Niners RB Christian McCaffrey signs two-year, $38 million extension

Christian McCaffrey triple-stamped his double stamp atop the running back market.

The San Francisco 49ers and the reigning Offensive Player of the Year agreed to a two-year contract extension worth $19 million per year, NFL Network Insider Ian Rapoport reported on Tuesday, per a source informed of the deal. The team later announced McCaffrey’s extension.

The news was first reported by Pro Football Talk.

McCaffrey was already the highest paid running back, with an average annual salary of $16.015 million from a contract he signed with the Carolina Panthers in 2020. With his contract set to end in two years, he was projected to make $11.8 million in 2024 and $12 million in 2025 from his base salary.

McCaffrey, currently with the 49ers, is poised to make $62.2 million in the coming four years, which averages to $15.55 million each season. He has $24 million guaranteed and is expected to make $16 million in 2024 and $16.205 million in 2025, according to Rapoport.

However you slice it, the $38 million extension keeps CMC as the highest-paid running back. Alvin Kamara‘s deal, signed in 2020, sits second at $15 million annually. Jonathan Taylor signed a three-year, $42 million extension last October ($14 million per). Saquon Barkley topped the RB market this free agency with a three-year, $37.75 million ($12.583 million per) pact in Philly.

Since his trade to San Francisco in 2022, McCaffrey has been the engine behind Kyle Shanahan’s diverse offense. In 2023, he led the NFL with 1,459 yards rushing on 272 carries with 14 rushing touchdowns. He added 564 receiving yards on 57 catches with seven more scores.

Considering his significant contribution to the Niners’ deep postseason runs, and the fact that the club was practically getting a bargain with the Panthers having already paid the bonus money, CMC was set for a new contract this offseason. This contract will keep him in the team until 2027, when he will be 31, providing him with job security. In the near future, it is likely that San Francisco will use this extension to reduce the running back’s 2024 cap number from $14.144 million.

In recent seasons, running backs have struggled in the open market. However, for a Niners team eager to make a swift return to the Super Bowl and prolong their championship opportunities, it seems logical to pay the market rate for a player as crucial as the dual-threat McCaffrey.