The San Francisco 49ers have long been masters of the compensatory pick game, but that streak is about to hit an unexpected pause. For the first time since 2020, the Niners are projected to go without a compensatory selection in the upcoming NFL Draft—a notable shift for a franchise that has consistently leveraged these picks to build depth.

According to Over the Cap, the team's aggressive free agency moves have effectively canceled out their losses. In a carefully balanced equation, three qualifying free agent departures—Kendrick Bourne (Arizona), Jordan Elliott (Tennessee), and Spencer Burford (Las Vegas)—were each offset by three incoming signings that also counted against the compensatory formula.

While Bourne, Elliott, and Burford were projected to net seventh-round picks due to their modest annual salaries, the 49ers' additions of Vederian Lowe ($4.63M), Christian Kirk ($3M), and Mike Evans ($14.17M annually) perfectly neutralized those gains. Notably, Skyy Moore's signing with Green Bay and Brett Toth's deal with San Francisco didn't qualify for the formula, leaving the math clean and decisive.

The good news for 49ers fans? Despite losing the comp pick, the team still holds its own selections in Rounds 1 through 5. They originally lost their sixth-rounder in the Skyy Moore trade but recouped it via a deal with Baltimore, and they also own Kansas City's seventh-round pick. That means San Francisco will have a selection in every round of the 2027 draft—a solid foundation for a team that knows how to find value on Day 3.