Jaire Alexander contract extension with Green Bay Packers includes salary cap-friendly 2022
GREEN BAY - The four-year, $84 million contract extension cornerback Jaire Alexander signed Wednesday will give the Green Bay Packers $6.218 million in salary-cap relief this year, but his cap number will jump considerably in 2023.
Like most contracts the Packers have done this offseason, Alexander’s deal is structured in a way that costs them far less against the cap than it will in future years. The Packers are doing everything they can to stay competitive this year knowing that quarterback Aaron Rodgers will return, but it has come at the cost of pushing a lot of cap money into the future.
According to a source with access to the contract, Alexander’s cap number will be $7.076 million this year, down from the $13.294 million fifth-year option total he was set to receive. In ’23, Alexander’s cap number jumps to $20 million and then steadily increases to $22 million in ’24, $23.5 million in ’25 and $25.5 million in ’26.
The Packers, like the other 31 NFL teams, are expecting a big increase in the salary-cap limit next year due to the massive new television and gambling sponsorship deals that are set to kick in. The $208.2 million cap in ’22 could jump to $230 million or more in ’23.
Some of the big cap numbers the Packers will have next season belong to Aaron Rodgers ($31.6 million), David Bakhtiari ($29 million), Kenny Clark ($23.97 million), Aaron Jones ($20 million) and Preston Smith ($13.04 million). Those players plus Alexander account for $137 million in cap charges next year.
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Alexander’s deal includes a $30 million signing bonus, as was widely reported when the agreement was made. It is the only guaranteed money in the contract, so while Alexander jumps Cleveland’s Denzel Ward ($20.1 million) and the Los Angeles Rams' Jalen Ramsey ($20 million) for the largest yearly average, he did not receive the same fully guaranteed totals for Ward ($44.5 million) and Ramsey ($43.7 million).
Alexander has a base salary of $1.076 million to go with the $30 million signing bonus in ’22. He’ll have a base salary of $1.2 million, a roster bonus of $11.45 million, a per-game bonus worth a maximum $650,000 and a $700,000 workout bonus in ’23.
Because it would take a career-ending injury for Alexander not to receive the roster bonus in ’23, his likely guarantee is $41.45 million. Ward and Ramsey both have practical guarantees — money which is guaranteed against injury or becomes guaranteed if they are on the roster in March of a given year — of around $71 million.
The Packers have a hardline policy of guaranteeing money only through signing bonuses. The only player they have bent the rule for is Rodgers, so Alexander took the highest signing bonus he could get, a total that surpasses both Ramsey’s ($25 million) and Ward’s ($20 million).
Alexander has base salaries of $6.65 million in ’24, $16.15 million in ’25 and $18.15 million in ’26. In addition to the $11.45 million roster bonus in ’23, he has a roster bonus of $8 million in ’24.
He has $650,000 per-game roster and $700,000 workout bonuses in ’23-’26.