Packer Tracker: Packers Get Under The Cap

The exact numbers for the restructure of Billy Turner and the extension of Aaron Jones have not yet been made public.  It has also been reported by Tom Silverstein that the Packers intend to extend the contract of Zadarious Smith so they can lower his $22 million salary cap charge.  

Although there is a rule prohibiting more than one renegotiation per year for each player, the short answer as what is a renegotiation is that it involves an increase in compensation.  That means that the Packers can ask a player who has already either just moved money around or has taken a pay cut to take another pay cut this summer. 

PACKERS' MOVES TO DATE:

Player Type Savings/Cost Space OTC/Ingalls Aggressive '22 Cap
NFL $180M $5M NA N/A - - -
Bakhtiari Restructure $8.304M N/A High $2.768M
Kirksey Release $5.6M = $4.949M N/A Medium - - -
Wagner Release $4.25M = $3.59M N/A Medium - - -
NFL  $182.5M   -$10.471/-$10.14M N/A - - -
Funchess Pay Cut $750K* -$9.721M/-$9.39M Medium - - -
Lovett Release $120K -$9.601M/-$9.27M Medium - - -
Amos Restructure $750K -$8.851M/-$8.52M Low +$750K
Smith, P. Restructure $7.25M -$1.601M/-$1.27M High +$3.25M
Tonyan 2nd Rd Tender $3.384M -$4.985M/-$4.654M Risky N/A
Sullivan Rt. Refusal $2.133M -$7.118M/-$6.787M Risky N/A
ERFAs (4) Qualifiers $620K  -$7.738M/-$7.407M No Risk N/A
Z. Smith Restructure $7.38M -$358K/-$27K High +$7.38
Turner Restructure $3.56M +$3.202M/+$3.533M Max +$890K F#
Jones Extension -$4.475M -$1.273M/-$942K V. High +$9M
RFAs 2 Adj 660K +660K +$47K/+$378K    
Jones displace Adj 660K +707K/+1.038M    
A. Amos Restructure $3.578M +$4.285M/+$4.616M V. High $1.082M F#
M. Crosby Restructure $1.34M +$5.625M/+$5.956M High $335K F#
K. King Re-Sign -$1.937M +$3.688M/+$4.019M Medium $3.0M
T. Lancaster Re-sign -$1.248M +$2.44M/+$2.771M Medium  - - -
M. Lewis Re-sign -$2.383M ($2.342M KI) +$57K/+ $429K High Unknown
Adj, King, Lewis displace 2 x $780K = $1.56M +$1.617M/+$1.989M    
Adj Lancaster displace $780K pushed off top 51 $2.397M/+$2.769M    
Joe Fortunato Signed No effect     $825K
W. Redmond Re-signed $920K??? $1.477M/+$1.849M    
Adj Redmond displace $780 pushed off 51 $2.257M/+$2.629M    
           
           
           
           
           
 Liabilities in 2022 Top 51 cap  $211.061M 32 players 19 @ $.705K !3.395M Total: $224.456M

I should note that Ian Rapoport reported the $750,000 reduction in pay for Devin Funchess, and Ken Ingalls of Packers' Cap Report indicated the reduction was for $747K without further explanation.  OTC now indicates Funchess never was paid the $1M signing bonus.  Instead, he has a base of $1.15M, a $300K signing bonus, $50K workout bonus, and $300K in game active bonuses, with only one game likely to be earned.  That's a $747K reduction to $1.518M.     Overthecap and Spotrac still have his salary cap number at $2.5 million and $2.3 million, respectively, with both sites showing at least $1 million in dead money from his signing bonus. Funchess' minimum base salary is $990K and he had a $1M signing bonus, so how can his cap number be reduced by $750K short of him repaying some of the signing bonus?

I have also inserted a notation as to the team's salary cap liabilities for 2022 as the Packers make moves that affect next year's cap.

UPDATED: 4/4/21:

Packers re-signed Lancaster, Redmond, and Lewis and signed LS Joe Fortunato for $660K as competition for Hunter Bradley.

