Last May, Jennings signed a two-year, $15.4 million 49ers contract through the 2025 NFL season, which included $10.5 million in guaranteed money. The four-year pro had a career-best 2024 campaign, recording 77 receptions for 975 yards and six touchdowns while becoming the 49ers’ top wide receiver.

There’s the pipe dream scenario where the 49ers call their old friend Adam Peters and somehow wrangle Terry McLaurin away from Washington in exchange for Jennings. But McLaurin is embroiled in his own contract dispute and wants Aiyuk-level money.