The Green Bay Packers sit in a decent spot financially entering free agency, thanks mostly to the restructuring of five big contracts over the last month. According to Over the Cap, the Packers have roughly $24 million in salary cap space, which ranks 10th overall among the 32 NFL teams. They are also one of just 13 teams with at least $20 million in space.
There are caveats here, however.
If (or when) Aaron Rodgers is traded, the Packers are going to take on a dead money hit and lose $9 million in cap space (unless the contract is significantly altered).
The Packers have 17 free agents to handle, including offensive tackle Yosh Nijman, who could get the $4.3 million restricted tender, and All-Pro kickoff returner Keisean Nixon. A big chunk of the available cap space could be spent on returning players.
A portion of the team’s cap space right now is set aside for signing the draft class and an in-season fund, which including paying the practice squad and a reserve fund for signings or additions. Total cap space in March doesn’t equal effective cap space come September.
The Packers can (and almost certainly will) create a bit more cap space by restructuring more deals. Rasul Douglas, De’Vondre Campbell and Pat O’Donnell are the most likely options. Extending the contract of Rashan Gary is another avenue for creating cap space. However, the levers for the Packers to pull to make more space are starting to run out.
Can the Packers get a team to trade for Darnell Savage? He’s due $7.9 million in guaranteed money in 2023 thanks to the fifth-year option. The Packers could clear the entire $7.9 million if he’s traded.
If Aaron Rodgers is traded, the Packers probably won’t be big spenders in free agency. Finding a few young, cheap options to fill roster holes would be a priority.
General manager Brian Gutekunst pointed to tight end and safety as obvious roster needs, meaning the Packers could prioritize adding a veteran at each spot in free agency.
The Packers are bringing around $16 million in dead cap into the new league year thanks to seven voided deals.
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