Contract structure

Paraag Marathe Left, And Seventy-Two Void Seasons Stayed

Seventy-two seasons that will never be played sit on San Francisco's cap sheet, running through 2034 and spread across every tier of the roster from Brock Purdy to Siran Neal. The club had already handed contract negotiations to Brian Hampton on June 19, 2025, nine months before Mike Evans signed a deal with four of them attached.

JS
Jamie SilvaAug 6, 20266 min read
Every call on this site goes on a public ledger and gets graded. The misses stay up.
Illustration: a stack of identical thin sheets seen edge-on, receding into darkness far past where the stack should end.

San Francisco paid Mike Evans $14,300,000 in cash during the 2026 league year and charged $4,250,000 of it against the 2026 salary cap.

Both numbers are correct. The $10,050,000 between them is not an error and it is not free money. It is a loan the club wrote to itself, and the schedule of repayment is the subject here.

Paraag Marathe, credited for a quarter century with writing loans like that one, left the 49ers on Saturday. Jed York announced it to staff by email, and the Associated Press and ESPN both carried it on August 1. He was executive vice president of football operations after 25 years in the building, he is leaving to run Leeds United and Rangers full time, and the AP's description of the job he did is that he played "a key role in contract negotiations and salary cap management."

So the question is whether the arithmetic leaves with the man. It does not, and the reason is that the arithmetic is on 21 contracts rather than one. Start with the mechanic, because the count means nothing without it.

A void year is a denominator#

A signing bonus is cash, paid up front, and the cap does not care when the player banks it. What the cap cares about is that the charge may be spread across the length of the contract, to a maximum of five years. Spread the same dollars over more seasons and each season's charge falls.

A void year is a season written into a contract that both parties know will never be played. It exists to be counted. Evans signed for three years, and four void years were attached to the back of them, 2029 through 2032. That makes the paper length seven, which lets the $12,000,000 signing bonus prorate across the maximum five seasons at $2,400,000 apiece rather than across three at $4,000,000.

The option bonuses run the same play twice more, later. ESPN's Nick Wagoner published the structure on March 18: $12,050,000 due in 2027 and $10,950,000 due in 2028, $23,000,000 between them, each prorating five seasons forward from the year it is paid, which is possible only because 2031 and 2032 exist on the page.

Every deferred dollar is still owed: deferral moves a charge, it does not delete one.

The book, year by year#

SeasonCash to EvansCap chargeDeferred
2026$14,300,000$4,250,000$10,050,000
2027$14,550,000$7,310,000$7,240,000
2028$13,650,000$9,700,000$3,950,000
2029, void$0$20,790,000
Total$42,500,000$42,050,000

Cash figures are Wagoner's, and the three of them sum to $42,500,000, the announced value of the contract. Cap charges are Over The Cap and Spotrac, which agree on all three playing seasons. The two totals miss each other by $450,000, which is the slice of Evans' 2026 per-game bonus the cap sheet does not carry. The likely-to-be-earned test is the obvious mechanism and neither money source says so, which makes the gap measured and its cause inferred.

Where the $20,790,000 comes from#

The 2029 figure is the one people repeat and nobody derives. It is three unfinished amortizations landing at once, in the first season that does not exist.

ComponentProrated overUnamortized after 2028
Signing bonus, $12,000,0002026 to 2030 at $2,400,000$4,800,000
2027 option bonus, $12,050,0002027 to 2031 at $2,410,000$7,230,000
2028 option bonus, $10,950,0002028 to 2032 at $2,190,000$8,760,000
Accelerating into 2029$20,790,000

Over The Cap's 2029 row for Evans reads $20,790,000, with the base-salary column reading "Void" rather than a number. The derivation above was run from the published bonus amounts first and matched afterward, which is the only reason to trust either. It assumes both options are exercised and the deal is neither extended nor restructured; a restructure slides the charge right again, which is what the structure was built to permit, on a receiver who turns 36 in August of 2029.

Mike Evans' largest 49ers cap charge lands in a season he is not on the roster

Cap charge by season on a three-year contract with four void years attached, against the cash paid in the same season. 2026 through 2028 are Over The Cap and Spotrac, which agree. The 2029 bar assumes both option bonuses are exercised and no restructure intervenes. Evans is one of the 21 contracts on this cap sheet built the same way.

