The Green Bay Packers solidified Preston Smith’s return for the 2024 season by reaching an agreement on a restructured deal, marking a significant move for the veteran pass rusher. Under the new terms, Smith, aged 31, accepted a reduction in his base salary from $5.7 million to $4 million. However, the restructured contract includes enticing sack incentives, offering Smith the opportunity to earn an additional $4 million if he achieves double-digit sacks—a milestone he last reached in his debut season with the team in 2019. This adjustment not only secures Smith’s presence on the roster but also unlocks $2.4 million in cap space for the Packers, potentially empowering them in free agency endeavors.
The decision to reduce Smith’s base salary emerged as the preferred option over converting his roster bonus into a signing bonus, a move that would have strained the team’s salary cap in future seasons. The restructure follows a similar maneuver with Smith’s teammate, Rashan Gary, whose roster bonus was converted into a signing bonus, generating $4.78 million in additional cap space for the Packers.
The agreement reflects a mutual understanding between Smith and the Packers, with both parties recognizing the benefits of the restructured deal. Despite approaching the latter stages of his career, Smith’s reliability and durability make him a valuable asset for the team, especially under new defensive coordinator Jeff Hafley’s 4-3 defensive scheme. While Smith’s sack numbers have slightly declined over recent seasons, his overall impact remains noteworthy, evident in his consistent ability to pressure opposing quarterbacks and disrupt passing lanes.
Since joining the Packers in 2019 as part of an impressive free-agent class assembled by General Manager Brian Gutekunst, Smith has proven his worth on the field, cementing his status as a key contributor to the team’s defensive efforts. His decision to accept a pay cut underscores his commitment to the Packers and his belief in the team’s potential moving forward.
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