Christian McCaffrey is giving the once-sagging running back market some hope as the 49ers star signed a two-year extension, the team announced Tuesday.

The new deal is worth $38 million, CBS Sports lead NFL insider Jonathan Jones confirms. McCaffrey, who is now under contract until he turns 31 years old, was already the NFL’s highest-paid running back.

In 2020, when he was still with the Carolina Panthers, McCaffrey signed a four-year, $64 million contract extension the 49ers picked up when they traded for him during the 2022 season.

The next-closest running back to McCaffrey in terms of salary is New Orleans’ Alvin Kamara, who makes $15 million annually. Currently, McCaffrey, Kamara, Indianapolis’ Jonathan Taylor, Philadelphia’s Saquon Barkley and Green Bay’s Josh Jacobs are the only running backs who make over $10 million annually.

“Two years ago, we were ecstatic to welcome Christian McCaffrey to the 49ers,” 49ers president of football operations/GM John Lynch said. “Since his arrival, he’s been everything we thought he would be and more. His versatile skillset has been a seamless fit within our offense. His professionalism and work ethic are as exemplary as I’ve seen since I’ve been associated with the NFL. We look forward to working with Christian for many years to come.”

It’s easy to see why the 49ers are rewarding McCaffrey, whose dad, Ed McCaffrey, was a three-time Super Bowl winner during his playing days with the 49ers and Broncos. A two-time All-Pro, Christian McCaffrey has been hailed as the NFL’s most complete back since taking the baton from Todd Gurley a half-decade ago. Last year, McCaffrey won his first rushing title in addition to scoring 21 touchdowns and amassing over 2,000 all-purpose yards.

McCaffrey nearly joined Hall of Famers Emmitt Smith and Terrell Davis as the only players to win the rushing title and Super Bowl in the same year. While he did his part with 160 total yards and a touchdown catch, McCaffrey and the 49ers fell to Patrick Mahomes and the Chiefs in the second Super Bowl that’s been decided in overtime.

The 49ers, however, still have Brandon Aiyuk’s contract situation pending. Aiyuk, whose future with the team has been a topic of conversation all offseason, is slated to play the 2024 season under his fifth-year option. The 49ers, who recently extended wideout Jauan Jennings’ contract, were also rumored to be engaged in trade talks regarding wideout Deebo Samuel.