UPDATED - 3/17/21:

The Packers converted the maximum amount possible of Turner's roster and base salary and added no less than three void years to clear $3.56M in cap savings.  Wow.  The team should be just under the cap.

The Packers signed Jones to a four year extension.  TKen Ingalls reports that his cap hits will be $4.475M, $9M, $19.25M, and $15.25M.  Wow again.

The Packers restructured the contract of Za'Darius Smith.  They converted all $5 million of his roster bonus and all but the applicable minimum ($990K) of his $10.75 million base salary to a signing bonus to generate $7.38M in cap savings.  The moves increases his cap number and dead money charges in 2022 to $28.13 million and $12.38 million, respectively.  Still no updates on the actual numbers for the deals involving Aaron Jones and Billy Turner.

UPDATED - 3/16/21:

As expected, the Packers issued qualifying contracts to Lazard and Nijman in the amount of $850K.  The team similarly issued qualifying contracts to Randy Ramsey and Malik Taylor for $780K.  The contracts are for one year and are not guaranteed.  The players cannot negotiate with any other team.  In practice, each player has little choice but to sign the contract.

Sullivan: Per Bill Huber, the Packers tendered Chandon Sullivan at the Right of First Refusal level.  This is a one-year, non-guaranteed contract for $2.133M.  Teams can negotiate with Sullivan and he can solicit offers from other teams until April 24, 2021.  Sullivan has the right to select one offer (and only one offer) and sign it, turning it into an offer sheet.  The Packers then would have five days to match all Principal Terms exactly.  The Packers lose the player if they decide not to match.  The team does have the option to trade Sullivan, or even engage in talks about compensation with the team that made the offer to Sullivan.  In 2007, Miami tendered Wes Welker at the 2nd Round level.  Welker signed an offer sheet from New England.  The Dolphins threatened to match so the Patriots sent a 7th round pick in addition to the 2nd round pick. 

Sullivan played 729 snaps last year for the Packers.  Essentially, he was a starter.  He played well enough for the bulk of the season but tailed off considerably towards the end of the regular season and Tampa Bay picked on his during the playoffs.  Still, even bad starting slot corners make more than $2 million.  There is a good chance that some other teams will make offers to Sullivan, so there is some risk to this decision of losing Sullivan.  The Packers will not be sure that they will retain Sullivan until April 23.  The team can still reach a contract with Sullivan, either for one year or a multi-year contract, if they can agree on his value.  

Tonyan:  Per Tom Silverstein, the Packers used the 2nd Round tender on Tonyan, worth $3.384M.  There is little question that other teams will take note of this tender.  The question is whether any of them will be williing to both part with a second round pick and pay Tonyan.  If the Packers and Tonyan can agree on his value, it is possible that the Packers will rescind the tender and sign Tonyan to a long-term deal.

Tonyan and Sullivan now count against the top 51 salaries (as do the ERFAs listed above).  Since they displaced two players who has cap numbers of $660K, those two players drop out of the top 51.  $3.384M - $660K ($2.724M) is the net effect for Tonyan.  $2.133M minus $660K ($1.473M)  is the net effect for Sullivan. 

Ken Ingalls has the Packers $1.037M under the cap when all is said and done, whereas I have $1.038M.  I assume it is in the rounding.      

AMOUNTS NEEDED:

Category    
PS $2.99M Min.  
52nd/53 player $1.32M Min.  
Draft Picks $2.3M Est  
Operating Cushion $3M - $5M  
Subtotal: $9.61M to $11.61M  
     
ERFAs (4) All Locked up Lazard, Nijman, Ramsey, Malik Taylor
RFAs Unknown/$3.384M Tonyan, Sullivan
UFAs Unknown Jones, [Linsley], [Williams] King, Lewis, Ervin, [Boyle,] [M. Adams,] L. Taylor, R. Greene, Tyler Lancaster, Will Redmond, Nickerson
Outside UFAs Unknown  

UPDATES: 

Packers signed LS Joe Fortunato.

Packers signed Aaron Jones, King, Lewis, Lancaster, and Redmond and sent qualifying contracts to Lazard, Nijman, Ramsay and Taylor.

