The running back market may not be skyrocketing like that of the wide receiver, but Christian McCaffrey is proving to be the exception to the rule. Of course, that's what happens when you're far and away the best running back in the entire NFL.
On Tuesday, McCaffrey signed a two-year extension on top of his previous deal with the San Francisco 49ers, according to ESPN's Adam Schefter. He'll now average $19 million per year. His new deal keeps him with last year's NFC Champions through 2027.
Since joining the 49ers during the middle of the 2022 season after the team traded with the Carolina Panthers for him, he's been nothing but spectacular. In his 11 games with the 49ers that season, he added on to his nearly 670 yards from scrimmage and three touchdowns from Carolina with another 1210 and 10 scores. He also had just one fumble the entire season.
Last season, however, saw the running back become the centerpiece of the entire offseason, leading him to win Offensive Player of the Year honors. He led the entire league in all-purpose yards with 2,023, rushing for 1,459 yards, receiving 564 yards, and scored 21 touchdowns.
When looking at the current pass-happy landscape of the NFL, these numbers are even more impressive.
Dissecting Christian McCaffrey's new contract extension
McCaffrey had just two years and $24.2 million remaining on his previous contract to which he originally signed with the Panthers. His two-year extension now combines that with two years, $38 million for a total of four years, $62.2 million.
This, of course, keeps McCaffrey the highest average paid running back in the NFL, now with a $4 million gap between him and Alvin Kamara at $15 million.
These kinds of deals aren't part of the new norm for running backs in the NFL any longer, especially considering McCaffrey's age now (28) and by the time his contract does end (31).
We'll get back to the age part. But what this contract was really about was San Francisco maneuvering their way through another one of their star-studded roster's contracts. The 49ers have had one of the most talented rosters over the last several seasons, yet they're all now getting close to new deals, including McCaffrey, who had no guaranteed money over the next two years on his previous deal. His new deal comes with $24 million at signing.
What really matters in these contracts are the cap hits. Originally, McCaffrey was scheduled to account for $14.1 million against the 49ers' books this upcoming season, according to Spotrac. Now with the new extension, that number has lowered to just $6.6 million, which saves the team $7.46 million this year. In 2025 that number goes to $9.8 million; in 2026 to $9.7 million; in 2027 to $25.3 million and in 2028 to $14.8 million in voidable dead cap money.
What does this mean for the 49ers moving ahead?
McCaffrey's signing comes at a pivotal time in the skill position market in the NFL. We've just seen the wide receiver market explode over the last several months — and it's not even done yet. The 49ers still have two of those highly talented receivers on their roster (Brandon Aiyuk and Deebo Samuel) awaiting new, long-term deals from the team that have yet to be rendered as of yet, if they will at all.
Meanwhile, we've seen the running back market shrivel up quicker than when milk hits a bowl of Fruity Peebles. Having also McCaffrey's deal come rather quickly while Aiyuk and Samuel have sort of been strung along with no real answers awaiting is kind of strange. But it may also be telling of where the 49ers organization finds their value in their offense.
There's certainly no shame in paying for the best running back in the league, especially with the sub-$10 million cap hits over the next three years. But what does become concerning is the wear and tear that McCaffrey can sustain throughout his deal and if he can maintain his production. The 49ers could bid him good riddance after the 2026 season when he turns 30, the typical age season when a running back hits the proverbial wall. But they'd take a $22.7 million dead cap hit with it. It will be interesting to see what kind of workload Kyle Shanahan gives McCaffrey from here on out.
Final grade for Christian McCaffrey's contract extension with the 49ers
While future or current running backs in the league shouldn't get their hopes up that this will affect the market greatly at the position, it is one that greatly affects the 49ers and McCaffrey positively.
McCaffrey gets awarded with an upfront hefty payday, rewarding his excellent services. But the 49ers also avoid major cap hits over the next few years that keep them available to make extensions with some of the other players, all the while still holding onto perhaps their most prized offensive weapon.
Grade: A
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