In an effort to appease Jennings without overcommitting financially—after some buyer's remorse following their investment in Aiyuk—the 49ers restructured Jennings' contract to include attainable performance incentives, many of which he ultimately earned.
Still, the move left Jennings on track to reach free agency this offseason. While his 643 receiving yards may not stand out at first glance, they ranked second on the team, trailing only running back Christian McCaffrey. Jennings also led the 49ers with nine receiving touchdowns.
Jennings proved to be a reliable weapon late in the season, recording at least one touchdown in seven of the 49ers' final nine regular-season games. He also showcased his versatility in the playoffs, throwing a touchdown pass to McCaffrey in the postseason matchup against the Philadelphia Eagles.
"He makes us better," general manager John Lynch said on Wednesday. "We'd love to have him back. We'll go to work to try to get that accomplished, and we'll see where that goes."
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With Lynch acknowledging that Aiyuk has likely played his last snap with the 49ers, Jennings emerges as a compelling offseason priority. Rookie wideout Ricky Pearsall battled injuries throughout the season, while tight end George Kittle's status for 2026 remains uncertain as he recovers from an Achilles injury.
Evaluating the upcoming wide receiver market, ESPN's Bill Barnwell views Jennings as a strong value for San Francisco in 2025—and a player positioned to cash in.
"Jennings came into the league as a guy who might have profiled as a power slot option, but Kyle Shanahan has used him primarily as an outside target," Barnwell wrote. "Jennings took about 63% of his snaps there over the past two seasons."
That usage was largely driven by necessity following Aiyuk's injury, and later, Deebo Samuel's departure. Still, Barnwell believes Jennings could be even more effective in a different role.
"He has been a little more efficient working out of the slot, and I'd like to see whether the 2020 seventh-round pick could hit a new level if he joins a team that can afford him more snaps there," Barnwell added.
Jennings' 2025 season also underscored his toughness. He played through broken ribs, high- and low-ankle sprains, and a shoulder injury. If he can stay healthier in 2026, Jennings could be poised for a breakout year—whether that comes with the 49ers or another team.
"At 29, this is probably Jennings' only realistic chance of landing a multiyear guarantee," Barnwell wrote. "He might be worth more to the 49ers than anybody else, but if they want him back, they're going to need to offer a significant raise to keep their homegrown wideout around."
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