Make no mistake, the Green Bay Packers, according to the figures, should be in salary cap hell.  In 2023 the team was forced to carry a whopping $57 million in dead cap money.  $40 million of that amount came from the trading of Aaron Rodgers.  Fully twenty-five percent of Green Bay’s entire cap allotment was dead money. 

This year is almost just as bad.  According to Overthecap.com, the Packers are currently saddled with just under $50 million in dead money.  That's still roughly twenty percent of their total space.  Most of it comes from the release of players such as Aaron Jones, De’Vondre Campbell, David Bakhtiari, and Darnell Savage, plus the trade of Rasul Douglas.  Only seven other teams in the NFL have a larger figure. 

In addition, Green Bay will carry some stout cap numbers for several players this season, including Kenny Clark ($27.4 million), Jaire Alexander ($23.4), Elgton Jenkins ($14.4), Preston Smith ($14.1), and Rashan Gary ($11.1). 

Then, of course, a significant hit will come when Jordan Love gets his extension, which should be cap friendly in the early years but monstrous in seasons down the road.  Considering all of these factors, one would expect the Packers to be salary cap broke, unable to sign free agents or grant extensions to other core players.  That’s a recipe for a losing team with a long rebuilding stage in front of them. 

But, incredibly, as of this writing, Green Bay is listed as having $28.4 million in cap space.  That’s eighth highest in the league.  Spotrac has them listed even higher at seventh most.  That’s even taking into account the signings of two of the top names on the free agent market in safety Xavier McKinney and running back Josh Jacobs, plus the signing of all of their 2024 draft picks.  Far from rebuilding, the Packers finished 2023 with a winning record, made the playoffs, and won a playoff game. 

How is this possible?  The answer lies deep in the Lombardi Avenue offices of General Manager Brian Gutekunst and Director of Football Operations Russ Ball.  Gutekunst has engineered two superbly productive drafts in a row in 2022 and ‘23.  He and his scouting staff have also uncovered and signed several qualified street free agents.  Ball has worked his contract magic in the restructuring of several veteran deals. 

Gutey’s 2022 draft produced an impressive seven starters, assuming you consider Christian Watson and Sean Rhyan to be starters, along with Quay Walker, Devonte Wyatt, Romeo Doubs, Zach Tom, and Rasheed Walker.  That draft also includes Kingsley Enagbare, a rising contributor at edge.  The effort was followed in 2023 with the addition of starters Luke Musgrave and Jayden Reed, and productive subs Lukas Van Ness, Tucker Kraft, Colby Wooden, Dontayvion Wicks, Karl Brooks, and Carrington Valentine.  Kicker Anders Carlson is also among that class. 

The quality of those two drafts have enabled the Packers to fill several important starting positions at an astonishingly low cost.  For example. Green Bay’s top eight receivers on this year’s team will have a collective cap hit of around $10 million.  The total cap hit of their top three tight ends, Musgrave, Kraft and Ben Sims is around $4 million.  While the Packers are paying big money to Jenkins to play left guard, the other four projected starters on the offensive line (Walker, Josh Myers, Rhyan and Thom) will collectively cost less than $7 million in cap space this year.  The two back-up quarterbacks, Sean Clifford and Michael Pratt, together will count under $2 million. 

Russ Ball negotiated deals with free agents McKinney and Jacobs that are super cap friendly for this season.  McKinney will count just $7.8 million and Jacobs $5.3.  Ball has also reworked deals to create cap space with Preston Smith, Kenny Clark and Rashan Gary. 

Now here comes another promising draft class marching into training camp at minimal cost.  If the likes of Jordan Morgan, Edgerrin Cooper, Javon Bullard and Marshawn Lloyd develop into productive players, Green Bay could be a Super Bowl contender while still retaining the cap flexibility to add more talent. 

If all goes as expected, the dead cap nightmare should end after this season.  Overthecap lists Green Bay’s 2025 dead money hit at just $7.9 million.   

Hmmm. A very good team with money to spend.  I sure like the sound of that.