To keep this from being redundant with the Offseason thread, I'm trying to focus solely on what we do to improve our cap situation
After a couple years of salary cap hell, I think the Packers might be able to pursue some players in FA as well as take care of a few of their own. Gute did well in his last major FA spending spree (Amos, Z Smith, P Smith, and Turner) so I'm interested what he can do this year. But in order to get there, there is some cap management that needs to be handled.
Current Cap situation: With an estimated CAP of $251M, we have a total of $8M free for 2024. Our highest CAP hits are as follows:
Last column is % of cap. Second to last is the 2024 cap hit.
The Release Options:
Bakhtiari: Probably the most unsurprising action the Packers can take is to release Bakh for a cap savings of nearly $21M
Campbell: De'Vondre is a player that really hasn't been living up to his contract. He is still helpful on the team, but I'd say there are 75% odds he is cut for the $2.6M cap savings.
Newman: Cutting Seinfeld's mortal enemy doesn't save much on the cap ($124k), but just needs to be done. 100%.
Jones: Aaron showed his team worth this last year so this would be a very hard cut to swallow. But he will be 30 next year and that age doesn't agree with RBs typically. Cap savings of over $5M if cut. He is in the last year of his contract. Chances of being cut: 10%
Clark: Kenny is another player that might not be holding up his contract. Slated to be paid $22M this year on the last year of his contract (note payment, not cap hit), it is hard to say he is providing that level of value. He played very well down the stretch, but that is a hefty price. However... we only save just over $3M by cutting him (thanks to previous void year adds). Chances of being cut: 5%
Extensions:
Jordan Love: The clear option for an extension. The real question here is if his extension will save money on the cap or not? His current cap hit is $13M, but I'm seeing average contract value of $44M. So it is hard to guess the cap impact there. I'll assume $0 cap savings for the purposes of my thoughts here.
Clark: Kenny doesn't make a compelling cut option and is still playing at a high level. He is 28 now, so a good possibility to reduce his cap with an extension. The next three years of the cap are already filled with about $22M via void years on Clark's deal. I believe an extension might be able to clean that up (some). Or at least reduce next years $14M cap hit. I'm going to guess we can save $10M on this year's cap with an extension.
Jones: Aaron is in his last year of the contract, but is about to turn 30. He is playing at a high level, but injuries are popping up more often. I'd still entertain an extension of 1 or 2 years. Jones is another that has around $12.5M in void year cap hits over the next 3 years. If we extend Jones, I'd guess a savings of around $5M for 2024.
Contract adjustments: - Gute used void years and converting salary to bonuses many times in years past. I hope he doesn't use that trick much in the future as we have numerous people hitting our next three years of caps due to that trick.
Alexander: Jaire's extension is pretty new, so I wouldn't touch that... but perhaps converting his salary to a bonus would reduce this year's hit (pushing more to the future two years - no void years). I'm not crazy about these moves, but just to see the "edges" of our options. This would save nearly $4M. Similar could be done with Jenkins for similar savings.
So, if you cut Bakh, Campbell, and Newman, we get to a cap space of $32.5M. If you extend Clark and Jones, you gain another $15M (my guess), so that puts us at $47.5M in cap space with a 43 man roster. And that is without the void year gymnastics we've done in year's past or other minor things that could be done (i.e. Jaire/Jenkins conversion of salary to bonus) to gain a few more millions here or there.
That should give us ample room to extend Love, sign our draft picks, rebuild our safety room, and prop up other areas of weakness.
Note: all cap savings comments are based on a pre-June 1st cut. I'm not advocating pushing our "issues" to next year and the cap space doesn't help us that much after June 1st anyway.
Note 2: Data coming from spotrac.com. They have a nice feature to "manage" the team and make your own cuts or simple restructures.