Montravious Adams signed with New England, so he is now shown in brackets.  The Packers did not tender Redmond or Nickerson, making them UFAs.

Tim Boyle signed with Detroit for one year at $2.5M.  He is now shown in brackets as a 2020 player who won't be in the 2021 team.

Tyler Lancaster will not be issued an RFA tender.  He has been removed from the RFA list above and placed in the UFA line as it is possible the the Packers might try to sign him for something much closer to the minimum. 

Linsley [denoted by placing his name in brackets] is expected to sign with the Chargers.  Tom Pelissero reports that the Charges will make Linsley the highest paid center by inking him to a 5 year, $62.5M ($12.5 AAV) deal.  That should be enough to net the Packers a fourth round compensatory pick in 2022.  Matt Schneidmann reports that the Packers will not tender Raven Greene.  That is not a surprise as the lowest tender is $2.133 million and Greene has had problems with injuries.  In his three seasons in Green Bay, he played 43, 70, and 324 snaps before being placed on IR in each season.  It is possible that the Packers, after letting Greene hit free agency, will try to sign him for a minimal price.

Jamaal Williams signed with Detroit for 2 years, $7.5M total. 

At some point, the Packers have to generate $10 million more in cap space for their draft picks, practice squad, operating cushion and the 52nd and 53rd players, but most of those things can wait.  It seems likely that the Packers will make some kind of offers to those RFAs they do not tender, and perhaps try to re-sign some of their own UFAs.  Marcedes Lewis might be the most likely now that Jones has agreed to terms.

CAP SOURCES REMAINING:

Player Type Low Med Aggressive
D. Adams Extension 4 yrs $4.0M $6.0M $8.7M
A. Rodgers Restructure $5M $8M $14M
D. Lowry Release $3.3M $4.8M* $4.8M*
Z. Smith Restructure $2.5M $3.5M $5.0M+ ($7.38M)
B. Turner Restructure $0.00 $1.5M $2.55M ($3.56M)
M. Crosby Restructure $625K $875K $2.213M ($1.34M)
Amos Restructure $750K $2.7M $5.0M  ($4.328M)
P. Smith Release $8.0M $8.0M $12.0M ($7.25M)
         
EXT: Z. Smith Extension - 2 yrs, age 30, 31 $2.5M $5.0M $7.25M
REL: M Crosby Release 2.5M $3.5M* $3.5*
* June designation        

 

Overthecap has a list of all the potential moves the Packers could make to reduce their cap.  It includes every player on the roster.  OTC does not explain the methodology they used to reach their numbers.  I checked a couple of their numbers, such as saving $12.8 million by extending Za'Darius Smith (OTC also has numbers for cutting, trading or just moving money around).  That is aggressive but not the maximum possible.  Moreover, it is a deal the player might sign.  Since Smith is due to earn $15.75M in base and roster bonus, the Packers could give him a $15 million (roughly) signing bonus, pay the veteran minimum, and leave his workout and game active bonuses in place.  Doing that would result in about $12.8 million in 2021 cap savings.  The player still gets his cash, so it is at least plausible.  Click here to look at OTC's table. 

The Packers have to be under the salary cap limit by 4:00 p.m. EST today.  They might be already depending on whether they have submitted the paperwork for Aaron Jones' extension.     

 

NFL Categories: 
8 points

Comments (19)

Fan-Friendly This filter will hide comments which have ratio of 5 to 1 down-vote to up-vote.
Thegreatreynoldo's picture

March 15, 2021 at 06:18 am

The more I think about this, the more I am convinced that the Packers will have to tap most of the Cap Sources in the table above. Some will have to be very aggressive moves, but some can be medium or not done at all. It is possible they leave Lowry be or ask for a pay cut.

