Breaking down Mike Evans’ contract with the 49ers

SANTA CLARA, Calif. — In the moments after the news broke that wide receiver Mike Evans was leaving Tampa Bay and signing with the San Francisco 49ers, his agent, Deryk Gilmore, released a statement.

In that statement, Gilmore declared that Evans’ decision to leave Tampa after 12 seasons was “never about money.” When Evans spoke to the Bay Area media for the first time last week, he reiterated that sentiment.

“I love money like everybody else,” Evans said. “The money was not the biggest factor for me. It was just football and something that I can be excited about. … Every time I come to Levi’s Stadium, and I see how the crowd is, and I see the energy that they bring and the rich history of the San Francisco 49ers, it just excites me. I feel like it’s given me a second wind in my career. And that’s why I chose to come here.”

Such declarations are often heard around the NFL at this time of year, but not always backed up by what the contract details reveal. In Evans’ case, however, money does not appear to be the primary motivation.

After initial reports that it was a three-year deal worth up to $60 million, the structure of the deal shows show that Evans, who was easily the most accomplished receiver on the free agent market, did not chase every single dollar in this foray into free agency.

The contract, obtained by ESPN, is really a three-year deal worth $42.5 million but essentially amounts to a one-year deal worth $14.3 million, all of which is fully guaranteed. It includes a $12 million signing bonus and two option bonuses, one for $12.05 million in 2027 and one for $10.95 million in 2028 for a total of $23 million.

Evans’ $1.5 million base salary in 2027 is guaranteed for injury at the time of signing, though it jumps to $2 million if the Niners do not exercise his 2027 option bonus, bringing his total guarantee to $16.3 million.

Because the option bonuses don’t kick in until the second and third year of the deal, all but $2 million of the guarantees are paid in the first year, which means the Niners are taking on little risk and have an out with minimal dead money in 2027 if they decide to move on after one year. The option bonuses allow the Niners flexibility to decide where Evans fits in each year of the deal and, if exercised, spread his cap hits out as far as 2032 with four void years.

If Evans plays all three seasons and San Francisco exercises both option bonuses, the Niners will be on the hook for $20.79 million in signing and option bonus proration for 2029.

Evans, who will turn 33 in August, has been one of the NFL’s most consistent performers since entering the NFL as the No. 7 pick in the 2014 NFL draft. In 12 seasons with the Bucs, he tied Hall of Famer Jerry Rice for most consecutive 1,000-yard receiving seasons with 11 before hamstring and collarbone issues limited him to eight games in 2025.

Despite coming off injuries and his advanced age, Evans probably could have commanded more money in a free agent market that saw other, less-accomplished receivers such as Alec Pierce (Indianapolis), Wan’Dale Robinson (Tennessee), Romeo Doubs (New England) and Rashid Shaheed (Seattle) eclipse Evans’ $14.1 million annual average.

Of course, those players are younger, but Evans should have a significant role in San Francisco’s offense, particularly in the red zone. According to NFL Next Gen Stats, Evans’ 27 touchdowns on tight window throws over the past 10 seasons is six more than the next-closest player (the Rams’ Davante Adams).

Here’s the full breakdown of Evans’ deal, which profiles like the three-year, $45 million deal Seattle gave veteran wideout Cooper Kupp last offseason, except with more void years and bonuses attached to mitigate the salary cap numbers.

2026

Salary cap charge: $4.25 million

Base salary: $1.3 million (fully guaranteed)

Signing bonus proration: $2.4 million

Per game roster bonuses: $400,000 (up to $850,000 but currently counts as $400k based on Evans’ games played in 2025).

Workout bonus: $150,000

Cash value: $14.3 million

2027

*Option bonus of $12.05 million due

Salary cap charge: $7.31 million

Base salary: $1.5 million (guaranteed for injury only)

Signing bonus proration: $2.4 million

Option bonus No. 1 proration: $2.41 million

Per game roster bonuses: $850,000

Workout bonus: $150,000

Cash value: $14.55 million

2028

*Option bonus of $10.95 million due

Salary cap charge: $9.7 million

Base salary: $1.7 million

Signing bonus proration: $2.4 million

Option bonus No. 1 proration: $2.41 million

Option bonus No. 2 proration: $2.19 million

Per game roster bonuses: $850,000

Workout bonus: $150,000

Cash value: $13.65 millionbr/]