The Green Bay Packers took a big step towards getting under the salary cap by completing a contract restructure with running back Aaron Jones.
According to ESPN, Jones agreed to cut his salary by $5 million in 2023, and the Packers also converted his $7 million roster bonus into a signing bonus. With the addition of a void year, the Packers could save roughly $11.8 million on the salary cap this year, per Ken Ingalls.
Pre-restructure, Over the Cap had the Packers at roughly $16.5 million over the $225 million salary cap in 2023. In one move, general manager Brian Gutekunst and executive VP Russ Ball have eliminated most of the salary cap deficit, although more moves like this one will be required before the start of the new league year in March.
Jones’ salary was cut from $16 million to $11 million in 2023. The team also pushed money out by converting base salary and his roster bonus into a signing bonus, which can be prorated over the remaining years of the deal. Jones is under contract in 2023 and 2024 with void years in 2025 and 2026, and the Packers could add a third void year to maximize the five-year proration.
Jones received a signing bonus of $8.5 million as part of the restructure. The entire bonus will be prorated over the four years (or five, if another void year is added) left on his deal.
Even if the Packers don’t add another void year to his deal, the reworked contract should save the team around $11.4 million on the cap in 2023.
The running back’s cap hit should come in under $9 million next season. Prior to the restructure, Jones was scheduled to have a cap hit of a little over $20 million.
Next season, Jones will have a cap hit over $17 million, with over $12 million in dead money if the Packers release him. The dead money drastically increases the chances of him being on the roster in 2024. The real issue arrives when the contract voids in 2025 and almost $7 million of dead money is due based off the bonus proration.
