New Era, Rich Era for 49ers’ Young : Pro football: He agrees with San Francisco on $26.5 million contract and will be highest-paid player in NFL.

When Steve Young reports to the San Francisco 49ers training camp this afternoon, he will be a day late. But he will not be a dollar short.

The 49ers made quarterback Young the richest player in NFL history late Wednesday when they gave him a five-year, $26.5-million contract.

Young, the NFL’s most valuable player who caused the club some momentary embarrassment when he did not report by the 6 p.m. deadline Wednesday, is expected to arrive after the first morning workout today.

“I’m not sure I’ll be there,” said Carmen Policy, 49er president, from their Santa Clara offices. “I think I gave them my car in the process.”

John Elway, the Denver Bronco quarterback and previously highest-paid player, this spring signed a four-year extension worth $19.1 million.

“Steve has waited so long for this, and now it’s finally here,” said Leigh Steinberg, Young’s agent. “This is the dawning of a new era. . . . There is no question who the 49ers quarterback is now and in the future.”

And, subtly, the contract illustrated who the 49er quarterback isn’t .

“It will be great, great solace to pass a week or two without hearing the ‘M’ word,” Steinberg said.

Young, who last year was the first player in NFL history to lead the league in passing in consecutive seasons with 100-plus ratings, was the main reason the 49ers traded Joe Montana to the Kansas City Chiefs last spring.

This is the team’s first training camp in 15 years without Montana, so officials were noticeably nervous Wednesday when Young didn’t show up.

“I don’t know that quarterback controversies ever end,” said George Seifert, 49er coach. “Joe may not be on the team . . . but he is still in pro football. I don’t know if that will all of a sudden disappear.”

This was the first time the straight-and-narrow Young has missed a day of training camp in nine seasons, although it became obvious to Steinberg that he would not miss much more.

“I don’t want to say Steve was anxious, but after his 35th call to my office today. . . ,” Steinberg said. “Steve is emotionally unsuited to miss camp. We were not leaving tonight until he got this done.”

Last week Young talked about finally experiencing a training camp without Montana on his shoulder, controversy on his back and half of the city of San Francisco hoping that he fails.

“You do gain a sense of leadership,” he said. “It doesn’t make your job simple, but it makes it more comfortable.”

He added, “I’ve put in a lot of time here. The ones on the field this year, we have all put in a lot of time, and we know we can win.”

And the Montana incident this spring, when he was briefly named the starter before he was traded?

“Just a blip on the screen,” Young said.

Young, even before knowing about his contract, said he was prepared to deal with locker room problems involving the great disparity in salaries caused by free agency.

“It will be a difficult situation for some teams who don’t communicate well with each other,” Young said. “Teams have to convince players that, ‘hey, we did this to win. ‘ “

Trivia buffs will remember that this is the second time Young has been the highest-paid player in professional football. When he joined the Los Angeles Express of the defunct United States Football League as a rookie from Brigham Young in 1984, he received a contract reportedly worth more than $40 million.