Floyd’s deal reads like a one-year contract once you break it down.
Over the Cap has the updated contract details for San Francisco 49ers edge rusher Leonard Floyd, who many expect to start in 2024. Floyd agreed to a two-year deal with the Niners on March 11.
His contract is worth $20 million, with $12 million guaranteed, and that includes a $10.79 million signing bonus. There are three void years on Floyd’s contract for salary cap purposes.
By adding three void years, San Francisco spread Floyd’s signing bonus out over five years instead of two. So his prorated signing bonus comes out to $2.15 million annually. It’s an easy way to manipulate the cap and save your team money in the immediate future.
Perhaps the most significant portion of Floyd’s contract is his guaranteed salary, which is $1.21 million in 2024. After that, there is no guaranteed money left on his deal.
Because of that, 2025 is effectively a team option. Floyd’s cap numbers by year:
2024 – $3.4M
2025 – $10.1M
2026 – $6.47M
If the 49ers release Floyd after the 2024 season, they’ll eat $8.63 million in dead money and only save $1.47 million in cap savings. They can use one of their post-June-1 designations on Floyd, which is far likelier, given how the contract is structured. The 49ers would owe Floyd his signing bonus of $2.15 million through 2028. That would be dead money. But the team would save $7.95 million in cap space in 2025 and $4.31 million in 2026.
Floyd will be 32 during the 2024 season. Based on how the team set up his contract, it’s more likely that he’s a stopgap opposite of Nick Bosa and not even a two or three-year answer.
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