In addition, while many outlets were reporting that Kaepernick's deal included a record $61 million in "guaranteed" money, it turns out the money was guaranteed only for injury. Each year of the contract, the 49ers can decide to cut Kaepernick before April 1 and will not owe him any more money.
Kaepernick is almost certainly going to be the 49ers' quarterback in 2015. But if he has another disastrous season next year, the 49ers could potentially cut him before the 2016 season. All of a sudden, Kaepernick's deal would be for just two years and worth $25.9 million.
That's not bad. But it is a far cry from seven years and $126 million with $61 million guaranteed.