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Things sound grim when ESPN’s Dan Graziano lists the names of key players who have departed the San Francisco 49ers this offseason. The team was willing to absorb significant dead cap space by trading away wide receiver Deebo Samuel. Key contributors like linebacker Dre Greenlaw, cornerback Charvarius Ward, and safety Talanoa Hufanga are gone.

The 49ers must rebuild their defensive line in the draft after letting Javon Hargrave, Leonard Floyd, and Maliek Collins walk. These three players were quickly snatched up by other teams.

“As of now, the 49ers project to carry almost $80 million in dead salary cap money in 2025 after an offseason that so far looks more like a reset than a reload,” Graziano wrote in a feature for ESPN. “And they still need to get quarterback Brock Purdy extended, which won’t be cheap.”

Still, when addressing whether the 49ers’ Super Bowl window has closed, Graziano sees reasons for optimism. While many have declared the 49ers’ downfall, the reporter isn’t so sure.

“This roster still includes Nick Bosa, Christian McCaffrey, Trent Williams, Fred Warner, George Kittle, Brandon Aiyuk … you get the picture,” Graziano wrote. “A lot of good players. The coach is still Kyle Shanahan, too. It’s a well-run, high-functioning organization that has been a consistent contender when healthy. And only a year ago, it was one of the favorites to win the Super Bowl.”

Graziano acknowledges the challenges ahead.

“Sure, the Niners are getting a little older,” he stated. “Sure, it’s going to be tougher once Purdy is no longer making less than $1 million per year. Sure, the Rams appear to be on the ascent, and it’s easy to like them, the Eagles, the Commanders and at least 75% of the NFC North better than the 49ers at this point. My point is San Francisco just doesn’t feel like the kind of team you want to overlook.”

Graziano compared the 49ers to the 2023 Los Angeles Rams and Tampa Bay Buccaneers—teams that carried massive dead-money totals yet still made the playoffs. The same was true for the 2024 Denver Broncos.

“Teams can reload on the fly in this league, and the 49ers still have their strong core,” Graziano concluded.