2026cash $14.30M
$4.25M
2027cash $14.55M
$7.31M
2028cash $13.65M
$9.70M
2029void year, cash $0
$20.79M

Read the bars against the small grey line under each year. The cash runs flat near $14,000,000 for three seasons and stops; the charge climbs the whole way and peaks after the cash ends. A contract shaped that way is a decision about which season absorbs it, and the season chosen is one nobody in the building answers for.

Twenty-one contracts, and 72 seasons nobody will play#

One contract decomposed is an anecdote. So here is the whole sheet, counted row by row rather than read off a summary.

San Francisco's 2026 cap page carries 93 named players against a header that says 92, a gap explained by Deebo Samuel's August signing sitting on the page unpriced at $0. Of those 93 rows, 21 contracts carry at least one void year, and they hold 72 void seasons between them. The last one falls in 2034.

First void seasonContractsWhose
20275Greenlaw, Brendel, Jones, Robinson, Neal
20286Williams, McCaffrey, Farrell, Lowe, Tonges, Gifford
20295Bosa, Aiyuk, McKivitz, Odighizuwa, Evans
20304Warner, Kittle, Lenoir, Pineiro
20311Purdy

Read the third column rather than the first. The instrument is not reserved for the stars whose deals need it to fit. It is on Brock Purdy and it is on Siran Neal, on a franchise quarterback and on special-teams depth, which makes it a default setting rather than a measure taken in an emergency. Twelve of the 93 rows also carry option-bonus proration in 2026, which is the second half of the same instrument.

That is what the word "signature" has to mean before anybody can ask whose it is.

The signature, and whose hand held the pen#

The retrospectives on Marathe's tenure have skipped the part that decides this.

On June 19, 2025, the 49ers announced that Brian Hampton, then in his 21st season with the club, was promoted from vice president, football administration to assistant general manager. The club's own release listed the job: "roster construction strategy, contract negotiations, strategic planning and management of the club's player compensation budget and salary cap." Reporting Marathe's exit on August 1, both the AP and ESPN wrote that Hampton "has become the team's primary contract negotiator."

Evans signed in March 2026. That is nine months after the promotion, and the deal carries the house signature at full strength: void years, stacked option bonuses, cash front and charges back.

So the natural experiment has already run once, quietly, and the structure survived it.

What that does and does not license#

It does not license the conclusion that the structures were never Marathe's. He remained executive vice president of football operations until Saturday, above Hampton on the chart, and a negotiator working under the architect is not a test of the building without the architect. The data cannot separate "the house style is institutional" from "the man who built it was still in the room," and it will not be able to until a full contract cycle runs without him.

The sharper limit is the one the count cannot fix. n = 21 contracts establishes that the instrument is the club's standard rather than one deal's quirk. It does not establish who wrote each one, because the cap sheet carries no signing dates, and several of those 21 predate the promotion by years. The single clean post-handoff observation is still Evans in March, and the timing half of this argument rests on that one deal.

The instrument also has a floor. Deebo Samuel's one-year deal, detailed on this site yesterday, defers nothing at all, because a $490,000 signing bonus on a one-year contract has nothing worth spreading.

A different column would read the Saturday email in the first week of camp and tell you what the timing means. The calendar is not a source.

The test, stated so it can beat me#

If the next 49ers contract of consequence carries the same void years, the structures belonged to the building rather than to the man, and the premise that a house style leaves with its architect is wrong. The specific threshold: the first veteran contract San Francisco signs or extends at $10,000,000 or more in total value, between today and April 30, 2027, either includes at least one void year or it does not. The call is that it does. Over The Cap's contract page settles it, Spotrac cross-checks it, and a stranger can score it in a browser.

Seventy-two void seasons are already on the sheet and none of them care who runs the desk. What a new hand can change is everything added after Saturday.

