Tom Pelissero reported that the Packers had issued tenders to Exclusive Rights Free Agents Bo Melton for $1.03M and to Zayne Anderson for $1.17M.  Bill Huber reported that the Packers had issued tenders to their other ERFAs, Punter Daniel Whelan ($1.03M), RB Emanuel Wilson (S1.03M) and offensive lineman Kadeem Telfort ($960K).  Overthecap also is listing Arron Mosby as being under contract for $1.03M.  These moves reduce the Packers cap space by $1.09M.

The tendered amounts are not guaranteed, not even after the player signs the tender.  The players can not negotiate with other teams and can only play for the Packers.  Tendering Emanuel Wilson probably means that AJ Dillon will not return to the team.  

CONTRACT DETAILS FOR BRANDON McMANUS:

The Packers re-signed Kicker Brandon McManus for 3 years, $15.3M.  The details from OTC are below:

I had estimated that the Packers would sign McManus for $4.75M.  I thought they would use 60% of the AAV as a first-year cap number but the Packers elected to use a more pay-as-you-go approach as the first year cap number (assuming he plays all 17 games) will be 71% of AAV.   The cash flow is excellent from the player's point of view.  McManus earns $7M in cash in year 1, $3.7M in 2026 and $4.6M in 2027.   The $5M signing bonus is 32.68&% pf the total value of the deal.  A $5.1 AAV makes McManus the 11th-highest paid kicker in the NFL.  He made 21 of 23 attempts, including the playoffs, or 91.3%.  

CONTRACT DETAILS FOR ISAIAH McDUFFIE:

The Packers signed McDuffie to a 2-year, $8M contract with a $2.55M fully guaranteed signing bonus.  I had anticipated that the Packers would let McDuffie walk while retaining Eric Wilson at around $2.25M AAV.  I had estimated that McDuffie would command $1.75M AAV.  It boggles my mind that the Packers gave him a $2.55M signing bonus.  That is 31.875% of the total value of the contract, a normal percentage for the Packers to give; I just did not expect McDuffie to command any guaranteed money.  

CONTRACT DETAILS FOR NATE HOBBS:

The Packers signed CB Nate Hobbs to a 4-year, $48M contract with $16M fully guaranteed, all of which is through a signing bonus.  The signing bonus is 33.33% of the total value of the deal.  Hobbs only played in 11 games last year so some of his game-active bonus will not initially count against the salary cap.  The cash is 1 year, $18.2M, and the 2-year running cash flow is $27.25M.  The cash flow is 37.91%, 56.77%, 77.71% and 100%. 

This is pretty standard for Russ Ball.  Hobbs is a corner who has shown he can play the slot but the Packers think he can also play the perimeter corner position. Defensive backs get hurt.  Teams need three CBs who can play outside and finding a guy who could do that while also being able to be an option at the slot corner position is what I was looking for.   I suggested DJ Reed for $15.5M AAV (OTC is showing that he got a $16M AAV deal but no details have been posted) because he has proven that he can play the perimeter and I think he can play the slot.  Other CBs fans wanted included Paulson Adebo ($18M - he took the money), Charvarious Ward ($18M AAV), and Asante Samuel, who is still unsigned.  

CONTRACT DETAILS FOR AARON BANKS:  

The Packers signed Aaron Banks to a 4-year, $77M deal with a $27M signing bonus.  That is $19.25M AAV with $27M (35.06%) fully guaranteed.  That's um, that's a lot, even for the Packers.  The running cash flow percentages are 38.18% by year one's end, 61.69% by year two's end, 81.81% by year three's end and 100% after the fourth year is over.  That is a big signing bonus by Packers' standards.  The cash flow is fabulous from the player's perspective.  The "outs" are horrendous.  the 2-year out is $47.5 ($23.75M per year, which is the highest pay for a guard by quite a bit), with a $13.5M dead money hit and a cap savings of $11.35M.  [When the dead money is more than the cap savings, that is a bad "out."]  

It is true that Elgton Jenkins also got a signing bonus that was 35% of the total value of his new money.  However, the cash flow was very much in favor of the Packers, as shown below:

I occasionally grumbled about the quality of Jenkins' play not being commensurate with his $17M per year contract, so you are free to imagine what I think about paying $19.25M to a player who clearly underwhelmed fans as the 48th pick of the 2021 draft.  PFF gave him grades of 65.4 (68.9 Run Block, 60.5 pass blocking), with grades of 52.8 (2023), 59.5 (2022) and 56.9 as a rookie when he did not play very much.  

Nor was he the type of player most imagined for the Packers.  It is true that the Packers are using more power gap concepts than they used to, but Banks is not suited for a wide zone blocking scheme.  He is 6'5" and 3/8th inches tall and weighs 325 pounds.  He ran a 5.34 forty yard dash, a 3.00 20-yard dash, and a 1.91 10-yard dash.  He would probably be off the Packers draft board with those numbers.  I have been on the alert for clips from the film guys showing Banks pull, but so far, nothing.  Back in 2021, Tony Pauline wrote that Banks is a power gap blocker who "is minimally effective blocking in motion and cannot hit a moving target."  Rich Madrid wrote an article on the Banks signing which I thought was good.  You can click here to read it.  Here are links Rich provided for film study of Aaron Banks for good  run blocking and for some of his off days.

