Ok, so Ken Ingalls is the best source I know of for this stuff, and he had a detailed breakdown in his 2023 preview article. Basically:
-If Rodgers returns to GB this year, he costs $31.62m against the cap, and that is unalterable. If he then leaves the team next year, his cap hit would have to immediately account for dead money at $60.21m, and $76.8m if he leaves in 2025. Hence, a return is financially unpalatable to the brass, to say the least.
- If he retires, the team would do whatever it takes to ensure Rodgers cooperated with coordinating the retirement to happen post-June 1st, which would mean splitting his $40.31m dead cap hit out at $15.83 this year and $24.48. Otherwise, the whole amount goes against the ‘23 cap. For reasons discussed elsewhere and in light of recent events, the retirement scenario seems least likely of all, so we can simply move on to trades.
- A trade pre-June 1st would result in the above-mentioned $40.31 dead cap hit for this year, BUT we’d be able to get 2023 draft picks back if the deal was consummated before the draft in April.
- A trade post-June 1st allows for the same $15/25m cap split as the retirement scenario.
- Either trade scenario means the acquiring team has Rodgers at only $15.79m against the cap this year, which is nice, because his subsequent cap hits are far less team friendly.
What does this all mean for the 2023 cap if he’s traded now? Ingalls projects (on his pinned tweet) that we’d have $9.1m in cap space after our draft with the picks currently in hand and no more FA deals or restructures (this number would obviously be smaller if we got high picks back in a trade). In short, we would need to close a 30-40m gap. I leave it to others to speculate how we would do that. (This last sentence is obviously wrong on the math. See Chorizo's correction below.)