The contract extension for outside linebacker Preston Smith is going to save the Green Bay Packers a bunch of much-needed money on the salary cap in 2022.
According to Tom Silverstein of the Milwaukee Journal Sentinel, Smith’s four-year extension slashes $8 million off of the team’s salary cap this year.
Smith was scheduled to count around $19.7 million on the cap before the extension.
With an $8 million reduction on Smith’s number, the Packers are now in the range of $36 million over the cap, meaning more moves are coming.
The new deal is a win for both sides. The Packers receive cap relief in 2022 and get to keep a valuable player at a premium position over several more years, while Smith gets money up front ($12 million signing bonus) and the long-term security of a lucrative multi-year deal.
The Packers entered Monday at around $44 million over the salary cap. An extension for Smith moves the team closer to getting under the cap by Wednesday, the start of the new league year.
Smith delivered nine sacks and a career-high 62 pressures last season. He bounced back after a disappointing 2020 season and is now in Green Bay’s plans for several more seasons.
The new deal ties Smith to the Packers through the 2026 season.
