Colin Kaepernick will not take a pay cut, nor will the 49ers pay off part of his contract to facilitate a trade to the Broncos, Bleacher Report's Jason Cole reports.

Kaepernick (shoulder/knee/thumb) will not take a pay cut, nor will the 49ers pay off part of his contract to facilitate a trade to the Broncos, Bleacher Report's Jason Cole reports.

Analysis:

Kaepernick's $11.9 million base salary represents a sizable obstacle in any potential trade between the 49ers and Broncos, especially with Denver insistent on restructuring the quarterback's contract if they trade for him. With both Kaepernick and the 49ers apparently unwilling to make financial concessions, the player, although still rehabbing from three offseason surgeries, attended the beginning of San Francisco's offseason workouts Monday, and is slated to earn a $400,000 bonus if he participates in 90 percent of the nine-week program. Whether the Broncos can ultimately swing a trade for Kaepernick remains to be seen, but there are obvious hurdles to clear should a deal come to fruition.