When the NFL set the 2023 salary cap at $224.8 million almost exactly one year ago, the Packers were about $16.5 million over the cap. With the need to sign their draft picks, their overage surged to almost $20.4 million.
And that was without accounting for the forthcoming trade of Aaron Rodgers, which added another $8.7 million to the ledger. So, Green Bay effectively was in a $29 million hole just to get to break-even – let alone having enough money to be active in free agency or having the necessary in-season spending money to handle all the weekly roster machinations.
Based on OverTheCap.com’s accounting
Again, that’s just to get to break-even. That doesn’t account for any re-signings or additions in free agency. It doesn’t include the space necessary to form a practice squad or to handle in-season moves. And it doesn’t include the fallout of the massive contract extension that’s coming for Jordan Love, which almost certainly will increase his $12.76 million cap charge for 2024.
, the Packers are about $2.896 million over the salary cap. Once they get their 11 projected draft picks under contract – a haul that includes five players in the first three rounds – they’ll be just about $7.40 million over the cap. Only 10 teams are in worse shape financially.
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