Jennings and the 49ers agreed Wednesday on a two-year deal worth up to $15.4 million, including $10.5 million guaranteed, Adam Schefter of ESPN reports.
The Niners gave Jennings a second-round restricted free agent tender in March. Given that it was unlikely any team would give up a pick that early for the right to pay Jennings a considerable contract, a trade was the only other viable option. Both parties were able to avoid that situation with this new deal, which is akin to a one-year extension that keeps him with San Francisco through the 2025 season. Jennings will be back to fill the No. 3 wide receiver role behind Deebo Samuel and Brandon Aiyuk during the upcoming campaign.