Method

Cash and bonus amounts from ESPN (Nick Wagoner, March 18, 2026); cap charges from Over The Cap and Spotrac, read against each other on the three playing seasons. The $20,790,000 is derived from the published bonus amounts and the five-year proration maximum, then matched against Over The Cap's 2029 row. The count of 21 contracts and 72 void seasons came from opening that cap page and counting every row of every season table, 2026 through 2034, where the base-salary column reads "Void"; n = 93 named rows on the 2026 sheet. Titles and dates from the club's June 19, 2025 release and the AP and ESPN reports of August 1, 2026. Known weaknesses: the cap page carries no signing dates, so the 21 cannot be split between negotiators; the $450,000 gap in Evans' columns is explained by inference rather than by a stated source; and the 2029 charge assumes both options are exercised with no restructure.

Filed under 49ers

More on Mike Evans

His page →
The 49ers trade a sixth-round pick for Keenan Allen
49ers Notebook

The 49ers trade a sixth-round pick for Keenan Allen

San Francisco acquired wide receiver Keenan Allen from Indianapolis on Tuesday, deadline day, for a 2027 sixth-round pick, the league transaction wire shows. It is the second trade between the clubs in three weeks, after DeForest Buckner on Oct. 27. Allen, 34, played at Cal and is a six-time Pro Bowler with 1,095 career catches, eighth all time. He had 40 catches for 351 yards and one touchdown in eight games for the Colts, their team lead. The club placed Gracen Halton on injured reserve with a fractured ankle the same afternoon, and its roster page showed 52 on the active roster before Allen was added. Allen joins a receiver room missing Mike Evans and Deebo Samuel Sr. last Sunday. He caught four passes for 26 yards against Dallas in Week 9, and the 49ers play at Dallas on Sunday.

Sam KezarNov 10, 20263 min read
Gracen Halton needs ankle surgery, and both outside corners are day-to-day
49ers Notebook

Gracen Halton needs ankle surgery, and both outside corners are day-to-day

Kyle Shanahan said Monday that Gracen Halton dislocated and fractured his ankle, will have surgery this week and will go on injured reserve. Renardo Green (back) and Deommodore Lenoir (foot) are day-to-day before Sunday's game at Dallas. C.J. West's practice window opens Wednesday, Deebo Samuel could practice Wednesday, and Mike Evans is not expected to.

Sam KezarNov 9, 20263 min read
Nick Bosa plays his first game since September, with Buckner beside him
49ers Gameday

Nick Bosa plays his first game since September, with Buckner beside him

The 49ers (6-1) play the Raiders (4-4) at Levi's Stadium at 1:25 p.m. Pacific on FOX. Nick Bosa is cleared after missing five games and lines up with DeForest Buckner for the first time since the 2019 season. Christian Kirk, Mike Evans and Deebo Samuel are out, and Demarcus Robinson is back off injured reserve. Ten to watch, led by the rookies and second-year players: Jaden Dugger, Gracen Halton, Mykel Williams, Upton Stout, Jordan Watkins, plus Bosa, Buckner, Robinson, George Kittle and Brock Purdy. Inactive lists post at 11:55 a.m. Pacific.

Sam KezarNov 8, 20264 min read

More on Brock Purdy

His page →
Five takeaways in one half, and the 49ers never sacked Kirk Cousins
Takeaways

Five takeaways in one half, and the 49ers never sacked Kirk Cousins

San Francisco beat Las Vegas 38-17 at Levi's Stadium on Sunday and is 7-1. The 49ers scored touchdowns on their first three possessions, did not punt, and ran 43 times for 190 yards. Las Vegas turned the ball over on five of its six second-half possessions: Jaden Dugger's 35-yard interception return on the first play of the half, two forced fumbles, and interceptions by Renardo Green and Malik Mustapha. The official game book credits San Francisco with no sacks and six quarterback hits, two of them on the plays Green and Mustapha intercepted. Nick Bosa played 39 of 50 defensive snaps in his first game since Sept. 20, and DeForest Buckner played 34. Jordan Watkins caught all four of his targets for 86 yards and his first NFL touchdown. Christian McCaffrey's 12-yard catch set the Super Bowl-era record for touchdown catches by a running back and was Brock Purdy's 100th touchdown pass. Gracen Halton broke his ankle and is out for the season, Shanahan said; Green (back) and Deommodore Lenoir (foot) did not return.

