SANTA CLARA – Colin Kaepernick signed a restructured contract with the 49ers that eliminates future financial risk if he were to get injured this season, according to sources.
The 49ers will no longer be responsible for guaranteeing Kaepernick’s scheduled salary of $14.5 million for the 2017 season if he is on the roster – or not healthy enough to pass a physical – on April 1, 2017.
In return, Kaepernick has the option to void his contract at the end of this season and become an unrestricted free agent in March. Also, the 49ers guarantee his entire $2 million in per-game roster bonuses through the end of the regular season.
Kaepernick said Tuesday the restructured contract was still being negotiated, but he felt no pressure to get the contract completed before Sunday’s game against the Buffalo Bills.
Coach Chip Kelly announced on Tuesday that Kaepernick would take over as the 49ers’ starting quarterback in place of Blaine Gabbert.
Kaepernick and the 49ers originally agreed to a six-year, $115 million contract extension in June 2014. In reality, it ended up being a three-year contract worth approximately $39 million.