Four Packers players land on list of potential cut candidates, though one choice feels out of sync with his on-field role
Josh Jacobs has already played two regular seasons of his four-year contract.
At this exact moment, the Green Bay Packers have 47 players signed for the 2026 season and are already $11.36 million over the salary cap projected by Over The Cap ($295.5 million). That obviously doesn’t mean the Packers will stay over the cap, it’s just a normal process at this time of the year, indicating some tough decisions will have to be made.
OTC made a list of 100 potential cut candidates around the NFL as cap casualties, and four Packers players made the list: Edge defender Rashan Gary, cornerback Keisean Nixon, guard Elgton Jenkins, and surprisingly running back Josh Jacobs.
Why Jacobs is mentioned, and why it’s unlikely he actually gets cut
The Packers signed Josh Jacobs to a four-year, $48 million deal back in 2024. As usual, Green Bay only guaranteed him the signing bonus, so there’s no guarantees left to pay. And after two years, there would be relevant cap savings available.
If the Packers released Jacobs, they would open $8.375 million in cap space, with $6.25 million in dead money — the proration of the signing bonus already paid but that hasn’t hit the cap yet.
However, it’s ultimately unlikely that the Packers would actually cut Jacobs. First of all, he’s young and is still playing at a good level. Second, with MarShawn Lloyd’s pick not working out (at least so far), there isn’t a long-term replacement plan in sight. Jacobs is slated to make $11.5 million in 2026, which is a reasonable salary for his role and production.
The two obvious cuts
Gary and Jenkins will very likely be cap casualties, unless they agree to some type of significant paycut. Gary is slated to make $19.5 million, and the Packers would open up $10.978 million in cap space by releasing him. Based on his level of play, especially after Micah Parsons got hurt, it’s hard to justify that price tag — he is still a useful player, but you can replicate that production for less money.
Meanwhile, Jenkins would enter the final year of his contract. It’s a balloon salary, jumping from $12.5 million in 2025 to $20 million in 2026. He’s playing a less valuable position now (center) than he did when he signed the contract (guard) in terms of market valuation, and his play on the field was underwhelming after the transition — the offensive line arguably got better with Sean Rhyan at center. The Packers would clear $20 million in cap space with only $4.8 million in dead money, so Jenkins would have to accept a huge paycut to stay.
Cornerback situation
At cornerback, the Packers actually have two cut candidates, but Trevon Diggs wasn’t mentioned by OTC because he’s a recent acquisition.
They did mention Keisean Nixon, though, but it sounds unlikely that he will be released due to his salary. The cornerback is slated to make $5 million in the final year of his contract, which seems reasonable even if you don’t consider him to be more than a low-end CB2. Releasing him, though, would create $5 million in cap space with $2.166 million in dead money.
The more likely Packers cornerback to get cut is Diggs, claimed off waivers last week from the Dallas Cowboys. His 2025 contract was guaranteed, but the 2026 part is not, and he’s set to make $15.5 million. Due to his recent decline in play for the Cowboys, it’s unlikely that he will make that much — unless he has an insane playoff run to justify the investment.
More likely than not, the Packers would try to keep Diggs under a new contract. And if the parties aren’t able to reach a restructured deal, Green Bay would be forced to release the veteran.
Unsuccessful 2025 free agency
If the Packers were able to sign Xavier McKinney and Josh Jacobs in 2024, the 2025 free agency wasn’t nearly as successful. And while OTC didn’t mention them because the potential dead money is high, guard Aaron Banks and cornerback Nate Hobbs could be considered cut candidates after only one year.
Banks is set to make $18.1 million in 2026, but with no guarantees left. It’s questionable to say that a team should pay him a one-year, $18.1 million deal based on his performance, but the Packers could give him another year just because the offensive line is already thin. Cutting Banks would create $4.6 million in cap space, leaving behind $20.25 million in dead money, but it would create $22.25 million of cap space in 2027 and $20.75 million in 2028, dramatically improving the team’s mid-term financial outlook.
It’s a similar situation for Hobbs, but with lower numbers. He’s set to make $9.05 million, none of which is guaranteed. If the Packers cut him, it’s only $1.05 million in cap savings for 2026, with $12 million in dead money. However, the savings jump to $14.05 million in 2026 and $14.7 million in 2027.
The Packers have some intriguing decisions to make in the offseason, and only restructuring deals won’t be enough to solve the tight mid-term cap situation.
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