The 49ers are prepared to make the first big splash of the offseason, agreeing to a trade that will send WR Deebo Samuel to the Washington Commanders in exchange for a 2025 5th round pick (projected to be #148 overall). We’ll dive into a few of the facts, figures, & conditions here.

NOTE: We won’t be processing this trade on Spotrac until it becomes official. (likely March 12th).

The Traded Contract

Samuel brings a 1 year, $17,550,529 contract with him to Washington. This includes a minimum $1.17M base salary, per game active bonuses up to $750,000, a $200,000 workout bonus, and a $15,430,525 option bonus. This option bonus must be exercised by March 21st in order to keep the cap hits spread out over 5 seasons. Assuming this occurs, Samuel will carry a $5.206M cap hit in Washington for the upcoming season, with $12.34M of voidable dead cap pushed into 2026.




If the Commanders choose to decline the $15.4M option bonus, that entire amount will be added to his $1.17M base salary, raising his 2025 cap hit to $17,550,525.

All of this of course assumes that Washington and Samuel don’t agree to a new or restructured contract once the move becomes official.

Cap Hits (Option Exercised)
2025: $5,206,105
2026: $12,344,420 (void dead cap)

Cap Hit (Option Declined)
2025: $17,550,525

The Commanders enter March with around $83M of Top 51 cap space, so they certainly have the means to choose either path here. It’s perfectly plausible that the two sides agree on some form of mini-extension to lock in some guaranteed money, and make this more of a small-term marriage than just a quick date.

San Francisco’s Dead Cap

The 49ers will assume $31,020,600 of dead cap in 2025 once the trade processes. All of this cap stems from previously paid out bonuses (an original 2022 signing bonus, a 2023 option bonus, & a 2024 salary conversion).

This represents a $15,195,095 loss of cap space for San Francisco this season, as they previously had Samuel on the books for $15,825,505 (now $31,020,600). The highest cap hit on the 49ers books for 2025 is currently Fred Warner, at $29,174,000. There’s a very good chance Samuel holds that belt when the dust settles this offseason.

Prior to the trade, the 49ers entered March with around $51M of Top 51 cap space. That stands to drop to around $36M once this trade is processed (-$15M).