Colin Kaepernick is not going to get all of his $126 million contract. Getty Images After leading the San Francisco 49ers to consecutive NFC championship games and one Super Bowl, Colin Kaepernick was rewarded with a "record" seven-year, $126 million contract.

But after Kaepernick's nightmare season we are already seeing that the contract is not nearly as big as everybody made it out to be, and he could receive as little as $25.9 million.

The contract, signed last summer, gave Kaepernick a $12.3 million signing bonus and a 2014 salary of just $645,000.

Kaepernick was supposed to get his first large salary ($12.4 million) in the 2015 season. But because of the way the contract was worded, that salary is actually going to go down to $10.4 million.

Starting next season, Kaepernick's salary goes down $2 million each year if he is not named first- or second-team All-Pro, or if the 49ers don't play in the Super Bowl the previous season with 80% of the snaps taken by Kaepernick, according to Mike Florio of ProFootballTalk.com.

The 49ers have been eliminated from playoff contention, and Kaepernick ranks 22nd in quarterback rating, which means the de-escalator is going to kick in.

In addition, while many outlets were reporting that Kaepernick's deal included a record $61 million in "guaranteed" money, it turns out the money was guaranteed only for injury. Each year of the contract, the 49ers can decide to cut Kaepernick before April 1 and will not owe him any more money.

Colin Kaepernick's guaranteed money is guaranteed only if he gets hurt. Getty Images

Kaepernick is almost certainly going to be the 49ers' quarterback in 2015. But if he has another disastrous season next year, the 49ers could potentially cut him before the 2016 season. All of a sudden, Kaepernick's deal would be for just two years and worth $25.9 million.

That's not bad. But it is a far cry from seven years and $126 million with $61 million guaranteed.