Why a 49ers trade for Panthers RB Christian McCaffrey is realistic

With the rumors gaining steam, many believe that trading for McCaffrey is unrealistic for the 49ers, due to his financial situation, as the running back signed a four-year, $64 million extension with the Panthers in 2020.

Here's why the 49ers can actually make the move financially, making the blockbuster trade more realistic than anticipated, should McCaffrey be moved prior to the trade deadline.

McCaffrey's restructure

Earlier this offseason, McCaffrey agreed to a restructure with the Panthers, converting $7.365 million of his $8.4 million base salary into a signing bonus, creating $5.52 million in cap space for Carolina.

That move lowered the running back's base salary to a meager $1.035 million for 2022, which would be the cost that an acquiring team would have to pay should they move for McCaffrey, instead of the $8.78 million cap hit that he currently holds for 2022.

Currently, the 49ers have $5.3 million in cap space, according to Over The Cap, meaning they'd be able to financially fit McCaffrey under the cap without an additional move, as the halfback's cost would be just $1.035 million for the entire year, with the exact figure coming at an even lower rate, depending on when the trade occurs.

So, for 2022 specifically, the 49ers actually can financially fit McCaffrey under the cap easily, contrary to many beliefs.

McCaffrey's overall contract

Following the 2022 season, Christian McCaffrey does have three years and $35.6 million remaining on his four-year extension, which could be alarming to some for an oft-injured running back, who would be 29 at the end of the deal.

However, once again, there's a caveat in his contract that makes the situation much more flexible than people believe.

Over the three years, McCaffrey has just $1 million in guaranteed money remaining, meaning that an acquiring team could opt out of his contract at the end of the season with minimal financial loss should they choose to.

But, the likelier option would be to keep McCaffrey at his price for the next few seasons should he continue to perform, and with that, an acquiring team has flexibility.

If cap space is needed in the following years, an acquiring team could, once again, restructure McCaffrey's contract by converting his $11.8 million base salary into a signing bonus, which would spread over the remaining years of the contract.

Or, should McCaffrey look for more guaranteed money over the final years of his deal, the two sides could reach a restructure that increases the amount of guaranteed money at the expense of the overall salary, creating a win-win situation.

Regardless, the main point is that an acquiring team has several options with McCaffrey's contract, given its current structure, which is why it's realistic for the 49ers to acquire him.

Now, this doesn't mean that San Francisco is currently the favorite to trade for McCaffrey, nor does it mean that the running back will even be moved. But, it's important to note the realistic factor behind it, which starts with the financials.