The San Francisco 49ers are officially under the 2022 salary cap of $208.2 million, which goes into effect on Wednesday at 1 p.m. PT. The team got here by restructuring the contracts of two star players—tight end George Kittle and defensive lineman Arik Armstead.
The salary-cap maneuvering allows the 49ers to be patient with Jimmy Garoppolo and await a resolution to the Deshaun Watson situation before pushing to complete a trade of their veteran quarterback.
Jim Trotter discussed the 49ers' situation on NFL Network, saying the team is not panicking by the less-than-expected interest in their starting quarterback of the past four-and-a-half seasons. Several quarterback-needy teams, like the Pittsburgh Steelers, Denver Broncos, and Washington Commanders, went in different directions to add passers.
"We're not going to know anything about Jimmy until this Deshaun situation is settled," Trotter said. "Look, there was this misconception that the 49ers were going to have to make a move before 1 p.m. today, West Coast time, to be salary-cap compliant. That was never the case. As we saw, they restructured a couple of contracts today.
"They are in no-panic mode when it comes to Jimmy. Like everyone else, they have looked out there. They know there are teams out there that still need a starting quarterback. And therefore, they are going to wait to see what happens with Deshaun, to see which clubs still need a starting quarterback, and then they will look to make a move with Jimmy. They are not prepared to release him, as some have said."
According to OverTheCap.com, the 49ers currently own about $4.2 million in salary-cap space, not counting the deal with free-agent cornerback Charvarius Ward. That signing cannot be made official until after 1 p.m. on Wednesday.
Releasing Garoppolo would immediately create $18.05 million in additional cap space—the quarterback's salary minus the $7.5 million injury guarantee. Garoppolo cannot pass a physical after undergoing shoulder surgery last week. The recovery will force him to miss much of the offseason, but the quarterback is expected to be fully cleared in time for training camp.
In addition, the 49ers would get that injury guarantee money back if Garoppolo signed with another team for at least that amount.
"Look, in Jimmy, they know this is a guy who, maybe while not elite, has gone to two NFC Championship games, one Super Bowl," Trotter added. "He is a guy, if you believe in the quarterback win percentage, he's 37-16, including the playoffs, as a starter. That's nearly a 70 percent win rate. So from that standpoint, they feel they have a valuable asset here that they can get something in return for. And therefore, they are going to slow play this to see what happens with the quarterback market."
H/t to Patrick Tulini for the find