, it’s a bad deal. But for the time being, I can live with this.