Details of Brock Purdy's extension serve to dampen 'overpaid' claims

While it is easy to be blinded by the large $53 million average annual value of Purdy’s contract, the details in the deal erase the notion of an overpaid former Mr. Irrelevant.

Starting with the actual length of the contract, Purdy is scheduled to be a 49er for the next six seasons, according to Spotrac. In 2025, he will complete the final year of his rookie contract before his extension hits the books during the 2026 season. 

However, the deal has a potential out for the 49ers following the 2026 season and before a $55 million guarantee triggers for the 2028 campaign. If Purdy plays well, a restructuring is almost a guarantee. If so, San Francisco will be able to lower the cap hit to give the team further cap space down the road and maintain future financial flexibility — the first knock against Houshmandzadeh's argument.

The structure of the extension also indicates a straightforward three-year contract with opt-ins for the 49ers. The first three years of Purdy’s extension include $100 million fully guaranteed. After that, San Francisco has the option to keep Purdy or alter their plan under center. Due to this stipulation, the deal is essentially a three-year, $132 million contract worth $44 million per year, including $100 million in guarantees with options from 2027 to 2030.

The $44 million per year would rank 14th in the NFL and be less than the average annual value of Kyler Murray, Deshaun Watson, Kirk Cousins and Jared Goff.

Suddenly, the Purdy extension doesn't seem quite so extravagant.

Yes, the 49ers' new highest-paid player in franchise history will need to earn his stripes, but in a league where player value is constantly questioned, it is hard to poke holes in Purdy’s new deal.

A former MVP finalist and near Super Bowl champion received $16 million less per year than market value dictates ($7 million less if using the $53 million per year metric). That alone indicates a win for the 49ers and invalidates the "overpaid" narrative.

Purdy began his career as one of the best bargains in the NFL, and even after signing a lucrative extension, may still sit atop that list.