Colin Kaepernick Met With Broncos GM John Elway On Thursday

Update:

Ian Rapoport of NFL Media confirms the report that 49ers QB Colin Kaepernick has met with Broncos general manager John Elway on multiple occasions.

The two sides reportedly discussed a potential restructured contract. However, Rapoport adds that obstacles remain and nothing is imminent at this point in time.

One other note: Rapoport has also confirmed that the 49ers have given Kaepernick permission to continue exploring a potential trade out of San Francisco.

Matt Maiocco believes it would make sense for a deal to be done before Monday, as this would prevent Kaepernick from being in attendance for the start of the team’s offseason program.

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Eric Branch of the San Francisco Chronicle reports that 49ers QB Colin Kaepernick met with Broncos general manager John Elway at Elway’s house in the Denver area on Thursday.

• According to Branch, Kaepernick and Elway have met at least twice since March 15.
• Mike Klis reports that while the two sides have met, a trade is not considered imminent at this point in time, and Kaepernick’s contract remains a hurdle that would need to be addressed.

Branch mentions that the 49ers have granted Kaepernick permission to seek a trade out of San Francisco, which explains why he was able to met and speak with Elway. However, recent reports have said that Kaepernick would need to agree to a restructured contract in order for him to be an option for the Broncos.

Their most recent meeting came on the same day that Kaepernick’s $11.9 million base salary for the 2016 season became guaranteed.

Mike Klis of 9News reported earlier in the week that the Broncos are still interested in trading for Kaepernick, even after his salary became guaranteed.

According to Klis, the Broncos  were well aware of the fact that 49ers weren’t just going to release Kaepernick when he had enough trade value to net them a draft pick in a deal.

Klis believes April 28 is likely the trade deadline for a deal between the two parties, given that this is the start of the draft.

There’s still the issue of Kaepernick’s contract to go along with agreement on compensation, so there’s still plenty of work to be done.

In regards to a restructured deal, Jason Cole of B/R reported that the Broncos have asked Kaepernick to reduce his salary from $11.9 million to approximately $7 million for the 2016 season as part of a trade.

Kaepernick, 28, is in the third year of his seven-year, $126.97 million contract that included $61 million guaranteed and stands to make a base salary of $13.9 million for the 2016 season.

While those numbers are impressive on their own, the contract is essentially a pay-as-you-go agreement that includes ways for San Francisco to walk away with limited repercussions, as long as Kaepernick is healthy.

According to OverTheCap.com, trading Kaepernick would free up $8,493,493 in available cap space and create $7,397,260 in dead money.

In 2015, Kaepernick threw for 1,615 yards while completing 59.3 percent of his passes to go along with six touchdowns and five interceptions over the course of eight games. He also added 228 yards rushing and a touchdown.

We’ll have more regarding Kaepernick as the news is available.