McCaffrey, who was already one of the top earners among running backs, had two years remaining on his previous contract.

The new deal restructures these remaining years, ensuring he will be under contract with the 49ers through the 2027 season. His annual salary for the upcoming years will be significantly higher, with $16 million set for 2024 and an additional $16.205 million for 2025.

This extension comes after McCaffrey’s impressive performance since being traded to the 49ers from the Carolina Panthers in 2022.

He was instrumental in the 49ers’ offensive success, leading the league in rushing yards and touchdowns last season and earning the NFL Offensive Player of the Year title in 2023.

McCaffrey expressed his hope that this deal represents a positive step for the valuation of running backs in the NFL, a position often seen as underappreciated in recent years.