The window for the San Francisco 49ers to trade wide receiver Brandon Aiyuk effectively closed on April 1. That's when a significant bonus was triggered, cementing the team's financial commitment to the player, who signed a four-year, $120 million contract extension last year.
Even before that April 1 deadline, the likelihood of the 49ers receiving a substantial enough offer to move Aiyuk was slim. The receiver is currently recovering from a torn ACL and MCL suffered in October, which prematurely ended his 2024 season. Before the injury, Aiyuk had a slow start, finishing the year with just 25 catches for 374 yards and no touchdowns over seven games.
While Aiyuk's trade value was much higher last offseason, the injury, drop in production, and uncertainty around his 2025 availability have all contributed to a decline in interest.
"He's working really hard to do so, and I expect fully that Aiyuk will be a part of us moving forward," general manager John Lynch said last week.
While head coach Kyle Shanahan hasn't completely ruled out a potential Week 1 return, a later debut appears more likely. ESPN's Adam Schefter recently suggested a mid-season return is possible.
Still, despite the injury and contractual implications, FOX Sports' Ralph Vacchiano listed Aiyuk as the one 49ers player who could still be moved around the 2025 NFL Draft (h/t Kyle Madson of Niners Wire), which kicks off in a couple of weeks.
"The 49ers already traded Deebo Samuel and just paid Aiyuk a $22.8 million bonus, so at this point, a trade is pretty unlikely," Vacchiano wrote. "But it's not impossible, and it won't stop teams from calling, especially as the 49ers act more like a rebuilding team than one trying to contend."
While team officials have avoided using the word "rebuild," the franchise is clearly undergoing a financial reset this offseason. The goal appears to be setting up a healthier long-term salary cap outlook—especially with quarterback Brock Purdy expected to land the largest contract in franchise history.
To create that flexibility, the team has parted ways with several key contributors, including the trade of Samuel to the Washington Commanders, which still came with a significant dead cap hit.
Given the recent roster overhaul, Vacchiano isn't ready to rule out an Aiyuk trade completely.
"He comes with risk as he rehabs from a torn ACL, but he might be worth it considering he averaged 78 catches for 1,179 yards the two previous seasons," he added. "The 27-year-old is in the first year of a four-year, $120 million extension, but there's only $29 million left in guaranteed money."
From a financial standpoint, trading Aiyuk now makes little sense. Then again, the same could have been said about trading Samuel or releasing and re-signing fullback Kyle Juszczyk. According to Over The Cap, dealing Aiyuk before June 1 would trigger nearly $38 million in dead cap, whereas keeping him on the roster costs just under $10 million against the 2025 cap.
While it's impossible to completely rule out the possibility of an Aiyuk trade—especially given how unpredictable this offseason has been—the chances dropped significantly after April 1.