The 49ers are wasting no time getting ready for free agency next month, waiving Isaiah Oliver.
The San Francisco 49ers announced the release of the former starting nickelback on Friday. SF’s first cut of the 2024 offseason, and certainly not the last, as they prepare for next month.
Oliver, 26, signed a two-year, $6.75 million contract with the 49ers last offseason as a free agent. Oliver was brought in to replace long-time veteran safety Jimmie Ward, but he failed to meet expectations. Eventually, he was demoted to the bench, participating solely on special teams in the 2024 postseason.
He concluded his one season in San Francisco with 67 total tackles, two pass breakups, one interception, and one fumble recovery in 20 games. His statistics, however, do not tell the entire tale; he finished the year with a Pro Football Focus grade of 67.6.
The decision is mostly a cost-cutting measure, saving the 49ers $2.4 million in cap space. San Francisco is expected to approach the $255 million mark at the opening of free agency, necessitating other moves in the following weeks and months.
One of those will be finding a replacement third cornerback, which the 49ers have been looking for for years.
READ MORE ……
The 49ers have released Veteran Corner ahead of the free agency window.
As the new league year approaches, the San Francisco 49ers have already made roster changes with a recent release. The free agent window will open at 4 p.m. ET on March 13, and Isaiah Oliver will be seeking for a new team.
On February 23, the 49ers announced Oliver’s release after one season with the organization. Media and fans have speculated on how San Francisco plans to address its secondary concerns, and it appears that one of the first steps will be to release the 26-year-old.
Akash Anavarathan, a journalist for Bay Area Sports Digest, recently spoke about Oliver and provided background for his release. Oliver was a possible favorite of previous defensive coordinator Steve Wilks, but he did not perform as expected.
“It was also claimed that Steve Wilks was a proponent of signing Isaiah Oliver, to whom the 49ers paid a lot of guaranteed money. Logan Ryan took his place toward the end of the season, having been on a Disney cruise two months prior,” Anavarathan said on February 14.
While Oliver’s situation is tragic, a position on the roster has opened up. The 49ers have several options for filling it.
Oliver struggles in San Francisco.
It’s unclear why Oliver struggled in San Francisco, but he was a turnstile for opposition wide receivers. According to Pro Football Reference, the Colorado graduate allowed an 84% completion rate and an opposing quarterback rating of 101.
He also allowed three touchdowns and 272 total yards in covering. While he did have an interception in Week 2, he only defended one other pass in the remaining 501 snaps. Oliver essentially failed to have an impact on coverage.
And, while his tackle totals (67 combined, 48 solo) were among the highest of his career, they do not tell the entire tale. Oliver missed eight tackles in 17 games, for a missed tackle percentage of 10.7%.
How Oliver’s Release Affects 49ers Cap Space
With Oliver’s release, the 49ers will be able to save some money. For a team in “win now” mode, every bit of salary cap room is valuable.
Anavarathan explained what San Francisco will save after his release on the 23rd.
“I don’t believe the Isaiah Oliver release is a post-June 1 cut because it would have to be made after the official start of the league year. “The fact that the team has already announced it leads me to believe it is a pre-June 1 cut, saving $2.4 million against the 2024 cap,” Anavarathan said on X.
Spotrac now estimates the 49ers’ salary cap after Oliver’s release at $6.1 million. That’s not a lot of space, but Oliver’s contract being canceled definitely helps. Regardless, the corner’s $6.75 million agreement was a mistake.
Despite reducing Oliver, San Francisco will continue to pay for it. His release saves money that was intended for his salary and bonuses. However, his signing bonus will go toward $1.46 in dead cap money in 2024.
That’s a drop in the pond for NFL teams, but as previously stated, every bit of salary cap flexibility counts when competing for the Lombardi Trophy.
