With two more contracts restructured by the Green Bay Packers, it’s time for a salary cap update.
NFL Network’s Ian Rapoport reported on Saturday that the Packers have restructured the contracts of Jaire Alexander and Preston Smith.
According to Rapoport, restructuring Alexander’s deal creates $9.46 million in cap space next season, while restructuring Smith’s contract creates $6.67 million.
That is a significant cap saving by the Packers, although it does push more money into future years, which could be an issue down the line.
But how does it impact the Packers’ salary cap ahead of the 2023 season?
The two moves create a 2023 cap saving of a little over $16 million, which helps the team get under the salary cap before next month’s deadline.
According to Spotrac, Green Bay now has $5.9 million in cap space for 2023. Jaire Alexander’s cap hit for next season is $10.76 million, while Preston Smith’s cap number has been reduced to just $6.37 million.
While $5.9 million in cap space isn’t much, it’s far better than a couple of weeks ago, when the Packers were comfortably over the cap.
They can now find other ways to create even more space, ensuring they have room for any free-agent signings along with their 2023 draft class.
According to Tom Silverstein of the Milwaukee Journal Sentinel, the Packers want to reduce the cap hits of Kenny Clark and David Bakhtiari. Silverstein notes that a restructure or contract extension is possible for Clark, while a restructure is likely for Bakhtiari.
Restructuring contracts and adding void years can be a great tool to help solve some short-term salary cap issues, but it can hurt future years by pushing more money onto future caps.
But the Packers had to create cap space before the start of the new league year, and they are finding ways to get there without having to release key starters.