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The 49ers began their financial maneuvers on Friday, just hours after the NFL announced a salary cap increase of more than $30 million for the 2024 season.
San Francisco released veteran cornerback Isaiah Oliver, resulting in an immediate $2.4 million in cap savings.
Oliver signed a two-year, $6.75 million contract with the 49ers as an unrestricted free agent last offseason to replace Jimmie Ward as San Francisco’s top nickel back.
However, Oliver struggled in that role and was eventually used exclusively on special teams.
Starting cornerback Deommodore Lenoir replaced Oliver at nickel midseason and Ambry Thomas entered games in nickel situations to replace Lenoir on the outside.
After Thomas struggled mightily late in the season, the 49ers ended up drafting veteran Logan Ryan, a midseason addition, to play nickel in the team’s Super Bowl LVIII loss to the Kansas City Chiefs.
One of the 49ers’ top offseason priorities appears to be finding a player to strengthen the team’s ability to cover the opponent’s slot receiver.
Oliver, a six-year veteran, played his first five seasons in the NFL with the Atlanta Falcons. He appeared in all 17 regular season games and started six games for the 49ers.
The 27-year-old was replaced at nickel after the 49ers experienced a three-game losing streak heading into their Week 9 bye.
While in pass coverage, Oliver completed 46 completions on 51 passes he targeted, according to Pro Football Focus. He allowed 320 yards receiving and three touchdowns, while intercepting just one pass.
Oliver’s contract with the 49ers included $2.91 million in fully guaranteed money. While his decision to release him saves them cap space, he will still count $1.46 million in dead money against San Francisco’s 2024 salary cap.
On Friday, the NFL set the salary cap at $255.4 million per team, an increase of $30.6 million from last season.
The 49ers have 56 players under contract and are now projected to be $2.3 million under the salary cap, according to OverTheCap.com. During the offseason, only the top 51 players count toward the salary cap.
Oliver is now a free agent and can sign with any team at any time. Because the 49ers released him, Oliver will not count against the 49ers’ compensation formula.
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