With Deebo Samuel gone and Brandon Aiyuk still recovering from the severe knee injury he suffered last season, Jennings is projected to be San Francisco's top receiver. Coming off a career-best 2024 season—77 catches for 975 yards and six touchdowns—Jennings believes his production deserves a pay raise.
However, his extended absence from the practice field has made negotiations more complicated. The San Francisco Standard's Tim Kawakami believes the two sides remain far apart in negotiations.
"I've heard that the two sides are not close on a new agreement, which shouldn't be a surprise after the 49ers' rounds of cost-cutting last spring set up their new deals with Purdy, Fred Warner, and George Kittle," Kawakami wrote. "Beyond that, the 49ers have clearly indicated that there isn't much more money to pay out, and certainly not at wide receiver, with Aiyuk's $30 million a year deal already on the books."
Kawakami notes that neither side has much leverage. ESPN's Adam Schefter previously reported that Jennings plans to seek a trade if no deal is reached, but there has been little sign of serious interest from other teams. On the 49ers' side, they appear reluctant to give the receiver a raise.
The standoff comes at a tough time for San Francisco's offense. Without Jennings, the 49ers' receiving corps is dangerously thin, with multiple injuries already affecting depth. Quarterback Brock Purdy would undoubtedly prefer to have his presumed WR1 ready for Week 1.
Kawakami also suggests the team may regret giving in to Aiyuk's contract demands last year.
"I checked around, and my understanding is that the 49ers feel that the timing is all wrong," Kawakami wrote. "They don't want to give Jennings a big new deal so soon after he signed the last one, a year after giving Brandon Aiyuk a huge contract that the 49ers' money people almost instantly regretted, and months after signing Brock Purdy to a $265 million deal."
Despite the stalemate, Kawakami projects the two sides will ultimately reach a short-term compromise.
"The 49ers tack on another year with a deal worth a total of $22 million, with a moderate $5 million guaranteed as a bonus now and the rest lined up as non-guaranteed salary or option bonuses triggered next spring," Kawakami predicts.
"This way, Jennings' camp can call it a one-year, $22 million extension, and suddenly he's (briefly) a top-20 paid WR, though his chances of getting paid all of that money wouldn't be super high. And the 49ers can get Jennings into uniform for Week 1 in Seattle and the rest of the season without really extending the payroll too much."
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