Packers find better way to adjust Preston Smith's contract

Preston Smith was slated to make $12.4 million in 2024, a value agreed in the extension he signed back in 2022. However, Smith took a paycut to $10 million. Nothing from this year's cap will be moved to future years. So it's not a restructure, it's a real paycut.

The Packers had the option to restructure Preston's deal adding void years, which would have opened almost $8 million in cap space. However, the team has taken a more conservative approach, avoiding moving more money around for older players.

Preston Smith's cap hit in 2024 went down from $16.507 million to $14.107 milliom, creating more room for the Packers to operate when the new league year starts on March 13.

According to Mike Garofolo, from NFL Network, Preston will have $4 million available via incentives to make up for the paycut. But those are non-likely to be earned, which means they will count towards the 2025 cap if achieved.

Smith is under contract through 2026, and future years have not been touched. He is slated to earn $13.4 million in 2025 and $14.1 million in 2026.

Preston Smith, 31 years old, has been with the Packers since 2019. He was signed during an unusual free agency spending spree by Green Bay, and he's the only one remaining — edge defender Za'Darius Smith, offensive lineman Billy Turner, and safety Adrian Amos are not with the Packers anymore.

Smith has had 41.5 sacks in five years with the team. He had eight in 2023, just behind Rashan Gary.