Source: Armstead set to be released by 49ers, become free agent

All signs are pointing toward the 49ers parting ways with their longest-tenured player. The 49ers are set to release defensive tackle Arik Armstead after he declined a significant pay cut from his scheduled $17.41 million salary for the upcoming 2024 NFL season, a source told NBC Sports Bay Area on Sunday night. Jordan Schultz of Bleacher Report was first to report Armstead's decision to become a free agent. The expected move is likely to create nearly $2.5 million in salary cap space for the 49ers with the free-agent signing period set to open on Wednesday. Due to past signing bonuses and contract conversions, Armstead would still count $25.86 million in dead money for the upcoming season. If the 49ers opt to designate it as a post-June 1 release, the dead money would be split over the next two years. If the 49ers absorb all of the cap hit this year, Armstead's salary would be completely wiped off the team's books next year. That is important because the 49ers will need to create more cap space for next year, when the team will be allowed to give quarterback Brock Purdy a lucrative contract extension. Armstead, 30, was a first-round draft pick of the 49ers in 2015 from the...