The Denver Broncos have made their proposal to quarterback Colin Kaepernick, and the situation remains in a holding pattern, general manager John Elway told reporters on Thursday.
There are two parts to a possible 49ers trade of Kaepernick to the Broncos: 1) The 49ers and Broncos must agree on the terms of the compensation to enable Kaepernick to switch teams; and 2) the Broncos and Kaepernick must agree to new contract terms.
The Broncos offered Kaepernick a new deal that includes base salaries of $7 million in 2016 and ’17, CSN Bay Area’s Mindi Bach reported two weeks ago. Kaepernick is willing to accept a pay cut to join the defending Super Bowl champions, but he has not agreed to the Broncos' proposed $12.4 million cut in base salary over the next two seasons.
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Kaepernick’s contract this season with the 49ers includes $11.9 million in base salary that became fully guaranteed on April 1. Kaepernick's agents requested permission from the 49ers to seek a trade in February. The 49ers granted him that permission. Kaepernick has attended the first three weeks of the 49ers' offseason program in Santa Clara.
Sources indicate that if the Broncos and Kaepernick agree to terms on a restructured contract, the 49ers and Broncos are expected to work out the final details of a trade.
Here’s what Elway was asked and how he responded at his pre-drafted press conference on Thursday:
Q: What’s going on with Kaepernick? Obviously, it was reported that you met with him. Is that dormant, dead?
Elway: “It’s dormant. Yeah, he’s been working out, from what I understand. So, that’s all I can really say on it.”
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Q: Would you revisit it?
Elway: “We’ve never not. . . it’s never been . . . you know, everything is right there. And so that’s kind of where it is.”
Q: Your offer is on the table, and that’s it?
Elway: “It’s there.”