Christian McCaffrey signs 2-year, $38 million extension with 49ers

McCaffrey will see his annual salary rise by $8 million.

San Francisco 49ers running back Christian McCaffrey has signed a two-year extension that will see him average $19 million per season.

According to ESPN's Adam Schefter, the 2023 NFL Offensive Player of the Year will see his salary increase $8 million and he will also receive $24 million more in guaranteed money. McCaffrey was set to make $11.8 million for the 2024 NFL season, which is from the contract he signed while with the Carolina Panthers.

That bump in salary will make McCaffrey, who turns 28 on Friday, the NFL's highest-paid running back. He is now signed through the 2027 season.

"Running back has been undervalued for some time now," McCaffrey said Tuesday. "Hopefully, this is a step in the right direction."

McCaffrey was under contract with the four-year, $64 million extension he signed in 2020 with the Panthers. Following the 2022 trade to San Francisco, nothing in the agreement was reworked. He had two years remaining on that deal but none of his base salaries in 2024 and 2025 were guaranteed.

"Business is business. It's part of this game," McCaffrey said. "Both sides were mutually very respectful the whole time. Just proud and happy that we got something done."

The 27-year-old McCaffrey rushed for 1,459 yards and 14 touchdowns last season and recorded 564 receiving yards and seven TDs.

Now that his contract is taken care of, McCaffrey was with the team for the start of their mandatory minicamp on Tuesday after he passed on attending the voluntary part of the 49ers' offseason program.