Just How Many Pennies is Colin Kaepernick’s New Deal Actually Worth?

At his press conference on Wednesday afternoon, Colin Kaepernick proclaimed that he planned to be worth “every penny” of his new contract extension with the San Francisco 49ers.

The question, however, is just how many pennies the deal is actually worth.

According to NFL Media Insider Ian Rapoport, the payout could be as big as $126 million over six seasons with at least $61 million guaranteed. As, Rapoport notes that $61 million guarantee would set a league record.

However, according to Mike Florio of ProFootballTalk, who actually examined the contract, the amount of guaranteed money is considerably smaller–$13.073 million to be exact. The breakdown is as follows: a $12.328 million signing bonus, a $645,000 base salary and a $100,000 workout bonus.

As Florio explains, the 49ers have the ability “in any given year, to move on from Kaepernick” during the course of the deal.

On Wednesday in Santa Clara, Kaepernick alluded to the fact that his payday wasn’t nearly as lucrative as initially reported.

“Part of the way the contract is written and the way it was negotiated was so they would be able to sign other players. That was something that my agents and the organization worked out and they felt like this was something they would be able to get other players with.”

As Florio describes in great detail in the ProFootballTalk story, there are a whole variety of ways in which the 49ers have protected themselves in the deal. The contract can “de-escalate” in value and Kaepernick is also required to buy a “disability policy” that will pay the 49ers $20 million if the quarterback suffers a career-ending injury.

One “source” told Florio that the team is “thrilled” with the new agreement, “which allows them to control Kaepernick’s rights for seven years and to move on after any of the next six seasons.”

It sounds like 49ers president Paraag Marathe got a pretty good deal after all.