It’s that time of year, folks. The Green Bay Packers boosted their salary cap by restructuring Rashan Gary‘s contract, adding $4.78 million. Additionally, Preston Smith agreed to a pay cut, providing an extra $2.4 million in cap relief. That marks Smith’s second salary adjustment in six seasons.
As of March 1, Green Bay possesses over $13 million in cap space, per Over The Cap, granting Brian Gutekunst flexibility to make moves in free agency. Essential decisions loom, including resolving David Bakhtiari‘s negotiations and potential restructurings involving players like Aaron Jones.
What are the best ways for the Packers to open up more space and give them more room to maneuver?
Roster Cuts/Trades
The Packers stand to unlock nearly $21 million in cap space if they release Bakhtiari. Releasing him looks increasingly likely, given the uncertainty surrounding his ability to stay on the field. With no NFL team likely willing to trade for a player whose injury status has been volatile and remains uncertain, cutting ties with Bakhtiari emerges as the most pragmatic course of action for the Packers.
Green Bay has another potential avenue to enhance its cap situation by moving on from Royce Newman, which could yield up to $3 million in savings. Newman has struggled early in his career. His offensive, pass-blocking, and run-blocking Pro Football Focus grades all fall below the 55.0 threshold, below league average.
From a performance standpoint, cutting Newman becomes a rational decision for the Packers. Gutekunst may explore the option of trading Royce Newman, leveraging his track record of offensive lineman trades. Gutekunst traded Cole Van Lanen to the Jacksonville Jaguars for a late Day 3 pick in 2022.
The Packers could save up to $10 million by releasing De’Vondre Campbell post-June 1, but such a move appears improbable. Campbell is one of the most seasoned players on the roster, bringing invaluable experience and leadership to the locker room.
Restructures
The Packers can save $18 million by restructuring Jaire Alexander and Jones’ contracts. However, Jones’ situation presents a unique consideration, given his agreement to a pay cut last season. The Packers recently talked to Jones’ agent during the NFL Combine, signaling early talks about potential contract adjustments.
Jones has demonstrated flexibility in the past, but Green Bay’s willingness for further concessions remains uncertain. The Packers can also free up $12 million by restructuring Elgton Jenkins and Campbell’s contracts.
The Green Bay Packers can free up $41 million in cap space by adjusting contracts for these key players.
Extensions
Extending Bakhtiari’s contract could save the Green Bay Packers $15 million, but it’s highly unlikely to happen. The Packers have historically refrained from allocating significant cap space to players with extensive injury histories, and Bakhtiari’s situation aligns with this principle. Given his notable injury history, it’s inconsistent with the team’s modus operandi to commit a substantial portion of their cap space to such a player.
With Kenny Clark entering the final year of his contract, the Packers have a prime opportunity to manage their cap space by extending his deal. A Clark extension could yield significant cap savings, reaching up to $12 million, allowing the Packers to allocate resources more efficiently. He had a career-high 7.5 sacks during the previous season.
The Packers are slated to explore a post-May extension for Jordan Love. Discussions surrounding Love’s extension have sparked intrigue, with indications suggesting that his new contract could come in around $50 million per year. Extending Love solidifies the team’s long-term vision and presents a financial benefit, potentially saving approximately $7.9 million in cap space.
Given Green Bay’s track record, Gutekunst is likely to execute additional cap-related maneuvers to optimize the Packers’ financial situation. With extra cap space likely to be freed up, the Packers will have the ability to be active participants in free agency. Whether or not a team that historically makes relatively few splashy free-agency moves will choose to do so remains an open question.
