However you slice it, the $38 million extension keeps CMC as the highest-paid running back. Alvin Kamara‘s deal, signed in 2020, sits second at $15 million annually. Jonathan Taylor signed a three-year, $42 million extension last October ($14 million per). Saquon Barkley topped the RB market this free agency with a three-year, $37.75 million ($12.583 million per) pact in Philly.

Since the trade to San Francisco in 2022, McCaffrey has been the engine behind Kyle Shanahan’s diverse offense. In 2023, he led the NFL with 1,459 yards rushing on 272 carries with 14 rushing touchdowns. He added 564 receiving yards on 57 catches with seven more scores.

Given his importance to the Niners’ deep postseason runs — and the fact that the club was essentially getting a deal with the Panthers having paid the bonus money — CMC was in line for a new pact this offseason. The deal keeps him under contract until 2027, when he’ll be 31, and provides security for the back. In the short term, San Francisco will presumably use the extension to lower the running back’s 2024 cap number ($14.144 million).

Running backs have had a rough go of things on the open market in recent seasons, but paying a going rate for a player as vital as the dual-threat McCaffrey makes sense for a Niners club looking to sprint back to the Super Bowl and extend its championship window.