It's a bit like the hypothetical judge who is quick to put a young man on probation for minor drug violations but then is extremely reluctant to lockhimup when he reoffends.
Myhrvold has gotten his investors to lockup their cash with him in highly unorthodox funds with few strings attached for a very, very long time, in some cases as long as 20 years, or close to a generation, people familiar with IV say.
Furthermore, if Kaepernick backs up his 2012 play with a strong 2013 season, expect the 49ers to lockhim down before he can reach unrestricted free agency after the 2014 season.