I am looking at the $5.2M over the cap at present, probably $5M to $7M for Jones this year, the $10M for draft, PS, 52/53rd, and operating cushion, probably $2M for Lewis, maybe (or maybe not) $3.5M under the Rule of 51 for Lancaster, Redmond, Boyle, and Sullivan if not tendered at all (that is, the team tries to sign them for $1M or $1.5M each). I haven't thought about an outside UFA. It is possible that there might be players who are better and/or cheaper than our own UFAs. That all adds up to $22M to $25.7M more cap space.

+ REPLY
7 points
7
0
NickPerry's picture

March 15, 2021 at 06:43 am

Thanks TGR...I love what you do for us here breaking down the cap. BUT...Lets not release Mason Crosby. I know your not advocating it but I want Crosy on the Packers. The man is MONEY in the playoffs and not too shabby in the regular season either.

+ REPLY
5 points
5
0
Thegreatreynoldo's picture

March 15, 2021 at 07:07 am

Blame Andy Herman! He included the idea in an article he wrote.

I hope you like this format. From here on out I am hopeful that I will just have to update numbers and keep these tables as running totals.

$203M in cap liabilities for 2022, and that does not include $13M for Jaire (5th yr. option), $18M? for Davante, something for Patrick who sure looks like a medium to low starting OG (unless he can be replaced internally or through the draft) and MVS who could be a lot of different numbers.

It isn't hard to reach $240M in liabilities, and the team might not be done adding to that total if more restructures are done. Also the $10M for draft/PS etc, with only Preston ($12.5M in cap savings) and Lowry ($5.8M) as cap casualty possibilities. It would be great if there were no cap casualty candidates because everyone played great! I will keep an eye on it, but it may be that the cap grows $40M plus or GB has to do some more restructures next year.

+ REPLY
4 points
4
0
flackcatcher's picture

March 15, 2021 at 03:16 pm

I wonder if we're seeing a different strategy on RFA by the Packers this year.

+ REPLY
0 points
0
0
Thegreatreynoldo's picture

March 15, 2021 at 04:04 pm

I am updating the article to indicate that the Packers will not tender Raven Greene per Matt Schneidman. That's not a surprise given Greene's 3 seasons led to 40, 70, and 324 snaps. I've moved him to UFA. Packers could offer him vet. min. or the like. $2.133M for the rt. of first refusal is too much.

+ REPLY
0 points
0
0
flackcatcher's picture

March 16, 2021 at 02:34 pm

Thanks TGR. This market is so different...

+ REPLY
0 points
0
0
DoretheaLafarga's picture

March 15, 2021 at 07:03 am

GB has to do some more restructures next year.

+ REPLY
1 points
3
2
Johnblood27's picture

March 15, 2021 at 09:02 am

Why the down vote here?

Dorethea is very likely to be correct, just look at the manipulations that the dropping cap number has forced. There will certainly need to be more moves next off-season based upon changing cap parameters, union-league CBA revisions and 2021 player performance. All of the adjustments will not be done before the beginning of the league year in a couple days. Exciting times for sure!

+ REPLY
4 points
5
1
Coldworld's picture

March 15, 2021 at 10:00 am

Lol, not my downvote but possibly due to the post under the same tag advertising extramarital dating and this being a post to avoid filters.

+ REPLY
2 points
3
1
dobber's picture

March 16, 2021 at 08:17 am

Those robots just get smarter and smarter...

+ REPLY
0 points
0
0
CoachDino's picture

March 15, 2021 at 02:00 pm

Please Packers!!!! Do Not Extend Rodgers. The packers hold all the cards right now. I'm sure the local and national media won't help as they always want to be in with the players.

If Rodgers wants to win the he should agree to restructure, he obtains more money in terms of guarantee and payment date. The packers can then push the bonuses out to other years preferably 2022/2023. Easily clear up 20 Mil amy 15 this year.

Why extend his contract into his 40's? Brady is the only modern QB (less Warren Moon) to be any good from age 41 on. Let Arod play this contract out and if in 2023 he is worthy of an new contract give him one. Until then the Packers hold the cards

1) He's UNDER CONTRACT
2) They have a player just like him in the day, huge potential developing for years behind a HOF QB while learning the system.
3) Don't be afraid to trade ARod in year 2023 for all sorts of goodies and huge salary cap savings. There is nothing wrong with Arod having a couple good years post GB.
4) IF ARod wants more money/more years/wont restructure than he is the bad giuy, not GB. Just look no further than his peer Tom Brady.
5) Why not extend him? Look no further than his peers Bree's and payton. These guys hit walls.
6)Don't trade Love - You lose a ton of leverage.

