The Packers cleared more than $10M of cap space by releasing Christian Kirksey and Rick Wagner several days ago. However, Green Bay is still about $13M above the cap floor of $180M, so there is plenty of work to do before the 2021 league year officially begins on March 17.
According to Rob Demovsky of ESPN.com, the Packers will "almost certainly" restructure quarterback Aaron Rodgers‘ contract in an effort to create additional cap room. The 37-year-old signal-caller is due a $14.7M base salary in 2021, along with a $6.8M roster bonus that will come due in March. Green Bay could convert some of that base salary into a signing bonus, a common maneuver that the club already executed with left tackle David Bakhtiari.
Of course, Rodgers said shortly after the Packers’ NFC Championship Game defeat in January that his future with the Packers was “uncertain,” which naturally led to plenty of speculation. Some reports suggested that his comments were an effort to secure a new contract that would represent a strong commitment from the franchise, whose selection of Jordan Love in the first round of the 2020 draft clearly irked Rodgers. And another report indicated that the comments — which Rodgers later tried to downplay — were not contractually motivated and that player and team were headed for a bitter divorce.
Meanwhile, Packers brass has insisted that Rodgers is not going anywhere, and Demovsky says the club certainly could undertake a more comprehensive restructuring of Rodgers’ contract beyond a simple base salary-to-bonus conversion. Green Bay selected Love on the heels of three consecutive “down” years from Rodgers (by his standards), but in 2020, Rodgers was nothing short of sensational. He set career highs in completion percentage (70.7%), QBR (84.4), and TD passes (48), so it makes sense that the team would be amenable to a new contract that gives its superstar additional security (financially and otherwise).