National Football League

Christian McCaffrey, 49ers reportedly agree to two-year, $38M extension

Updated Jun. 5, 2024 3:16 p.m. ET

Christian McCaffrey is getting a new deal after his dominant 2023 season.

The San Francisco 49ers and the All-Pro running back have agreed to a two-year, $38 million extension, ESPN reported Tuesday. With the deal, McCaffrey will remain the highest-paid running back on an average annual basis, receiving a roughly $3 million increase in yearly pay to keep him under contract through the 2027 season.

McCaffrey has been one of the best players in football and has arguably been the best skill position player in the league ever since the 49ers acquired him in a trade with the Carolina Panthers in October 2022. He had a career year in 2023, rushing for a league-high 1,459 yards on 5.4 yards per carry and 14 touchdowns to go with 67 receptions for 564 yards and seven touchdowns.

The dominant season from McCaffrey made him an MVP candidate for much of the year, as he made a push to be the first running back to win the award since 2012. He ultimately fell short, but did capture Offensive Player of the Year.

More importantly, McCaffrey was pivotal in the 49ers' push to return to the Super Bowl. He rushed for a combined 188 yards and four touchdowns in San Francisco's wins in the NFC Divisional Round and Championship games.

While McCaffrey had 160 total yards of offense and a touchdown in Super Bowl LVIII, it wasn't enough for the 49ers to beat the Kansas City Chiefs, as they fell in overtime, 25-22.

With the extension, McCaffrey will likely remain in the Bay Area through the remainder of his prime years as he turns 28 on Friday. The deal also ensures that Brock Purdy will at least have one of his valuable targets around him for the foreseeable future. Brandon Aiyuk is entering the final year of his rookie contract, while Deebo Samuel and George Kittle are only under contract through the 2025 season.

The 49ers currently have the second-best odds to win the Super Bowl at +600, according to DraftKings Sportsbook. San Francisco has lost in either the Super Bowl or the NFC Championship in four of the last five seasons.

In the MVP betting market, McCaffrey has the lowest odds of any non-quarterback at +4000. The next closest odds for a positional player belong to Tyreek Hill at +7500.

McCaffrey has the second-lowest odds to win OPOY at +700, behind Hill at +650.

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