Even if a long-term deal is not reached by March 6, the 49ers can use the franchise tag on Garoppolo and then continue discussions on an extension through July 16.
Schefter believes the 49ers have reason to try and work something out quickly while Garoppolo and his agent, Don Yee, have an incentive to take a more patient approach. That is due to a potential new deal for Green Bay Packers quarterback Aaron Rodgers, who is expected to set the quarterback market with a record NFL contract this offseason. It could boost Garoppolo's value.
Another key component to securing Garoppolo as the 49ers' franchise quarterback is guaranteed money.
"In a case like this, you're going to be looking for the maximum amount of guaranteed dollars, period," Schefter said on the "Murph & Mac" show. "So, let's just call it, hypothetically, a five-year, $125 million deal for argument's sake. And I think a deal will come in north of that, actually, but we'll just call it that for simplicity sake. You know, I'd rather take five years, 125 with 80 guaranteed than five years, 140 with 70 guaranteed.
RELATED: Schefter: Garoppolo and agent may not be in a rush to get long-term deal done
"So, again, the guarantees will be a big part of this. The structure will be a big part of this. And maybe the 49ers can structure it in a way that there is more guaranteed. There'll be a sizable portion of this that's guaranteed. Quarterback deals are that, and have been that, and will continue to be that. And so, I don't think that's an issue. Again, they'll figure it out, and they'll make it work for both sides."
Schefter also wants to assure 49ers fans there is nothing to worry about with the Garoppolo situation.
"First of all, the 49ers control the situation, so they're not going to let something bad happen here," he continued. "Jimmy GQ is just not walking away. And if you can't get a deal done by whatever the date is -- March 1 (Note: it's actually March 6), you put the franchise tag in and lock him in for one year, $23 million. That's their worst-case scenario. Worst case.
"And, even then, is that that bad of a solution? If you're a 49er fan, wouldn't you love one more look at a full season of Jimmy GQ for $23 million and even if it cost you more on the other end?"
Schefter also notes that the Collective Bargaining Agreement (CBA), which was ratified in 2011, is up after the 2020 season. The ESPN insider says we have no idea what contracts will look like after the current deal is up. Nor do we know what the salary cap will be or what guarantees will be allowed. Will teams be able to do five-year deals? Are there going to be franchise tags?
"Again, you're going to have a new CBA with new rules, and new bylaws, and new payouts," Schefter said. "So maybe Jimmy Garoppolo wants to sign [for fewer years] and take his chances on the new CBA when the TV money [in 2021] might be bigger than ever."
Of course, this is all hypothetical. Schefter hasn't actually heard anything indicating that Garoppolo's camp is factoring the potential of a new CBA into the negotiation process.
You can listen to the entire conversation with Schefter below.