Sam KezarNov 9, 20265 min read
The books have Brock Purdy's MVP place right and his price wrong
The fan tax

The books have Brock Purdy's MVP place right and his price wrong

DraftKings and Caesars have Brock Purdy at plus 350 to win the MVP, second behind Josh Allen. Kalshi has Purdy at 15 cents bid, 16 asked, third behind Joe Burrow, after one Sunday moved the two quarterbacks about ten cents in opposite directions. Against the exchange's midpoint, a $100 Purdy ticket at plus 350 gives up $30.25, the Allen ticket at DraftKings gives up $17.65 and the Burrow ticket gives up $3.75. The 49ers' Super Bowl price carries no such markup. Purdy has the better case than Burrow and a worse price than either.

Casey MontgomeryOct 30, 20265 min read
How much of Brock Purdy's 105.6 passer rating belongs to Brock Purdy?
The finding

How much of Brock Purdy's 105.6 passer rating belongs to Brock Purdy?

Brock Purdy finished Monday's win over Washington with 1,524 career regular-season attempts and a 105.6 passer rating, first among quarterbacks with at least 1,500 attempts, ahead of Lamar Jackson's 102.7. Against the league average over the same seasons, 90.7, he is 14.9 points better. Of 81 quarterbacks who entered the NFL in 1999 or later and reached 1,500 attempts, only Patrick Mahomes reached it further above the league. Other quarterbacks in Kyle Shanahan's offense since 2017 have rated 1.3 points above the league; Jimmy Garoppolo rated 8.9 above. The ten quarterbacks who qualified furthest above the league kept about four-fifths of that margin over their next 1,000 attempts.

Jamie SilvaOct 22, 20266 min read

On the record

Called Shots →
MissedJul 31, 2026

Between the 49ers' first regular-season game and 2026-11-01, Deebo Samuel runs more pass routes from the slot than from out wide. Method, fixed in advance: alignment splits as published for Samuel over that span, slot routes against wide routes, backfield routes excluded from both sides. Ties resolve as FALSE. The comparison is his own two figures, so no league-wide source is needed to score it.

The call is on the ROLE the money implies, not on production. His 2025 usage in Washington was 260 slot routes against 141 out wide and 15 from the backfield, out of 416, at 5.3 average air yards per target across 99 targets, with 67 of those 99 inside ten yards. Niners Nation projects him to the slot with Stribling at Z and Mike Evans at X. A one-year agreement whose value the player's own agent describes as a ceiling is a continuity buy, and a continuity buy uses the player it just watched rather than the one from 2021. If he instead lines up mostly wide, the read in the piece is wrong and the team bought something closer to the older version.

Latest on the 49ers

The whole beat →
The 49ers ran Las Vegas out of its plan before they took the ball away
49ers Deep Dive

The 49ers ran Las Vegas out of its plan before they took the ball away

San Francisco beat Las Vegas 38-17 on Sunday and is 7-1. The five second-half takeaways will be remembered, but the game was settled earlier. The 49ers' first three drives went 37 plays and 242 yards, took 19 minutes and 23 seconds and ended in touchdowns, and San Francisco ran 25 times for 125 yards before halftime. Las Vegas had the ball for 71 seconds in the first 13 minutes. Trailing by 11 at the half, the Raiders ran six times and threw 24 times after it, and Klint Kubiak said that being in position to throw on every down produces interceptions. The pass rush did not cause the turnovers: Cousins was hit twice on eight first-half throws and four times on 24 second-half throws. Two takeaways were punched out of receivers' hands, and one came off a fumbled exchange. The second half also showed a cost. San Francisco threw an interception, was stopped on fourth-and-1 at its own 40, and allowed 222 kickoff-return yards, and Las Vegas started three drives in 49ers territory. The game moved San Francisco's season turnover margin from minus-3 to plus-1. Las Vegas has now allowed 30 or more points six weeks running, so Dallas on Sunday is the first test of whether the formula holds.

