Exactly one year to the day after the Green Bay Packers handed Nate Hobbs a $48 million contract, they have moved on.
According to ESPN's Rob Demovsky, the Packers are releasing Hobbs as a post-June 1 designation. It felt inevitable following reports that the team is signing free-agent cornerback Benjamin St-Juste, who is coming off a career year with the Los Angeles Chargers.
Credit to general manager Brian Gutekunst for realizing the Hobbs experiment didn't work out and moving on.
Packers will create $8.8 million in cap space by releasing Nate Hobbs (but not until June 1)
The post-June 1 designation is interesting, but it makes the most sense. Green Bay would've only gained $838,235 in cap space by releasing him immediately. But now, they will eat his full $12 million cap hit until June 1, when they will save $8.8 million and pay just $4 million in dead cap. The rest of the dead cap hits will be carried over into future years.
Why now? Hobbs was due a $6.25 million roster bonus later this week, and the Packers have clearly decided he isn't part of their future plans.
Unfortunately, it didn't work out. The Packers believed Hobbs could play outside or in the slot, but his work on the boundary left a lot to be desired. He looked most comfortable in the slot, but that's where Javon Bullard has found his best position.
Green Bay couldn't afford to pay Hobbs $48 million as a slot-only corner.
The writing was on the wall after the Packers agreed to terms with St-Juste earlier in the day. He is a boundary corner who adds the size Green Bay loves at the position. Keisean Nixon isn't going anywhere, while Carrington Valentine can also contribute. With Bullard starting in the slot, the Packers had no room left for Hobbs, especially on his contract.
The question is whether Green Bay will make further moves at cornerback in free agency, or wait until the draft to add competition.