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49ers cap space following Jimmy Garoppolo contract extension

The 49ers are no longer No. 1 in cap space.

Fooch’s update: Paraag Marathe told the media the 49ers have somewhere around $62 million or $63 million in cap space. As Chris Biderman pointed out, Marathe is likely factoring in the team’s incoming draft class.

The San Francisco 49ers have locked down their franchise quarterback for the foreseeable future, signing Jimmy Garoppolo to a five-year contract extension worth up to $137.5 million.

The deal is front-loaded, with a $28 million roster bonus paid out this year instead of a signing bonus that would pro-rate over the life of the contract. The 49ers can get out of it after two years if Garoppolo is a bust, while he would still walk away with $61.2 million at that point. I don’t expect that to happen, but it’s an option that is out there.

The big question now is what the 49ers’ salary cap situation looks like moving forward. Prior to this contract and Cassius Marsh’s own contract extension, Over The Cap projected the 49ers as having $113,874,832 in cap space. Adam Schefter broke down the Garoppolo details, and his numbers point to a $37 million cap hit in 2018. It drops to a $20 million cap hit in 2019, and then increases back near $27 million each of the the remaining three seasons.

These numbers are likely accurate, which means following Garoppolo’s deal, the 49ers have $76,874,832 in cap space. We don’t yet know exactly what Cassius Marsh’s cap figures look like, but Friday morning reports have him likely getting 2018 payment of a $2 million signing or roster bonus, $1.1 million in salary, and $800,000 in workout and/or per game roster bonuses. If the $2 million is a signing bonus, he’s looking at a cap hit of just under $3 million in 2018. If it’s a roster bonus, he’s looking at just under $4 million in 2018. That would bring the 49ers cap space down to between approximately $73 million and $74 million.

The 49ers were set to enter free agency with the most cap space in the league. Based on Over The Cap’s numbers, they have either the third or fourth most cap space. I think we’ll learn to live with this crushing blow to the 49ers cap space.