The Packers have a long offseason ahead of them. Much of it will focus on whether or not Aaron Rodgers stays for another year, but the big question right now is fixing the salary cap. As things stand, the Packers are expected to be $50.7m over the cap for 2022. This is second worst figure in the NFL, behind the Saints.
There are some big decisions ahead too. Davante Adams is one of a number of starters set to hit the open market and some fan favourites may end up as cut candidates. The team needs to be cap compliant before the new league year starts on 16th March. Players cannot be traded before that date, so the Packers have to look at cuts, restructures, and extensions. Here are the moves they can take to solve their salary cap crisis.
The moves below would not only ensure that the Packers are cap compliant by 16th March. It would also provide them with enough flexibility to consider all options, including the potential to tag or re-sign Adams.
Cuts – $40.3m in savings
Cut Mason Crosby – $2.4m in savings
Crosby is a franchise legend, but he is also 37 years old and coming off his worst season. He converted just 72.2% of his field goals this year, which ranked 33rd amongst kickers with at least 10 attempts. He would be the seventh highest earning kicker in the NFL if he stayed. At this point, that doesn’t feel like value for money.
Cut Marcedes Lewis – $2.4m in savings
Lewis will turn 38 this offseason, making him the oldest active tight end in the NFL. Assuming he doesn’t retire, the Packers will probably want to consider younger options. They already have Josiah Deguara on the roster and could save $2.4m by cutting Lewis prior to 16th March.
Cut Randall Cobb – $6.8m in savings
The signing of Cobb may have appeased Aaron Rodgers, but it didn’t have much on-field impact. He finished the year with just 28 catches for 375 yards and five scores. That was fine when he carried a cap hit of $2.6m. The problem is that the Packers are due to pay him $9.6m in 2022. Even though they have just two other receivers under contract for 2022, keeping Cobb makes little financial sense.
Cut Preston Smith – $12.5m in savings
Smith had a much-improved 2021, but he may have played his last game for the Packers. His cap hit jumps from just over $8m this season to an eye-watering $19.75m in 2022. That would rank 12th at the position. Green Bay can save $12.5m if they cut him prior to 16th March.
Cut Za’Darius Smith – $15.3m in savings
Making these kind of cap savings is never easy, and it means saying goodbye to some fan favourites. Smith has been great since he joined the Packers in 2019, but he’s coming off an injury and will be 30 at the start of the 2022 season. To make matters worse, he’ll carry a salary cap of $27.6m, the fourth highest at the position.
Cut Ty Summers – $965,000 in savings
Cutting Summers doesn’t save much, but the Packers need to find room wherever they can. He has been a solid contributor over the last three years, but these savings could be better spent elsewhere. Summers played almost exclusively on special teams in 2021, with just 27 snaps on defense all year.
Restructures – $21.9m in savings
Restructure Kenny Clark – $9m in savings
Clark’s cap hit jumps from under $7m in 2021 to $20.9m next season. This will make him the fifth highest paid interior defender in the NFL. The Packers can reduce that by converting his $6.4m roster bonus into signing bonus, spreading it across the three years left on his contract. They can also convert the bulk of his $8.25m base salary into signing bonus.
Restructure Billy Turner – $3.2m in savings
The Packers could admittedly cut Turner and save $3.4m. They don’t have much else at right tackle though and that makes a restructure the smarter move. Turner’s contract runs through 2025, but three of those seasons are voidable. That means he will actually hit free agency in 2023. Converting the bulk of his 2022 salary into signing bonus would save $3.2m.
Restructure Adrian Amos – $4.4m in savings
Much like Turner, Amos is a free agent in 2023 but has three voidable years on his contract. His cap hit is set to jump from just under $6m in 2021 to almost $12m next season. That can be minimised by converting the bulk of his $7m salary into signing bonus. That would leave his cap hit at just $7.5m next season, saving a sizeable $4.4m.
Restructure Dean Lowry – $2.9m in savings
The Packers could save $4m by cutting Lowry, but with a lack of depth and an underwhelming interior lineman class in this year’s draft, they may decide to restructure instead. He carries a cap hit of just over $8m in 2022, but that can be reduced substantially. Converting some of his $5m salary into signing bonus would result in almost $3m in savings for next season.
Restructure Aaron Jones – $2.4m in savings
Jones’ deal is already pretty cheap in 2022, counting just $8.9m against the cap. There are savings to be had though, and the Packers can convert his $3.75m roster bonus into signing bonus, thereby spreading it across the three remaining years on his deal. Jones’ cap hit for 2022 would be left at just $6.5m.
New contracts – $7.3m in savings
Re-sign Jaire Alexander – $7.3m in savings
Alexander is arguably the best young cornerback in football. He is set to play on his fifth year option in 2022, counting $13.3m against the cap. The Packers will obviously be keen to sign him to a long-term deal this offseason. Alexander should command a contract similar to Jalen Ramsey ($100m over five years, including a $25m signing bonus). With the signing bonus prorated over the contract, the Packers can pay him the minimum $1.035m in base salary, giving him a 2022 cap hit of just over $6m.
The end result
The combination of cuts and restructures would ensure the Packers are cap compliant ahead of the 2022 season, giving them $11.8m in cap space. If they can re-sign Alexander ahead of 16th March, they would have $19.1m, which is enough to franchise Davante Adams in the event that this is required.
The biggest cap hit left on the roster would be Aaron Rodgers’ $46.8m, which accounts for almost a quarter of the team’s total cap spend. If they do decide to run it back for one more season, a restructure would allow them to save $14.4m in 2022. If they wanted to trade him prior to the draft they would free up an additional $19.9m in cap space.
Whilst the cap number might seem daunting, it is clear that all options are still very much on the table. Brian Gutekunst and the rest of the Packers front office certainly have a crucial few weeks ahead.
