How 7 contract restructures could save the Packers around $50 million in salary cap space
The Green Bay Packers are once again looking at a salary cap problem to start the 2023 offseason, but Brian Gutekunst and Russ Ball have a few levers they can pull to erase the pain and create much-needed operating room.
It’s as simple as repeating the same pattern shown by the franchise over the last two offseasons: Just kick the can down the road and borrow from the future.
Seven contract restructures – requiring bonus conversions that push salary cap commitments to future years – could free up around $50 million of salary cap space in 2023.
Here are the seven restructure candidates and the potential cap saved on a restructure:
RB Aaron Jones: $10.9 million
LT David Bakhtiari: $7.9 million
DL Kenny Clark: $10.9 million
LB De’Vondre Campbell: $2.8 million
OLB Preston Smith: $6.6 million
CB Jaire Alexander: $9.5 million
CB Rasul Douglas: $2.3 million
Total: $50.9 million
All seven players are important veterans who would play a big role in Green Bay should the Packers stay all-in (financially speaking) in 2023. And the Packers could use what’s left of the $50 million (after digging out of the current salary cap hole) to keep a few free agents and possibly even add a player or two in free agency.
Gutekunst and Ball must decide if it’s worth kicking the can down the road again to keep this team together, or if it’s time to start ripping off Band-Aids and allowing the Packers’ salary cap to heal without borrowing from the future. Of course, the cloud looming over the entire situation is at quarterback, where the Packers are waiting on a decision from Aaron Rodgers and pondering a transition to Jordan Love.
If Rodgers returns, expect the Packers to pull all seven levers listed above. The Packers will probably be pickier on restructures if there’s a transition to Love.
Also: The Packers could save another $7.9 million if they can find a trade partner for safety Darnell Savage, who was benched last season. Love could be traded to free up almost $2.3 million. Punter Pat O’Donnell could be cut to save another $1.9 million. An extension for outside linebacker Rashan Gary could save $7 million or more.
The Packers would lose almost $9 million in cap space by trading Rodgers pre-June 1 but would gain almost $15.8 million if he’s traded post-June 1. The savings on a post-June 1 trade wouldn’t be realized until after the trade is finalized in June.
