Last year, the San Francisco 49ers restructured the final year of Jauan Jennings‘ contract to appease the veteran wide receiver, allowing him to earn additional performance-based bonuses while preserving his path to free agency in 2026.

Now, the 49ers must decide how aggressively they want to pursue a new deal for one of their most reliable offensive weapons.

Jennings, 28, battled through multiple injuries early in the 2025 season, including broken ribs, high- and low-ankle sprains, and a shoulder issue. Despite the setbacks, he finished with 55 receptions for 643 yards and a team-high nine receiving touchdowns, once again proving his value as a physical, dependable target in key moments.

What is Jauan Jennings’ market value?

Retaining Jennings in NFL free agency will not come cheap.

According to Spotrac, Jennings’ projected market value sits at $22.6 million annually, which would rank 18th among NFL wide receivers. The salary cap tracking site estimates he could command a three-year, $67.8 million contract on the open market.

While San Francisco is not currently strapped for salary cap space, the team has to be cautious with its spending. Quarterback Brock Purdy now carries a significant cap hit, forcing the front office to be more selective with long-term commitments.

Impact of a Jauan Jennings departure

Around the league, many expect Jennings to depart the 49ers in 2026, though he has publicly expressed his desire to remain in the Bay Area.

In January, Jennings spoke candidly about his connection to the Bay Area.

“Now, it’s home,” Jennings said. “It quickly turned into home, and it’s a run I’ll never forget, for sure.”

General manager John Lynch acknowledged the wide receiver’s importance but stopped short of guaranteeing a return.

“He makes us better,” Lynch said in January. “We’d love to have him back. We’ll go to work to try to get that accomplished, and we’ll see where that goes.”

If Jennings departs in NFL free agency, the 49ers’ wide receiver room would be extremely thin in experienced depth. Brandon Aiyuk‘s time with the team appears to be over, while Kendrick Bourne and Skyy Moore are also slated to hit free agency. Meanwhile, Ricky Pearsall is coming off an injury-plagued second NFL season, which has further impacted his development.

For a 49ers team balancing championship aspirations with salary cap realities, Jennings’ contract situation looms as one of the most pivotal decisions of the 2026 offseason.