Packers quarterback Aaron Rodgers' salary-cap number reduced to $28 million in new contract

GREEN BAY - Green Bay Packers quarterback Aaron Rodgers' salary-cap number has been reduced to $28 million as part of a new four-year contract extension, slicing enough from the Packers' salary cap that they could get under the limit by Wednesday's deadline in just a minute or two.

The Packers made Rodgers the highest-paid player in the NFL with a four-year extension (he had one year left on his old deal) that averages $50 million over the first three years and allows for the two sides to negotiate his salary for the final two, the NFL Network reported.

According to a source who had seen the contract, Rodgers' cap number has been reduced from $46 million to $28 million through the use of a $40.8 million roster bonus that gets treated as a signing bonus and spread out over five years for salary-cap purposes.

“We are very pleased to be able to come to an agreement with Aaron that keeps him in Green Bay,” Packers general manager Brian Gutekunst said in a statement.  “His play on the field and leadership in our locker room remain vital in our pursuit of another Super Bowl title. The agreement also allows us to maintain and enhance what we feel is already a very competitive roster.”

The Packers still have to trim about $8 million more to get under their adjusted salary cap of $215.4 million because in addition to saving $18 million on the Rodgers extension, they added $3.986 million by submitting a one-year, $3.986 million restricted free-agent tender to receiver Allen Lazard.

The Packers have several options for getting under the salary cap in time for the 3 p.m. Wednesday deadline, including releasing receiver Randall Cobb or restructuring his contract. Several other veterans could be released or have their contracts restructured, including tight end Marcedes Lewis, defensive end Dean Lowry and safety Adrian Amos.

According to NFL Network, Rodgers will be paid $150.6 million guaranteed over the first three years:  $42 million in 2022, $59.515 million in 2023 and $49.3 million in 2024. The first two years are fully guaranteed and the third year is guaranteed for injury but not performance, which means the Packers could cut him without owing any more money after the '23 season as long as he is not hurt.

More:Aaron Rodgers' new deal keeps open the Green Bay Packers' three-decade title window

More:Packers fans glad to see Aaron Rodgers back, but question whether it is worth the cost

The final two years are option years, which could trigger money if Rodgers chooses to play that particular year.

According to NFL Network, Rodgers' other cap numbers are:

2023: $31.6 million (up from $7.7 million on a previously voidable year)

2024: $40.7 million

A source said that if Rodgers leaves after three seasons, the Packers would be on the hook for $76 million in dead money, which is the amount of salary-cap charges they had pushed out to future years. Rodgers would essentially count for one quarter of the Packers' salary cap despite not being on the roster.