General Manager Gutekunst has been good with his decisions on free agents in general, and perhaps they are moving to using more power schemes this year.  This just seems like a wild overpay based on past performance and fit.

As a note, unlike my esteemed mentor, Jersey Al, I do care how much players make.  I do not care if people become filthy rich in general, but the NFL is a zero-sum world where each entity has the same financial resources and plays by the same rules.  How one plays one's cards or deploys one's assets determines who wins - with a dash of good fortune, usually on the injury front.   

OTHER FREE AGENTS:

TJ Slaton signed with the Bengals for 2 years, $14M with $5M guaranteed.  That is almost double the $3.75M I envisioned as his market.

Eric Stokes signed for $4M the Raiders.  However, no details have been posted by Spotrac or OTC as of this writing.  Eric Wilson signed with the Vikings and AJ Dillon signed with the Eagles but no financial terms have been released.  Corey Ballentine reportedly has signed with the Bengals. 

Andre Dillard (Spotrac market value of $2.95M!), TE Tyler Davis, CB Robert Rochell, and TE Tyler Davis are all unsigned free agents.  

There were some other transactions that might affect the Packers and/or interest their fans. ILBs Zach Braun ($17M AAV), Terrell Bernard ($12.5M AAV), Lavonte David ($10M AAV), Bobby Wagner ($9.5M) were signed to new deals.  The Browns signed ILB Devin Bush for 1 year, $3.25M.  I was interested in the Packers signing a competent third linebacker like Bush for $3.5M or so, but the Packers went with McDuffie for $4M.  

The Carolina Panthers used a original round/right of first refusal on OC Cade Mayes, a RFA who originally was selected in the 6th round.  Mays won a lawsuit against the UGA when he lost part of a finger during a non-football mishap, and he has been waived and sent to the practice squad.    The Panthers' starting center, Austin Corbett, only managed to play 291 snaps in 5 games before going down with an injury.  Corbett is also a UFA.   Guard Zack Martin and Centers Mitch Morse and Brian Allen all officially retired.  Center Erik McCoy agreed to add a void year and to convert $8.5M in salary into a signing bonus to stay with the New Orleans Saints, so he will not become a free agent/cap casualty.  Guard Alex Cappa signed a 2-year, $11.02M deal with the Raiders despite being absolutely terrible in Cincinnati in 2024, which previously released him.  OC Drew Dalman signed for $14M AAV ( I estimated $13.5M), OC Ryan Kelly signed for 2 years, $18M or $9M AAV (I estimated $10M).

Clearly, I was looking hard for a center or a guard, but I have to admit the pickings were slim.  The Viking took a chance of Will Fries, a guard who was having a breakout season but had a nasty tibia break on October 6 after 5 games.  The Vikings coughed up $17.5M AAV (5 years, $87M). 

The Packers apparently decided to move Jenkins to center and sign Banks to replace Jenkins.  Josh Myers then signed with the Jets for $2M guaranteed with $1.5M more available in incentives.  It would be interesting to know how easy it is to attain those incentives.  We know that they are in the not-likely-to-be-earned category.  Still, that is shockingly low for a starting center in the NFL.  Moreover, the Jets have John Simpson and Vera-Tucker at the guard spots and Joe Tippmann at center: Josh Myers is not going to beat out any of those players.  Maybe the Jets are going to move Vera-Tucker to tackle and Tippmann to guard to make a place for Myers. 

At some point in the next 9 months (at the latest), the Packers are going to make Zach Tom a top-five paid right tackle.  If Jenkins moves to center, he would be the 2nd-highest paid center, with Banks coming in at 3rd-highest paid left guard.  Rasheed Walker probably will command $15M to $18M per year, putting around the 14th highest paid left tackle.  

I saw this article on Lionswire which shows that the Packers new adjusted salary cap for 2025 is $297,692,002.  It previously had been $279.2M plus the $15.111M rollover, which means the audit found $3.381M in bonuses and other expected costs that were not earned by the players.  This means that the Packers have about $15.571M in cap space that they could spend on additional free agents.  They could spend about $22.8M if they release or trade Jaire Alexander.  That is enough to sign another free agent and/or extend Zach Tom.  Tom probably will have a $30M to $35M signing bonus, meaning his first year cap might be $1.2M base, $6M or $7M signing bonus proration, and perhaps a workout bonus.  His first year cap could easily be $7.5M or so, up from his scheduled $3.53M.  So, $4M more to extend Tom, $10M to rollover into 2026, and if they release Jaire, they could still sign another free agent with a first year cap hit of $7M or so.

I think the Packers spent wisely locking up McManus, and Hobbs fit the parameters of what was needed at a reasonable cost.  McDuffie was not a big charge, but I do not understand locking up a known liability while actually giving guaranteed money.  Aaron Banks has a very bad contract structure and the numbers are simply too large.