Packers: How much would Jaire Alexander’s fifth-year option cost?

At some point down the line, Jaire Alexander is going to land a new multi-year deal. The Green Bay Packers‘ All-Pro cornerback deserves it.

Before then, the most likely scenario is that the Packers will exercise Alexander’s fifth-year option, ensuring he remains under contract through the 2022 season. It makes sense for the Packers to do so as it gives them longer to work on an extension without the risk of losing Alexander in free agency next year.

Alexander is still under contract for one more season as it stands, but that would be extended to two if the Packers pick up his fifth-year option.

But how much would it cost Green Bay to do so?

According to NFL Network’s Tom Pelissero, the fifth-year option for Alexander would cost the Packers $13.29 million in 2022. Alexander falls into the second category which includes players voted to one Pro Bowl. Alexander was a Pro Bowler in 2020.

Don’t be surprised if Green Bay takes a similar approach to Kenny Clark a couple of years ago. The Packers decided to pick up Clark’s fifth-year option which gave them more time, and he then signed a multi-year extension last offseason.

It would make sense to take the same approach with Alexander. Use the fifth-year option then work on a multi-year extension next summer.

Green Bay can’t afford to lose Alexander. A Pro Bowler and second-team All-Pro last season, Alexander continues to get better every year and is still only 24 years old. His best football is still ahead of him.

In three years, Alexander has 41 pass defenses, four interceptions, two forced fumbles, and three fumble recoveries. Alexander is one of the best cornerbacks in the NFL and will be one of the most important players in Joe Barry’s defense next season.

It should be a matter of when, not if, the Packers exercise the fifth-year option.