The new, record-breaking contract for cornerback Jaire Alexander will help the Green Bay Packers save a little over $6 million on the salary cap in 2022.
Alexander’s deal, which averages $21 million per year in new money, lowers his cap hit this season from roughly $13.3 million to just under $7.1 million and produces the $6.2 million in savings.
The Packers gave Alexander a $30 million signing bonus, which will be prorated across five years at $6 million per year. The team also lowered his base salary in 2022 to the league minimum of $1,076,000, creating the cap number of $7,076,000.
The Packers are gaining much-needed wiggle room on the salary cap from getting Alexander’s new deal done now. The $6.2 million in savings will put the Packers at around $15 million in cap space once the entire draft class is signed, which is more than enough for in-season moves and maybe even another veteran acquisition.
The deal looks like a win-win: The Packers gain cap room and lock up a star player at a premium position long-term, while Alexander gets the record-setting deal, a boatload of money up front and long-term financial security in Green Bay.
Alexander has a roster bonus of $11.45 million due in March of next year. He’ll have another worth $8 million due in March of 2024. He also has per game roster bonuses worth up to $650,000 and workout bonuses of $700,000 every year from 2023 to 2026.
Alexander’s cap number rises to $20 million in 2023, $22 million in 2024, $23.5 million in 2025 and $25.5 million in 2026 but never balloons out of control.
The Packers now have only three players with a cap hit of over $10 million in 2022. Dean Lowry, at roughly $8.1 million, is the team’s fifth-highest cap hit.
