Updated Packers cap space after first wave of free agency
The Green Bay Packers entered the 2024 offseason with a healthier salary cap than in recent years, and they've made the most of it.
General manager Brian Gutekunst wasted no time in free agency, signing running back Josh Jacobs and safety Xavier McKinney to big deals. Jacobs replaces Aaron Jones as the Packers' top running back, while McKinney instantly becomes one of the most important players in the secondary.
How was this possible?
The Packers were helped by a historic increase to the salary cap, as well as several big contracts coming off the books, including Aaron Rodgers'.
Packers have plenty of cap space remaining after signing Josh Jacobs and Xavier McKinney
According to Over The Cap, the Packers have $24.56 million in cap space, the 11th-most in the NFL.
They have the flexibility to sign more free agents, should they wish, and still have plenty left over to sign their upcoming draft class. The Packers won't necessarily spend big on another player, but they can make any move they need to.
Green Bay may prefer to save as much cap space as possible, with one eye on 2025. An extension for Jordan Love is coming this offseason, which will likely have a greater impact on the salary cap next year.
However, if Gutekunst identifies a target via free agency or trade, he has the resources to make it work.
Packers' upcoming cap hits for Josh Jacobs and Xavier McKinney
As expected, the Packers won't take on significant cap hits for Jacobs or McKinney this season, but that changes from 2025. However, it becomes much easier to move on from them each year.
For example, Jacobs' cap hit rises to $14.6 million in 2026, but the Packers would only pay $6.3 million by releasing him. Here are their cap numbers over the next three seasons:
Name | 2024 | 2025 | 2026 |
|---|---|---|---|
Josh Jacobs | $5.3 million | $11.3 million | $14.6 million |
Xavier McKinney | $7.8 million | $17.6 million | $19.1 million |
To land the best players in free agency, you have to be willing to spend big. The Packers don't do it often, but Gutekunst is willing to make moves to fix positions of need. In 2019, he signed Za'Darius Smith, Preston Smith, Adrian Amos, and Billy Turner in the first week of free agency.
We've seen fewer big moves in recent years while the Packers have faced salary cap challenges. In a healthier position this offseason, they signed two star players.
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