San Francisco 49ers running back Christian McCaffrey has signed a two-year extension, the team announced Tuesday.

The deal is valued at $38 million and includes $24 million in guarantees for the 2023 NFL Offensive Player of the Year, according to multiple reports. McCaffrey led the league with 1,459 rushing yards last season.

With an average annual value of $19 million per season, McCaffrey raised his own bar for NFL running backs. His previous deal averaged $16 million per year.

Alvin Kamara of the New Orleans Saints ranks second at the position with $15 million per season, per Spotrac.

The extension also keeps McCaffrey under contract with the 49ers through 2027.

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"Two years ago, we were ecstatic to welcome Christian McCaffrey to the 49ers," John Lynch, the 49ers' GM and president of football operations, said in a statement. "Since his arrival, he's been everything we thought he would be and more. His versatile skill set 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."

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McCaffrey, who turns 28 on Friday, also led the NFL with 2,023 yards from scrimmage and in 16 starts shared the league lead with 21 rushing/receiving touchdowns, along with Miami's Raheem Mostert.

A three-time Pro Bowl selection and two-time first-team All-Pro, McCaffrey has rushed for 6,185 yards and 52 touchdowns. He also has 509 receptions for 4,320 yards and 29 scores in 91 games (84 starts) with the Carolina Panthers (2017-22) and 49ers (2022-23).

McCaffrey was the eighth overall pick in 2017 by the Panthers, who traded him to San Francisco on Oct. 20, 2022 for a package of draft picks.