With the third overall pick in the 2021 NFL Draft, the San Francisco 49ers selected Trey Lance, but what is the value of his rookie contract? Let’s take a look at the total value of Lance’s deal, how it breaks down in terms of the 49ers’ salary cap, and the options the 49ers have with their new quarterback in the future.
Trey Lance’s contract details and bonuses
Since the Collective Bargaining Agreement was signed in 2011, the value of rookie contracts has been set each season. Therefore, Lance’s deal was assigned based on his third overall draft position. The value of the contract was set at a fully guaranteed $34.1 million on a four-year deal with a fifth-year team option. The fifth-year option is not accounted for in the $34.1 million. Instead, it’s based on Lance’s performances in his first three years in the league.
The specifics of Lance’s contract are expected to include a signing bonus of just under $22.1 million with around $12 million in salary. All of that money is guaranteed, assuming Lance does nothing that would warrant the contract being voided.
What impact does Lance’s deal have on the 49ers’ salary cap?
While Lance will receive around $23 million in cash as a rookie, his salary cap number is significantly different.
Lance’s $22.1 million signing bonus will prorate across the four years of his contract at just over $5.5 million per year. That $5.5 million combines with Lance’s salary for each year to determine his salary cap number.
In 2021, Lance is projected to count for around $6.1 million in salary cap space. That number rises to approximately $7.8 million in 2022, $9.3 million in 2023, and $10.8 million in 2024.
What options do the 49ers have with Lance’s contract?
The structure of rookie contracts somewhat limits the 49ers’ options with Lance. As mentioned above, the deal is fully guaranteed. Therefore, even if the 49ers want to release Lance, they will not save any part of the $34.1 million.
The only exception would be if Lance were to violate the team or league code of conduct. If that were to occur, the team could void the remaining guaranteed money and reclaim some signing bonuses.
If the 49ers decide to move on from Lance during his contract, the prorated signing bonus will accelerate onto their cap. That would happen in the season they released him or split between the next two seasons if done after June 1. If the 49ers cut Lance ahead of 2022, they would have approximately $27.5 million in dead money. That would be to drop to around $20 million in 2023 and $10.2 million in 2024.
When is Lance eligible for an extension?
The 49ers and Lance cannot agree to a contract extension until after Lance’s third year in the NFL. Therefore, Lance will be eligible for an extension after the conclusion of the 2023 season. That 2024 offseason will be an intriguing one for Lance and the 2021 NFL Draft class. In the same offseason, the 49ers will have to decide on whether to exercise Lance’s fifth-year option or not.
Ben Rolfe is a content director at Pro Football Network and is also a member of the Fantasy Sports Writers Association (FSWA). You can find him on Twitter @BenRolfePFN.