2023 salary cap hit for Packers' Elgton Jenkins is reasonable $6.8 million in 4-year extension
GREEN BAY – The Green Bay Packers won’t have to worry about adding a massive salary cap hit to their 2023 ledger after making Elgton Jenkins one of the top-paid guards in the NFL.
The four-year, $68 million extension Jenkins signed last week includes a $24 million signing bonus and a slightly reduced 2022 base salary, allowing the Packers to apply $4.35 million of the total salary cap hit to the ’22 season, according to a league source.
By giving Jenkins the extension before the end of the ’22 season, the Packers were able to spread the guaranteed money – the $24 million signing bonus – equally over this year and the next four.
Most importantly, they were able to keep Jenkins' 2023 salary cap number to a very reasonable $6.8 million, which is critical because they are expected to be very tight to the yet-to-be-determined ’23 salary cap. Jenkins’ cap number doesn’t rank in the top 10 of contracts currently on the books for the ’23 season.
Even though the cap is expected to rise considerably, the bill will come due on several contracts the Packers renegotiated to help them get under the cap in 2022 and so it is critical that they keep their costs down next year. The Packers were about $6.5 million under the cap before the Jenkins deal and now have roughly $2.25 million in space, which they can carry over to '23.
In ’24, Jenkins’ salary cap number will jump to $14.1 million, in ’25 it will rise to $17.2 million and in ’26, the final year of the deal, it will be $24.2 million.
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The Packers reduced Jenkins’ remaining ’22 salary from $1,419,903 to $965,000 as part of the extension and then paid him the $24 million signing bonus. The bonus is pro-rated so that it counts $4.8 million each year.
The rest of the contract looks like this:
- 2023: $1.1 million base salary, $600,000 maximum in per-game roster bonus and $500,000 in a workout bonus. Cap number is $6.8 million
- 2024: $3.5 million base salary, $5.1 million roster bonus paid on third day of the league year, $600,000 maximum in per-game roster bonus and $500,000 in a workout bonus. Cap number is $14.1 million
- 2025: $11.7 million base salary, $600,000 maximum in per-game roster bonus and $500,000 in a workout bonus. Cap number is $17.2 million.
- 2026: $18.5 million base salary, $1 million maximum in per-game roster bonus and $500,000 in a workout bonus. Cap number is $24.2 million.
In addition, there are Pro Bowl escalators in '24, '25 and '26 that could raise the value of the contract by $6 million total.