We now know most of the particulars of Jordan Love's extension, other than whether the Packers used void years.  Field Yates has reported that Love's base salaries will be $1.01 in 2023 and $5.5M (both fully guaranteed) in 2024, a signing bonus of $8,788,765, and a 2024 workout bonus of $500,000.  Total guaranteed money thus would be $15.289M.  That would mean that the extension had $13M guaranteed rather than the $13.5M initially reported.  The workout bonus in 2024 would bring it up to $13.5M, but workout bonuses are not usually guaranteed: if they are, they are treated as a signing bonus and prorated over the life of the contract.  Love also has escalators that could increase his 2024 base pay by up to $9M.  These are the basics and Field Yates does not mention any void years.  Here is how Love's deal would look using that reporting:

That structure would increase Love's cap number by $3.102M in 2023.  Love's base salary has been reduced from $2.298M to $1.01M, a $1.288M decrease, which is offset by the signing bonus.  Given Darnell Savage's Max Void Year Restructure (MVYR) which generated $5.457M in 2023 cap savings, these two moves would provide a net gain of $2.355M in cap space.  I previously had the Packers needing $3.5M in additional savings to start the season (not using the Rule of 51 accounting but assuming signing draft picks, PS, the 52nd and 53rd player contracts and a $5M in-season piggy bank).  That would leave the Packers a little over $1M short, but I suppose the Packers could get by on a $4M in-season piggy bank (which includes money for IR/PUP and acquisitions).  The Packers are at worst close to having enough cap space.  Plus, most still expect a Rashan Gary extension to provide $3M to $4M in additional cap space. 

THE ESCALATORS:

The escalators as reported by Albert Breer are complicated and necessitate the following table:

The contract includes the above escalators that could increase Love's 2024 base salary for 2024 by up to $9M.  Escalators are not considered likely or not likely to be earned: they either are earned or they aren't.  For example, if Love plays 65% of possible offensive snaps in the regular season, his base salary in 2024 will increase from $5.5M to $6M.  These escalators are cumulative.  If Love played 65% of the snaps in 2024, and the Packers made the playoffs, and they won a playoff game (presumably even Sean Clifford played all the snaps in the playoff win), then Love's base salary would increase from $5.5M to $7M, and his cap number would increase from $10.395M to $11.895M.  Love's cap number could be as high as $19.394M.  The Packers could always convert base salary and/or the escalator cash to a signing bonus to reduce his cap number.

I was concerned whether the escalators were guaranteed for 2024 once earned in 2023 but I think it is moot.  Love might not play well and still play 65% of the snaps, but if he earns any of the other escalators, the Packers won't be worrying about whether to cut him or ask for a pay cut.  

LOVE'S CONTRACT WITH THREE VOID YEARS:

It is possible that the Packers used dummy years to lessen the cap hits in 2023 and 2024.  If so, Love's contract might look like this:

Using void years, Love's cap number would only increase by $469,000 for 2023, which when combined with the $5.547M gain from Savage's MVYR would net over a little over $5M in cap space, putting the Packers over the hump.  If the Packers extend Gary, they could have $3M to $4M available to rollover into 2024 or to spend on a player to help in 2023.

Love's cap number for 2024 could be anywhere from $7.758M to $16.758M.  Again, the Packers could convert some of Love's base salary and any additional earned due to an escalator into a signing bonus if they circumstances dictate that course of action.

However, given the amount of reporting by two different sources, neither of which mention the use of void years, I assume that the deal does not have void years.

THOUGHTS ON THIS EXTENSION:

This looks like an A+ job by the front office.  Guaranteed money is king in the NFL, and the guaranteed portion of the extension is roughly $7M less than playing on his rookie deal plus a 5th year option.  Love's cap does increase for 2023 but unless Love lights it up in 2023 his 2024 cap decrease should more than offset the 2023 increase.  And if Love lights it up in 2023, no one will care about his cap number.  It also give the front office flexibility if Love looks terrible and the team decides to draft a quarterback high in the 2024 draft, thus making Love a backup.  He could be released or asked to take a pay cut.  This seems like quite an unlikely situation, but the front office should prepare for all scenarios.  

The extension should help the Packers in 2024.  In my article "Trading Rodgers Doesn't Solve The 2024 Cap Problems," I assumed Love's cap number would be $22.272M, but now it probably will be several million less, though that remains to be seen.  

In terms of cash, Love will earn between $15.798M and $24.798M in cash over the next two seasons.  Had he played out his rookie deal, he would have earned $2.298M in cash plus $20.272M for a total of $22.57M.  The Packers probably will save a little on the cash front, but it isn't a foregone conclusion.  Love playing 65% of the snaps plus being in the top 16 for passer rating, completion percentage, touchdown passes would escalate his base by $2M while being in the top 10 would make $4M.  Winning 10 games or making the playoffs (even if 9-8 is good enough) would be increase his base by $1M.  The cash should be fine, and in any event, the Packers are in the top third of the league in revenue so cash should never be a problem.  Moreover, fans don't care very much about cash, just the salary cap. 

There are some who have suggested that Love declined to bet on himself.  I think he took the prudent course by opting for the sure thing.  Love could have called Green Bay's hand and forced them to decide on the 5th year option.  If the Packers folded and exercised it, Love gets $22.57M guaranteed instead of the $15.298M he got on the extension.  

If the Packers had been unable to reach an agreement on an extension and then declined to exercise the 5th year option, then they would have had to compete to sign Love at whatever his market turns out to be in 2024 based on the how he looked in 2023, or move on to another quarterback.  Overthecap estimates the non-exclusive franchise tag for a quarterback in 2024 at $38.56M, all cash and fully guaranteed.  I do not believe tagging Love was a realisitc possibility for the Packers in 2024.

True, if a player believes he is going to breakout in 2023 then becoming an unrestricted free agent in 2024 is a better option than playing on a 5th year option or on this extension.  However, much can happen over the course of a season. 

Savage:

The Packers converted all but $1.08M (the minimum) of Darnell Savages fully guaranteed $7.901M base salary to a siging bonus.  That reduced his cap number to $2.444M, a savings of $5.457M.  This was one of the few remaining easy ways to generate cap savings.  Since the Packers didn't draft a safety high (though I like Antony Johnson in the 7th round), the Packers probably will keep Savage in 2023.  In a trade, Savage's cap number to an acquiring team would be just $1.08M, or a percentage of that if a trade happened mid-season.  

Both moves were good decisions by the front office.  Savage didn't have anything to gain by agreeing to the max void year restructure, and he certainly had to consent to it, but he also could have asked for something in return or refused.