Please Packers don't fold under the greed/EGO and to be fair legend that is Arod. He's great now, awesome, keep him and play him.

+ REPLY
2 points
2
0
flackcatcher's picture

March 15, 2021 at 03:30 pm

I don't think you have to worry about that. Gute has shown he is one of the more cold blooded GM in the league. Rodgers has what? two years remaining. It looks like Gute is firming up the roster for this and maybe next year. Extending Rodgers may be the last move if Gute has to make it. By 2024 the Packers will have made all the Cap moves they can and will have to cut players. Cap Man and Father Time, hard to beat that pair. (Except for that Alien in Tampa Bay... :-)

+ REPLY
1 points
1
0
frankthefork's picture

March 15, 2021 at 03:58 pm

Well TGR...Linsley goes to the Charges at 12 m + a yr...Thx for the services CL! Next man up Patrick or Hanson. Jenkins is an all pro guard why move him to center? 45 daze until more draft answers many questions. Need restructures from DA17 or extend; he is a top 3 wr so what is that 18-20mil wowzers!

+ REPLY
3 points
3
0
Thegreatreynoldo's picture

March 15, 2021 at 04:07 pm

Thanks for the heads up.

+ REPLY
0 points
0
0
HankScorpio's picture

March 15, 2021 at 04:49 pm

Nice payday for both Linsley and the Packers comp picks in 2022. Good for him.

I think Runyon established himself as the next man up. The only question there is will he develop enough to play RT with Turner at LT until Bahk gets back,

+ REPLY
0 points
0
0
Thegreatreynoldo's picture

March 15, 2021 at 04:45 pm

The Packers have made a qualifying offer to Malik Taylor to an ERFA deal. That will cost $120K against the cap. They have also made an offer to Yosh Nijman. His $780K offer will cost another $120K. The Packers retain sole negotiating rights to the ERFAs and it counts against the cap as soon as the offer is made, not when it is signed.

These ERFA deals should all come down the pike in the next day or so and will be updated as a group.

+ REPLY
1 points
1
0
egbertsouse's picture

March 16, 2021 at 07:57 am

Right, don’t want those future HOFers to get away.

+ REPLY
0 points
0
0
dobber's picture

March 16, 2021 at 08:15 am

It's a 90 man roster. They aren't all going to be Matt Judons or Corey Linsleys.

+ REPLY
0 points
0
0
Dragon5's picture

March 15, 2021 at 05:34 pm

Of the 11 presumed impactful goat FAs in an ox year = (landmines) 4 have have new pending contracts and 7 remain.
Steer clear Captain Gute.

LAC LINSLEY, COREY C
SF VERRETT, JASON CB
WFT SCHERFF, BRANDON G
DEN HARRIS, SHELBY DL

ROBEY-COLEMAN, NICKELL CB
HARRIS, ANTHONY S
HILL, TROY CB
WILLIAMS, K'WAUN CB
REITER, AUSTIN C
BREELAND, BASHAUD CB
WHITE, JAMES RB

The FA Monkeys likely to have a tough 2022 in the Tiger year...

PERRYMAN, DENZEL LB
BARRETT, SHAQUIL EDGE
THUNEY, JOE G
DUNBAR, QUINTON CB
BELL, LE'VEON RB
TARTT, JAQUISKI S
POOLE, BRIAN CB
WILLIAMS, DARYL OT
BRISSETT, JACOBY QB
JUDON, MATTHEW EDGE
FEILER, MATT G
FLOYD, LEONARD EDGE

+ REPLY
0 points
1
1

Log in to comment and more!

Not a member yet? Join free.

If you have already commented on Cheesehead TV in the past, we've created an account for you. Just verify your email, set a password and you're golden.