OverTheCap.com lists the 49ers as having about $2.34 million in salary-cap space before the McCaffrey restructure. The running back was slated to earn a base salary of $11.8 million in 2023 and had a $12 million cap number.
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The 49ers likely converted some of that salary into a bonus, allowing the cap hit to be spread over multiple years and possibly adding void years. Expect the full contract details to be revealed later.
McCaffrey arrived from the Carolina Panthers via a mid-season trade last season. He finished the 2022 season with an impressive 1,880 total yards and 13 total touchdowns in his 17 games between the 49ers and the Panthers.
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