When San Francisco laced four void years through 2029 onto Jauan Jennings‘ modest two-year contract extension, it looked clever—$6.2 million in bonus money dissolved across phantom seasons to soothe a swelling cap. “Later” is now. But void years are financial smoke and mirrors. Beneath the surface, the deal always expired in 2025, daring Jennings to outperform it. The wideout did exactly that. The moment he outgrew that cheap disguise, the 49ers‘ flexibility transformed into a ticking clock with nowhere to hide.

Last fall, Jennings shattered expectations with 77 receptions, nearly 1,000 yards, and six touchdowns, injecting an offense with third-down backbone. That breakout season surged his market price, and the wideout was smart enough to reconsider his value in the Niners’ receiving corps. As ESPN’s Adam Schefter reported, Jennings is now seeking a new contract extension. However, if things don’t turn out in his favour, he might ask for a trade.

But the Niners are entering the 2025 season with one of the most expensive offenses among the 32 teams. Brock Purdy, George Kittle, Fred Warner, you name it, and probably everyone got gigantic payrolls. That means there’s little oxygen left for a rising star demanding new guarantees. Unless the Niners re-sign Jauan Jennings, a trade might be at the table—and Mike Tomlin and the Steelers are already circling the water.

The Steelers haven’t been shy about their interest in bolstering their receiving corps for quarterback Aaron Rodgers. DK Metcalf is already in the Steel City, and with George Pickens is off to Dallas, there’s always a spot left for WR2. Chris Carter of Locked On Steelers believes that Jennigs could fill the gap. “Jauan Jennings does make more sense as a target for Omar Khan,” Carter noted, with plenty of reasons.

“One, he’s got a good build as a wide receiver. He’s 6’3”, 212 pounds officially listed, and he’s put up some solid numbers with the Niners. Even big even bigger than the his last year, which is best year, 975 receiving yards and six touchdowns for the 49ers last season was his 20 contested catches in the NFL last season. According to Pro Football Focus, that was fourth most among NFL wide receivers.” Mike Tomlin and Co. have been active throughout the offseason, especially for their receiving corps.

DK Metcalf came first on a four-year $132 million deal. To spice it up, Jalen Ramsey’s blockbuster trade from Miami brought tight end Jonnu Smith along as well, bolstering their intermediate passing game. But then again, there’s a wrinkle. A few weeks ago, the Steelers traded Pickens to the Cowboys. While some might argue that Calvin Austin could be the WR2 to complement Metcalf, he’s still developing.

All things considered, if things went south between the Niners and Jauan Jennings, a trade could happen. And the Steelers are one of the top contenders. “Jennings can win at the catch point in traffic, and that’s a huge part of his profile. His contested catch rate was seventh best among qualified receivers in the NFL,” Carter added. (He’s) just behind the lines of Terry McLaurin, Amari Cooper, and Mike Evans, but just ahead of the likes of AJ Brown and CeeDee Lamb. He’s not a superstar, but he could be a good wide receiver, too, that makes the tough catches over the middle in the tight, in the tight spaces, and doesn’t cost you a whole lot of money.”

Jennings has always been a reliable insurance policy for the Niners until his breakout season last year. He’s not among the elite receivers, but he’s one of the reliable receivers now. The writing is on the wall: Jennings isn’t just a solid wideout for the Steelers—he’s an affordable one, too.

Jauan Jennings’ transformation from a backup to a reliable WR

A seventh-round pick in the 2020 NFL draft, Jauan Jennings spent four seasons in San Francisco, mostly working behind Brandon Aiyuk and Deebo Samuel. That changed fast in 2024 when Aiyuk tore his ACL and MCL in week 7, and Deebo—struggling to regain form—managed just 670 yards on 51 catches before landing in Washington. Suddenly, the 28-year-old Jennings emerged from the shadows and delivered the breakout season nobody saw coming.

“He’s a dawg man. Absolutely love Jauan. Just the way he comes in every day and then brings energy to our offense man… I’ll go to war with him any day of the week,” Purdy said with high praise for Jennings. Entering the 2025 season, the Niners are without Deebo, with uncertainty looms over Aiyuk’s return. The wideout is still recovering and is expected to return in the 2025 season, sure. But the exact timeline is still a mystery, making Jennings one of their reliable pass catcher this season as well.

The fifth-year wideout is entering the last year of his two-year, $15.4 million deal, and no doubt, he’s seeking a better contract extension given his last season’s performance. The Niners are now stuck in a dilemma. Either they can let Jennings walk and get a compensatory pick, or re-sign him on a better deal. CBS Sports’ Cody Benjamin has already linked him to the Steelers.

“Jennings might cost a lot less than another premium target. Better yet, he brings the kind of rugged physicality and positional versatility that offensive coordinator Arthur Smith would likely prefer,” he wrote. The training camp is right at the doorstep, followed by the preseason. As Schefter noted, Jennings might request a trade if the Niners don’t offer him a new deal before camp. Will he? Won’t he? That’s a question and will remain a question for a few more days.