Aaron Rodgers reportedly declines Packers' two-year extension offer

The Packers offered Aaron Rodgers a two-year extension that would have tied him to Green Bay for five more seasons (Twitter link via ESPN.com’s Adam Schefter). The deal would have made him the highest-paid player in the league, Schefter hears, but Rodgers declined.

Of course, there are a million ways to measure contracts in the NFL — guarantees and cash flow are the things that really matter. That’s especially true when it comes to the Packers, who like to put the bulk of a player’s guarantees in the signing bonus.

For now, Rodgers is signed through 2023, but the Packers could theoretically cut him next offseason and save $22.7M against the cap. They’d be left with $17.2M in dead money, but that wouldn’t cripple them cap-wise, especially since the cap is set to increase next year. Jordan Love, with multiple years to go on his original rookie deal, would be significantly cheaper.

With training camp just one week away, it doesn’t sound like the Packers will have their MVP quarterback on the field. Rodgers, 37, continues to insist on a trade and a fresh start elsewhere. The Packers, meanwhile, have refused to budge.