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I think it’s all moot because of the ACL. Everything that becomes fully guaranteed on April 1 is already guaranteed for injury, and he’s currently injured and will remain injured for many months.There is an interesting angle where, if teams just wait, the 49ers could theoretically end up just cutting Aiyuk in order to avoid triggering his option bonus guarantees on April 1st. They'd take on an extra $7-8M in dead money in 2025, but would save themselves around $50M in future money. So I am sure they are a bit desperate to find a trade partner right now, as that gets them some trade capital instead of just dumping the guy. I didn't really think about it like this before, but since their feet are to the fire here, that might lower his price even further.
Edit: As the trading team, you could also immediately renegotiate his deal and convert those two option bonuses into one lump-sum signing bonus of $50M, which spreads the bonus hits evenly across the remaining 6 years of the deal (including the 2 void years). It makes Aiyuk happy as he gets his money faster, and it also lowers his cap hits in 2027 onwards while slightly raising his cap hits in 2025 and 2026. Your dead money is about the same if you decide to move on in 2027, but if you decide to keep him, his cap hit with his existing salary in 2027 and 2028 would be in the $35M range, which would be pretty reasonable for a WR1 at that point.
At two years, $50Mish guaranteed, I’m tempted to put his trade value at basically zero or maybe a hair negative. The completely untrustworthy Twitter rumors have the 49ers paying part of his 2025 salary/bonus in order to salvage a pick, which makes sense to me in the off chance that it’s not completely made up.












