While the Green Bay Packers entered this 2025 NFL offseason armed with an ample amount of salary cap space, general manager Brian Gutekunst failed to make the impactful moves many thought he would during the first wave of free agency.
Before the market opened, the Packers took care of a little internal business, re-signing linebacker Isaiah McDuffie (two years, $8 million) and kicker Brandon McManus (three years, $15.3 million) to new contracts.
But since the market officially opened a couple of weeks back, Green Bay has made just three external additions, the fewest of any team in the NFL.
The most expensive addition, of course, was offensive lineman Aaron Banks, who's expected to replace Elgton Jenkins at left guard, with Jenkins moving to the center position to replace the departed Josh Myers, who signed a one-year deal with the New York Jets.
Banks, who spent the first four seasons of his NFL career with the San Francisco 49ers, signed a four-year contract worth up to $77 million with $27 million guaranteed, all of the guarantee coming in the form of a signing bonus that will be split up equally over the duration of the contract.
Also new to the team is cornerback Nate Hobbs, who was inked to a four-year deal worth up to $48 million with $16 million guaranteed. Like Banks, Hobbs receives all of his guaranteed money as a signing bonus, which is also split equally over the next four years.
And lastly, there's wide receiver and kick/punt return specialist Mecole Hardman, who was brought in on a one-year, $1.5 million deal.
So, how have these deals affected the Packers' salary cap situation?
The Packers still have more than $30 million in salary cap space
Following these first few weeks of free agency, the Packers currently have $31.3 million remaining in total salary cap space, according to Over The Cap, with $28.3 million in effective cap space, which is the amount a franchise is expected to have after signing at least 51 players and its projected rookie class to its roster.
Banks' cap hit for the 2025 season is $9 million, Hobbs carries a figure of $6 million, and Hardman's number comes in at $1.5 million.
Green Bay's overall cap figure could change by several million, of course, if the team opts to part ways with cornerback Jaire Alexander, who carries a $25 million cap hit for the upcoming season.
Releasing or trading Alexander before June 1 would save the Packers roughly $6.9 million in cap space for 2025, but they would incur $18.1 million in dead money.
A post-June 1 release or trade would add more than $17 million to the Packers' cap in 2025 but would also transfer almost $8 million in dead money to the 2026 cap.