The Packers restructured two contracts
The Green Bay Packers are one of several teams with salary cap issues. They’re not as bad as the New Orleans Saints, who are about $30 million in the red at this point in the offseason. But the Packers must get creative to add free agency help this offseason to make the team competitive next fall. The Packers restructured two contracts to create nearly $17 million in cap space.
According to Ian Rapoport with the NFL Network, the Packers restructured cornerback Jaire Alexander and linebacker Preston Smith. The restructures will save $9.456 million and $6.668 million in cap space for the Packers.
The #Packers restructured the contracts of stars Jaire Alexander and Preston Smith, source says, creating $9.456M and $6.668M in cap space. … The #Jaguars did the same for LB Foye Oluokun, creating $10.336M.
— Ian Rapoport (@RapSheet) February 25, 2023
The Packers desperately needed a move like this to get done. The NFL majorly expanded the salary cap this offseason, giving the team some help, but there’s more to be done. According to Over The Cap, the Packers are in the red by about $9.6 million as of Saturday morning. The team will still need to make some cuts or restructure more deals this offseason so the team can add players in free agency.