The wide receiver has reworked his contract with the Niners, ESPN Boston's Field Yates reported Thursday.
According to the report, Baldwin's base salary will be reduced to $645,000 (down from $1.4 million). He also can earn $755,000 in incentives.
The move means Baldwin won't be cut, at least not until we get into training camp.
The incentives, however, he almost certainly will not reach. According to Yates, Baldwin must play at least 80 percent of offensive snaps, catch 65 passes and exceed 800 yards to reach the full bonus.
The 24-year-old has just 44 receptions and 607 total yards in three NFL seasons. In 2013, Baldwin appeared in seven games for the 49ers and had just three catches after being traded from the Kansas City Chiefs in a swap of disappointing pass-catchers last offseason.
The 49ers' wide receivers corps was a mess last season and Baldwin still wasn't productive. There is little reason to believe that will change next season. Prior to the restructure, Baldwin was a candidate to be cut. All the new contract does is provide him one more shot to stick on the roster.