Jimmy Garoppolo and the 49ers took the NFL world by surprise on Monday afternoon by agreeing to a new contract that delivers the veteran quarterback a hefty pay cut.
But details reported shortly after the news broke paint a picture of two negotiating parties that aren't sure if Garoppolo ultimately will stay or go, with rewards for playing and a very loose no-trade clause included in the deal.
ESPN’s Adam Schefter, who broke the news of the contract first, also reported Monday that the 49ers and Garoppolo had been working together since last week to keep him on the team.
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Under the new one-year contract, Garoppolo remains in San Francisco through the 2022 season. The deal includes $6.5 million in fully-guaranteed base salary, and play-time incentives included in the contract total $8.45 million in addition to $500,000 in per-game roster bonuses, per Albert Breer.
In total, Garoppolo could earn up to $15.45 million -- a far cry from the $24.2 million base salary he was due in 2022 under his old contract. Nevertheless, it is still a hefty possible payout for a player returning as the assumed backup for Trey Lance.
That amount is under the best-case scenario for Garoppolo, where he somehow ends up starting for the team.
San Francisco 49ers
In all, Garoppolo’s pay cut delivers the 49ers nearly $20 million in immediate cap space, per Over The Cap.
It’s an interesting end to a summer-long saga that saw San Francisco attempt -- and fail -- to trade their one-time starter, but is it really the end?
Per Schefter, the no-trade clause included in Garoppolo’s contract means that if a team wants to trade for him, they simply need to include the quarterback in the discussion and get both his and the 49ers’ consent.
In short, the new contract effectively has given the team until October’s trade deadline to find a potential suitor.
By then, NFL teams might be much more needy than they are now. In working with Garoppolo on a pay cut rather than releasing him, the 49ers now have a chance at receiving something in return instead of nothing at all.
But even if Garoppolo isn’t traded this season, the 49ers still stand to benefit. Should he sign elsewhere in March as a free agent after spending the 2022 season on San Francisco’s roster, the 49ers could receive a compensatory pick in the 2024 NFL Draft -- but only if their net losses in free agency outweigh their net gains.
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So yes, Monday’s announcement was a shock to plenty of 49ers Faithful, especially given the whirlwind of Garoppolo rumors that have plagued fans since the 2021 season ended.
But when all is said and done, the 49ers save money, have arguably the best backup quarterback in the league on their roster, and still might benefit moving forward.