The Green Bay Packers made a key contract move.
The Green Bay Packers took a significant step in managing their finances by restructuring the contract of outside linebacker Preston Smith, as reported by Field Yates of ESPN.
In this restructuring agreement, the Packers and Preston Smith have come to terms which will provide the team with an additional $2.4 million in cap space for the year 2024. Consequently, Smith’s compensation for the current year has been adjusted to $10 million.
This move comes as part of the Packers’ proactive approach to clearing cap space in anticipation of the upcoming NFL free agency period. Earlier this week, they restructured the contract of fellow linebacker Rashan Gary, resulting in a clearance of nearly $5 million.
Looking back, in 2022, the Packers officially extended Smith’s contract for a four-year term valued at $52.5 million. This contract was heavily incentivized, potentially reaching a total value of $71 million.
Smith has been a stalwart for the Packers, never missing a game throughout his career. His contributions on the field during the past season included eight sacks, two forced fumbles, and four pass deflections. Particularly during the transition period from Aaron Rodgers to Jordan Love at quarterback, Smith’s defensive prowess played a crucial role in keeping the Packers competitive, ultimately leading them to a playoff berth and an upset victory over the Dallas Cowboys.
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