Sam KezarNov 10, 20266 min read
Demarcus Robinson takes Christian Kirk's spot on the 49ers' 53
49ers Notebook

Demarcus Robinson takes Christian Kirk's spot on the 49ers' 53

The 49ers placed Christian Kirk on injured reserve Saturday and activated Demarcus Robinson off it, so Robinson is in line to play Sunday against Las Vegas for the first time since Sept. 20. KhaDarel Hodge was elevated from the practice squad. Nate Hobbs, questionable on Friday, was not activated and stays on reserve.

Sam KezarNov 7, 20263 min read
Book money is on the over in the 49ers game. Exchange money went the other way
What the money did

Book money is on the over in the 49ers game. Exchange money went the other way

DraftKings has 98 percent of its handle and 79 percent of its tickets on the over in Raiders at 49ers, and charges minus 120 to take over 51.5. On Kalshi the same over dropped from 54 bid, 55 asked to 49 and 50 between 8 and 10 a.m. Pacific on Thursday. Against the exchange's midpoint, the over gives up $7 to $9 per $100 at all six books checked and no under gives up as much as $2. The Raiders have gone over six straight times. Half a unit on the under at even money, and what would make that wrong.

Casey MontgomeryNov 6, 20266 min read

Earlier on the 49ers

The 49ers released Ogbo Okoronkwo to make room for Mykel Williams
49ers Notebook

The 49ers released Ogbo Okoronkwo to make room for Mykel Williams

The 49ers released defensive lineman Ogbo Okoronkwo on Friday, leaving 52 on the active roster, and Kyle Shanahan said Mykel Williams will be activated from the physically unable to perform list on Saturday. Nick Bosa, Kyle Juszczyk, Marques Sigle and James Thompson Jr. are out at Seattle. Upton Stout, who did not practice Friday, and Williams are questionable. Mike Evans practiced on a limited basis and has no game designation.

Sam KezarOct 9, 20263 min read
San Francisco Has Told You George Kittle Plays. It Has Not Told You How Much Of Him You Get.
Game Week

San Francisco Has Told You George Kittle Plays. It Has Not Told You How Much Of Him You Get.

San Francisco's Week 1 injury report, read live at 49ers.com and again at therams.com on Thursday morning Pacific, carries eleven San Francisco names and two designations. Alfred Collins, listed at defensive line with a knee, is Out; the club's own item says he tore a patellar tendon and will miss the 2026 season. James Thompson Jr., hamstring, is Questionable after going from did not participate to limited. The other nine, including Nick Bosa, Kyle Juszczyk, Dre Greenlaw and George Kittle, carry no game designation, and Upton Stout is the only full participant on the page. Kittle is limited on every practice day the report carries a value for, with no designation, on an Achilles tendon he tore on January 11. The grid's Monday column is empty on all eighteen rows across both clubs, while the club's own news item describes three Melbourne practices. The Rams' half has filled since Wednesday: Aaron Donald is Out, listed not injury related and resting, and the other six Los Angeles names carry the dash the legend defines as not listed. Kyle Shanahan on Bosa and Kittle: 'We've got to be smart with that.' Kickoff is 5:35 p.m. Pacific at the Melbourne Cricket Ground. One take filed.

Grant LombardSep 10, 20265 min read
The Club Ruled Out Sam Okuayinonu Six Days Before Kickoff
Roster

The Club Ruled Out Sam Okuayinonu Six Days Before Kickoff

San Francisco announced on Friday that Sam Okuayinonu has been ruled out of the September 10 opener against the Rams with a foot injury, a downgrade from the questionable designation it gave him on Wednesday night when it left him behind. David Bonilla at 49ers Webzone has the club's wording. The ruling comes six days before kickoff and before any Week 1 injury report is due, because the ordinary game-week sequence does not apply to a player who is 7,855 miles from his team. Okuayinonu started twelve of the fifteen games he played last season, and the club's own injury-report archive lists him out for Week 13 and Week 15, the two games missing from that fifteen. Nine defensive linemen sat on the active roster on Friday afternoon and eight of them are in Melbourne. Three of those eight did not practise on Wednesday and a fourth, Nick Bosa, did team work that day for the first time since August 3. Hours after the ruling, Greg Auman of FOX Sports reported that San Francisco is signing edge rusher Khalid Kareem off Atlanta's practice squad to the active roster and flying him to Melbourne.

Sam KezarSep 4, 20264 min read