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 has released veteran cornerback Isaiah Oliver, resulting in an immediate savings of $2.4 million.
Oliver signed a two-year, $6.75 million contract with the 49ers last offseason as an unrestricted free agent to replace Jimmie Ward as San Francisco's top nickel defenseman.
However, Oliver struggled with this role and was eventually used exclusively on special teams.
Starting cornerback Deommodore Lenoir took over at nickelback for Oliver midway through the season, while Ambry Thomas came into games in nickel situations to replace Lenoir on the outside.
After Thomas struggled greatly late in the season, the 49ers ultimately selected veteran Logan Ryan, a midseason addition, to fill back nickel in the team's Super Bowl LVIII loss to the Kansas City Chiefs.
One of the 49ers' top offseason priorities is to find a player who will bolster the team's ability to cover the opponent's slot receiver.
Oliver, a six-year veteran, played his first five NFL seasons 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 nickelback after the 49ers snapped a three-game losing streak prior to their Week 9 bye.
According to Pro Football Focus, in pass coverage, Oliver had 46 completions on 51 passes targeted. He gave up 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 their decision to release him saves them some salary cap space, he will still count $1.46 million in dead money against San Francisco's salary cap in 2024.
The NFL on Friday 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. In the offseason, only the top 51 players count against the salary cap.
Oliver is now a free agent and can sign with any team at any time. Since the 49ers released him, Oliver will not count toward the 49ers' compensatory formula.
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