Packers restructure Rashan Gary's contract to create cap space
The Green Bay Packers have made their first move to clear cap space this offseason. According to Tom Pelissero, from NFL Network, the Packers restructured the contract of edge defender Rashan Gary, opening up $4.781 million for the 2024 season. The move is interesting because the Packers haven't added a void year, presumably, which would […]
The Green Bay Packers have made their first move to clear cap space this offseason. According to Tom Pelissero, from NFL Network, the Packers restructured the contract of edge defender Rashan Gary, opening up $4.781 million for the 2024 season.
The move is interesting because the Packers haven't added a void year, presumably, which would have maximized the savings this season. That's an indication that Green Bay wants to go back to a more contained cap management approach.
Rashan Gary signed a four-year, $96 million extension during the season, so he is under contract through 2027. The deal had a $6.2 million roster bonus. That value, plus an amount of the base salary, have been converted into a signing bonus, prorating that through the next four years.
Gary's 2024 cap hit has been reduced from $15.927 million to $11.147 million. That means the hit will go up $1.593 million in each of the following three years, but there's no projected dead money after the contract is over.
Before the move, the Packers had $2.34 million in cap space according to Over the Cap. Now, it went to $7.12 million. Green Bay is still expected to make more cap saving moves over the next few weeks, but the overall cap situation is much more comfortable than it was a year ago.
The Packers were 27th in cash spending in the NFL in 2023 — 32nd in the offense —, which helped the team to put their finances back on track.
Packers 2024 offseason guide: free agents, draft, big decisions
Young team is set for a new window
