The next big step for the Green Bay Packers’ offseason is a possible extension of cornerback Jaire Alexander. He was undeniably a successful draft pick in the 2018 class and now is slated to play under the fifth-year option and a $13.29 million cap figure. Alexander, 25, is basically the same age as the top-five cornerbacks when they signed their deals. Most of them were between 24 and 25 years old, except for Xavien Howard, who recently signed a third NFL contract and is 28.
Comparing the biggest contracts for cornerbacks, the four highest-paid players at the position (Jalen Ramsey, Marshon Lattimore, Marlon Humphrey, and Howard) have five-year deals. Tre’Davious White is the exception. He signed a four-year extension with the Buffalo Bills, and that’s important because the Packers generally prefer to sign four-year contracts for non-quarterbacks. That’s what they have done with David Bakhtiari and Kenny Clark, and that’s what they did with Davante Adams in 2017.
Therefore, it’s fair to expect it will be a shorter extension. The Packers could use it in their favor in negotiations because Alexander has one year left on his current deal. Functionally it would be a total five-year contract, and Alexander would return to the market at age 30. If it’s a five-year extension, Alexander would be 31, and it’s more difficult to get a third big contract.
Below, I look at the five biggest cornerback contracts in terms of average per year to see how the Packers can structure the deal with Alexander. All contract numbers are courtesy of Spotrac.
Jalen Ramsey (Los Angeles Rams)
Total: $100 million/5 years
Average per year: $20 million
Signing bonus: $25 million
Total guaranteed: $43.7 million
Marshon Lattimore (New Orleans Saints)
Total: $97.603 million/five years
Average per year: $19.52 million
Signing bonus: $7.5 million
Total guaranteed: $34.103 million
Marlon Humphrey (Baltimore Ravens)
Total: $97.5 million/five years
Average per year: $19.5 million
Signing bonus: $20 million
Total guaranteed: $40.324 million
Xavien Howard (Miami Dolphins)
Total: $90 million/five years
Average per year: $18 million
Signing bonus: $17.115 million
Total guaranteed: $36.3 million
Tre’Davious White (Buffalo Bills)
Total: $69 million/four years
Average per year: $17.25 million
Signing bonus: $10.5 million
Total guaranteed: $36.7 million
Alexander probably demands to be the highest-paid cornerback, so we can assume he wants a bit over $20 million per year. For this exercise, it will be established at $21 million per year over four seasons, $84 million in total value.
Unlike the New Orleans Saints and the Buffalo Bills, who give low signing bonuses to keep pushing money to future years, the Packers prefer to give a high signing bonus but also to limit other types of guarantees. This way, the value totally guaranteed tends to be formed just by the signing bonus and the base salary of the first year, which would have to be around $37 million. That’s in line with the other top cornerbacks. It’s also aligned with what the Packers agreed to with Clark and Bakhtiari in terms of percentage.
Jaire Alexander’s projected new contract
Total: $84 million/four years
Average per year: $21 million
Signing bonus: $37 million
Total guaranteed: $38.035 million (signing bonus + 2022 base salary)
Alexander still has one year left on his rookie deal, the fifth-year option, so it would be all added in a total five-year, $97.294 million contract, an average per year of $19.46 million. For the sake of this exercise, I will not detail incentives or per-game bonuses. It’s different from Xavien Howard’s case, who will have more than $ 25 million per year in new money added to his old contract because it had three years left, so the Dolphins made a new five-year contract for $90 million, an $18 million average.
Structure year by year
2022
Base salary: $1.035 million
Signing bonus proration: $7.4 million
Cap hit: $8.435 million ($4.859 million in cap savings for this year)
Dead money if released/traded: $38.035 million
2023
Base salary: $2 million
Roster bonus: $11 million (this bonus could be restructured and prorated)
Signing bonus proration: $7.4 million
Cap hit: $20.4 million
Dead money if released/traded: $29.6 million
2024
Base salary: $13 million
Signing bonus proration: $7.4 million
Cap hit: $20.4 million
Dead money if released/traded: $22.2 million
2025
Base salary: $15 million
Signing bonus proration: $7.4 million
Cap hit: $22.4 million
Dead money if released/traded: $14.8 million
2026
Base salary: $18.259 million
Signing bonus proration: $7.4 million
Cap hit: $25.659 million
Dead money if released/traded: $7.4 million
Paying a player the highest salary at his position naturally will create mixed feelings. The team is limiting the potential to pay other players, but at the same time, it’s important to value great players to build a competitive culture. It’s essential for both parties to be happy at the end of the negotiation.
In Alexander’s case, the Packers should be comfortable giving him a long-term deal because he’s young and has been a high-level player since he was drafted. Also, Green Bay would have almost $5 million in extra cap space to work with this season. It’s time to reward one of the pillars of the Packers’ future.
