Packers restructure contract of OLB Preston Smith, save $6.7M on salary cap
The Green Bay Packers restructured the contract of outside linebacker Preston Smith and saved almost $6.7 million on the salary cap in 2023, according to Ian Rapoport of NFL Network.
Smith had a $7.5 million roster bonus for 2023 in his contract, which was reworked last offseason. The Packers can convert the roster bonus into a signing bonus and prorate the sum over the length of the deal, creating immediate savings in 2023 but adding to cap hits in future years. Teams can also convert base salary and add void years.
Smith’s cap hit was scheduled to be a little over $13 million before the restructure. His deal was tailor-made to be restructured this offseason given the roster bonus and the Packers’ need for cap space.
Smith is under contract through the 2026 season.
Last season, Smith delivered 8.5 sacks, 20 quarterback hits and nine tackles for loss over 17 games. He turns 31 in November.
