The Green Bay Packers’ days with a lot of cap to spend might be over again. Well, at least for now. After signing Aaron Banks and Nate Hobbs to significant contracts in free agency, the long-term outlook of the team’s salary cap situation became tighter.
Right now, the Packers still have $31.8 million in available cap space. But the real problem comes next year. Green Bay only has 29 players under contract for next year, tied for the eighth least in the NFL. And it has the lowest amount of projected cap space among teams with fewer than 30 players signed. That’s before considering players from the 2022 class expected to get proven performance escalators, potential extensions, the cost of the 2025 draft class, and potential free agents.
Packers’ unrestricted free agents in 2026:
QB Malik Willis
WR Romeo Doubs
WR Christian Watson
T Zach Tom
T Rasheed Walker
G Sean Rhyan
C Trey Hill
DT Devonte Wyatt (if 5th-year option is not exercised)
LB Quay Walker (if 5th-year option is not exercised)
DE Kingsley Enagbare
LS Matthew Orzech
Restricted free agents:
RB Emanuel Wilson
RB Chris Brooks
WR Malik Heath
WR Bo Melton
TE Ben Sims
DT Nesta Jade Silvera
DE Brenton Cox Jr.
DE Arron Mosby
S Zayne Anderson
CB Isaiah Dunn
P Daniel Whelan
It will be impossible to keep everyone, but it will even be extremely difficult to keep everyone the Packers would like to. That’s where Jaire Alexander enters the conversation.
Part of the cap plan has to involve trading or releasing Alexander, and there’s little room to think otherwise.
Jaire Alexander’s contract situation
The cornerback is slated to make $17.5 million in 2025 and $19.5 million in 2026, the final two years of his deal with the Packers. The cap hits are $24.994 million and $27.376 million, in addition to $2.364 million in 2027 as a void year. It’s unrealistic to expect the Packers to keep this contract as it is considering their mid-term financial situation for a player that has missed half of his games over the past four years.
If the Packers trade or release Alexander, there will be $6.876 million in cap savings in 2025. That helps, but the real impact comes next year. Because the $18.117 million dead money would accelerate in this year’s cap, the release/trade would clear up $27.376 million in cap space in 2026 and $2.364 million in 2027. That’s a huge difference, and enough space to keep three or four players from that list above—or to sign new players.
Kenny Clark is also under risk of being cut next year, but that will depend on what he shows this season. For now, Jaire Alexander is the obvious choice.
And while he could still be a valuable piece on a roster that lacks cornerback depth, money talks and it will be hard to justify not moving on from him.