Asked if Kaepernick is done with the 49ers, Baalke told reporters, “I wouldn't say that at all. I think people are reading into that.”
Baalke signed Kaepernick to a six-year, $114 million extension prior to the 2014 season. The 49ers can release Kaepernick before April of next year and owe him less than $8 million moving forward.
If Kaepernick, who will have shoulder surgery, is not healthy by April 1, his salary for next season is guaranteed.