One report has stated that the 49ers are trying to get a deal done with Armstead. Another option would be using the franchise tag on the defender, who is preparing to enter his sixth NFL season.
Jeremiah didn't sound too optimistic about San Francisco's chances of retaining Armstead.
"He's a really good player, who played his best football, as you mentioned, this (past) year," Jeremiah said. "I give the arrival of Nick Bosa a lot of credit for really lifting the entire group with what he did with his play. As good as [Armstead] is, I just look at who they're going to have to pay in the future here, and I just don't know if they're going to be able to swing that one.
"To me, that's one of those ones that it's a tough pill to swallow, but you probably have to end up letting him walk away, in my opinion."
Meanwhile, the 49ers seem content with allowing Sanders to test free agency and gauge his value. The team has not initiated contract talks, according to the receiver. San Francisco's strategy may make sense, based on what Jeremiah had to say.
"I don't know how big his market is going to be," Jeremiah said. "I don't imagine it will be very big. I think he's a good fit there in the offense. So, to me, if this gets to a reasonable number, yeah, I'd like to have him back. Just, more than anything else, just having a veteran presence with all these young guys.
"I just don't envision him having a huge market considering how loaded this draft is at the receiver position."
The 49ers are without a selection between the first and fifth rounds in next month's draft, thanks in large part to the trade to acquire Sanders in October. San Francisco sent third- and fourth-round picks to the Denver Broncos in exchange for the receiver while also receiving a fifth-round pick.
You can listen to the entire conversation with Jeremiah below.
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