When reports on San Francisco 49ers quarterback Colin Kaepernick’s contract extension first broke Wednesday, many viewed it as a logical starting point in the Carolina Panthers’ negotiations with Cam Newton on a new deal.

To that the Panthers’ front office might reply, “bring it on.”

Kaepernick’s six-year extension – reported initially to be worth up to $126 million with $61 million guaranteed – actually amounts to $13 million guaranteed at the time of signing and includes a number of “de-escalators” and per-game roster bonuses that could significantly shrink the total value of the deal, according to media reports.

“I’m sure the Carolina Panthers will go, ‘Hey, we’ll give you Kaepernick’s structure,’ ” said Joel Corry, a former NFL agent. “But (Newton’s agent) Bus Cook is not going to be too receptive to that.”

Newton, selected No. 1 overall in the 2011 draft in which Kaepernick was picked in the second round, is entering the fourth year of his rookie deal. In April, the Panthers picked up the club option on Newton for 2015 at $14.67 million.

But with such a prohibitive salary cap number for Newton for 2015, Corry believes the Panthers will lock up their franchise quarterback with a long-term deal before the start of the league year next March.

And Corry, who writes about NFL contracts and the salary cap for CBS Sports and the National Football Post, thinks it will be Jay Cutler’s contract – more so than Kaepernick’s – that Newton’s side will bring to the table.

Cook, Newton’s Mississippi-based agent, also represents Cutler, who signed a seven-year, $126.7 million contract in January.

“(The Panthers) are going to get tired of hearing that deal,” Corry said in a phone interview Thursday.

Cutler, 31, the 11th overall pick in 2006, didn’t receive a signing bonus from the Bears. But the first three years of the deal are guaranteed for $54 million – an average of $18 million a year that Corry believes Newton will command.