The 49ers secured several core players earlier this offseason, extending quarterback Brock Purdy, tight end George Kittle, and linebacker Fred Warner—making Kittle and Warner the highest-paid at their respective positions and placing Purdy among the NFL's top earners.
Jennings, however, is entering the final year of a two-year, $15.4 million contract he signed in 2024 and is reportedly seeking an extension. According to Schefter, if no deal is reached, Jennings plans to request a trade.
While Jennings' current deal paid well for the WR3 role he held entering the 2024 season, it's now a bargain for his expected WR1 role in 2025. With Deebo Samuel traded to the Washington Commanders and Brandon Aiyuk still rehabbing from ACL and MCL injuries suffered in October 2024, Jennings and second-year wideout Ricky Pearsall are projected to start in Week 1.
Jennings stepped up big after Aiyuk's injury last season, recording a career-high 975 receiving yards and six touchdowns. With veterans reporting to camp on Tuesday, Jennings is expected to be present. However, the urgency to finalize an extension is growing, as the 49ers hope to avoid a potential "hold-in" similar to Aiyuk's contract standoff last summer.
Adding to the wide receiver uncertainty, Pearsall was unexpectedly placed on the active/physically unable to perform (PUP) list due to a hamstring issue, further thinning the position group.
However, the good news is that players on the PUP list can return to practice at any time once they are medically cleared, so the designation could simply be a precautionary measure. We'll learn more during the upcoming week.
Despite the trade threat, 49ers insider Matt Maiocco of NBC Sports Bay Area believes a deal will ultimately get done and that Jennings is unlikely to be moved.
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"My guess is that they do get together on something, and it wouldn't be the kind of money that Jennings could get on the open market if he were to play out this season, bet on himself, and have the kind of year he did in 2024," Maiocco recently said. "So it'd be a little bit under that.
"But, it seems to me that that's the reasonable and logical solution for what he brings to the table in the passing game, heck, even in the running game as a blocker, that tenacity, that tone-setting mentality that he has. My guess is that they would come together on something that would make both sides happy and could continue this union into the future."
If Jennings and Pearsall are sidelined to start training camp, other young receivers will get valuable reps. Second-year wideout Jacob Cowing and rookie Jordan Watkins, both of whom impressed during the offseason program, will have opportunities to shine and further develop.
Rookies Junior Bergen and Isaiah Neyor could also see increased snaps, and second-year receiver Terique Owens may get a chance to elevate his role as well.
While the situation opens the door for emerging talent, it also highlights the uncertainty surrounding San Francisco's wide receiver depth chart as the team seeks to rebound from a disappointing 2024 season.
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