The Green Bay Packers restructured the contract of cornerback Jaire Alexander and saved almost $9.5 million on the salary cap in 2023, according to Ian Rapoport of NFL Network.
Alexander’s contract, signed last year, included a roster bonus of $11,450,000 in 2023, giving the Packers an easy lever to pull to create cap space. Converting the roster bonus into a signing bonus allowed the Packers to prorate the entire amount over the length of the contract, spreading out the cap hits over many years and lowering the cap hit in 2023.
The end result will be savings now but bigger cap hits in future years.
Alexander’s cap hit in 2023 was scheduled to be $20.2 million before the restructure. It should be lowered to around $10.7 million.
The restructure is part of the team’s attempt to get under the cap and create operating space for general manager Brian Gutekunst
Alexander was a second-team All-Pro and Pro Bowler in both 2020 and 2022. He is still only 26 years old and will be under contract through the 2026 season.
