$321 million reasons they parted ways with a majority of their free agents and we aren’t even a week in.
One week of NFL free agency isn’t over and the San Francisco 49ers are already making history. On Day 1, their outgoing free agents accumulated $258 million in deals. It’s now Saturday and the rest of the NFL has been gobbling up the 49ers’ releases to the tune of $321 million spent (h/t Doug Clawson).
As of this writing, the 49ers have spent only $37 million on free agents. That’s a $284 million deficit.
The amount of money the NFL spent on the 49ers’ free agents through Day 4 is the most on a team’s departing free agents. San Francisco’s $37 million spending deficit is the largest in league history.
That’s one way to stabilize your salary cap.
So, here are a few disclaimers, but the money numbers could be very different when you read this. Contracts, like Mac Jones’ deal, will have more details, so maybe the deficit will adjust, or the free agents made $317 million instead of $321 million.
Regardless of whether they were first or third in these historic moves, one thing was sure: The 49ers had players the league wanted. An assumption is that there was no salary cap they could navigate to maneuver $321 million, even if they deferred the money.
Or could they? Many analysts have said the 49ers could have continued for a strong roster push holding onto their playmakers. Some have pointed to the Buffalo Bills last year moving on from the likes of Stefon Diggs, Micah Hyde, and others. And the evidence has shown that this was a cash move.
Any way you look at it, restructures, offloaded agreements, and whatever else they come up with will need paid eventually, and may make the difference in one or two years of them requiring a star free agent to complete the team or being bound to an agreement they kicked the can on years ago.
Regardless, the 49ers have made history in this roster purge. Hopefully, whatever money they get from this is used right in a year or two.