Actual annual value of Brock Purdy's 49ers contract lower than suggested

News broke Friday afternoon that the San Francisco 49ers and quarterback Brock Purdy had agreed to a five-year contract extension worth up to $265 million. The deal ties Purdy to the team through the 2030 season, as it has been added to the final year of his rookie contract, which was set to pay him approximately $5 million in 2025.

The new agreement reportedly includes $181 million in total guarantees. According to Matt Maiocco of NBC Sports Bay Area, $100 million of that is fully guaranteed, meaning Purdy is assured of earning at least that amount over the life of the deal, and likely much sooner. The remaining $81 million consists of guarantees that may vest in the future based on contract terms or roster status.

At first glance, the extension appears to pay Purdy an average of $53 million per year, which would account for nearly 19% of the 49ers' salary cap in 2025. That drops to 17.7% in 2026, when the cap is expected to increase to around $300 million.

However, Mike Florio of Pro Football Talk pointed out a key detail. Because this is an extension and not a brand-new contract, Purdy's average salary is lower than it initially appears. By factoring in the $5 million he was already set to earn in 2025, the full contract becomes approximately $270 million over six years.

That brings his actual average annual salary closer to $45 million. For context, that represents about 16.1% of the current salary cap and an estimated 15% in 2026—a relative bargain for a quarterback who has already led the 49ers to two NFC Championship appearances and a Super Bowl.

Purdy still instantly becomes immensely wealthy, as he will receive his signing bonus up front. Meanwhile, the 49ers will be able to spread that bonus across the length of the contract, potentially even beyond it for cap accounting purposes. Most of the remaining guaranteed money will likely come in the form of guaranteed salary over the first few years of the deal.

The exact structure of the contract likely won't be known until it's officially filed with the league office. But on the surface, it appears to be a win-win for both sides. The 49ers lock in their franchise quarterback for the long term, and Purdy secures the opportunity to earn significantly more than he would have by playing out his rookie deal and facing two years of the franchise tag, which would have netted him around $97 million over the next three seasons.

In all likelihood, the 49ers have pushed much of the contract's salary cap impact into the later years, allowing for greater short-term flexibility, especially with the salary cap projected to keep rising. And if Purdy continues to perform at a high level, the team will always have the option to restructure his deal down the line to stay competitive.