Santa Clara, California – The San Francisco 49ers wasted no time in making strategic moves following the NFL’s announcement of a significant increase in the salary cap for the 2024 season. The team kicked off its financial adjustments by releasing veteran cornerback Isaiah Oliver, resulting in immediate cap savings of $2.4 million.
Oliver, who signed a two-year, $6.75 million contract as a free agent last offseason, struggled to perform as San Francisco’s top nickel back and was eventually relegated to special teams duties. His inconsistent play led to a lineup shuffle, with Deommodore Lenoir taking over at nickel back mid-season and Logan Ryan finishing out the season in the Super Bowl.
The 49ers are now faced with the task of strengthening their defense, particularly in covering slot receivers. Oliver, a former Atlanta Falcons player with six years of experience, recorded subpar stats in pass coverage during his time with the team. Despite his release providing the 49ers with some salary cap relief, they will still incur a $1.46 million dead money hit for the 2024 season.
With the NFL setting the salary cap at $255.4 million per team for the upcoming season, teams are making strategic moves to optimize their roster within the constraints of the cap limit. The 49ers, currently projected to be $2.3 million under the cap, have been actively managing their roster to ensure they have the flexibility to make necessary changes.
As a free agent, Oliver now has the freedom to sign with any team of his choosing. His release from the 49ers also exempts the team from any compensatory impact related to his departure. Going forward, the 49ers will continue to prioritize roster decisions that align with their strategic goals to remain competitive in the upcoming season.