49ers Sign QB Colin Kaepernick To A Six-Year Extension Worth $126M

Update:

#49ers sign QB @Kaepernick7 to six-year contract extension. #Kap2020 | http://t.co/jJnAkKHysP pic.twitter.com/EZROmY073W

— San Francisco 49ers (@49ers) June 4, 2014

49ers GM Trent Balke released a statement regarding the signing.

“Colin’s hard work and dedication have played an integral role in the recent success of the 49ers organization,” said Baalke. “His work ethic, leadership and on-field production have positively influenced our team, and we look forward to his continued growth in all areas.

“Our organization always looks to reward our players for their contributions and commitment to the team. Colin’s agents, Scott Smith and Jason Bernstein, along with Paraag Marathe and Brian Hampton, should be commended for working diligently to reach an agreement.”
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ESPN’s Adam Schefter is reporting that the 49ers have reached an agreement with QB Colin Kaepernick on a six-year extension worth over $100 million.

BayAreaSportsGuy.com first reported that there was an agreement in place between the 49ers and Kaepernick.

• Jason La Canfora reports that Kaepernick’s contract will pay him $21 million per year and includes a record $61 million guaranteed.
• Ian Rapoport reports that the 49ers apparently mitigated their risk with guarantees included in Kaepernick’s contract to some extent.
• Adam Schefter reports that Kaepernick will receive a $12 million signing bonus, which isn’t much compared to other quarterbacks who have received as much as $24-$40 million.
• Kaepernick is now under team control through the 2020 season.

Reports from yesterday mentioned that the two sides were expected to meet this week to get a deal hammered out, but it appears talks progressed much faster than expected.

San Francisco receives close to $9 million in cap space now that Carlos Rogers has come off the books and they restructured ILB NaVorro Bowman‘s contract.

Kaepernick, 26, was entering the final year of his rookie contract and would have made just $973,766 for the 2014 season before this agreement was reached.

Last year, Kaepernick completed 58.4 percent of his passes for 3,197 to go along with 21 touchdown passes and eight interceptions. He also contributed another 524 yards rushing and four touchdowns on the ground.

Pro Football Focus had him rated as the No. 18 quarterback in the league last season.