UPDATE: Colin Kaepernick's mega-extension was reportedly worth a guaranteed $60 million. However, the details emerged late Wednesday night and the contract actually contains only $13.073 million in fully guaranteed money. This story has the full breakdown of the deal.
The 49ers reached a mega-deal with quarterback Colin Kaepernick through the 2020 season, the team announced Wednesday.
The six-year extension includes more than $60 million in guaranteed money, a source said. The total package of the deal can reach $126 million. Kaepernick is scheduled to take part in a press conference at 2:30 p.m. at 49ers headquarters in Santa Clara to announce the deal.
“Colin’s hard work and dedication have played an integral role in the recent success of the 49ers organization,” 49ers general manager Trent Baalke said in a statement. “His work ethic, leadership and on-field production have positively influenced our team, and we look forward to his continued growth in all areas.
“Our organization always looks to reward our players for their contributions and commitment to the team. Colin’s agents, Scott Smith and Jason Bernstein, along with Paraag Marathe and Brian Hampton, should be commended for working diligently to reach an agreement.”
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Kaepernick was scheduled to enter the final year of his original four-year, $5.129 million contract he signed as a second round draft pick in 2011.
The sides resumed contract talks on Tuesday in Santa Clara. It was the first time since the NFL Scouting Combine in Indianapolis in February that the sides met face-to-face. It did not take long for them to hammer out the details on the richest contract in 49ers history.
Baalke stated his goal in March was to sign Kaepernick to a long-term extension before the opening of training camp. The 49ers accomplished the landmark deal with seven weeks to spare.
Aaron Rodgers is the highest-paid quarterback in the NFL at $22 million per season. Matt Ryan, Joe Flacco and Drew Brees each make $20 million or more per season. Peyton Manning, Jay Cutler, Tony Romo and Matthew Stafford also earn at least $17.666 million annually.
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“I think there’s a lot that he’s done that has put him in that position where he should be paid like one of the top quarterbacks in the league," 49ers CEO Jed York said in March. "And I think that’s where we’ll end up -- whether we get it done now or later. We hope we get it done soon. If we don’t, I don’t think it’s going to be acrimonious.”
Kaepernick took over from Alex Smith as the team's starting quarterback during the 2012 season, and he led the team to the Super Bowl with his combination of passing and running skills. Last season was his first as an NFL starter for a full season.
In 2013, Kaepernick started all 16 regular season games, and all three postseason contests, setting career highs in passing yards (3,197) and passing touchdowns (21), while also recording 92 rushing attempts for 542 yards and four touchdowns.