Packers: Jaire Alexander will be Another Hefty Contract on the Books
By Paul Bretl
We are all aware that the Green Bay Packers cap situation was quite tight this offseason, with the NFL’s salary cap dropping to $182.5 million, and it’s going to be once again in 2022. The Packers pushed over $30 million in cap charges to next season as a way to keep their roster intact for what hopefully ends up being another Super Bowl push.
The Packers’ current salary cap makeup is very top-heavy. At the moment, Over the Cap is projecting that the league salary cap for 2022 will be $203 million. And while these figures are subject to change with contract restructures and cuts, the Packers’ eight highest cap charges in 2022 account for roughly $160 million of their salary cap. Leaving about $43 million for the other 45 players, the practice squad, and any in-season spending.
As I said, there are moves that can be made to help alleviate some of those cap charges, but you get the point. Green Bay has a large portion of their cap invested into a few players.
This group of players does not include Davante Adams, who should be receiving an extension at some point, and it also doesn’t include Jaire Alexander, who is in store for a big payday of his own.
As a former first-round pick, before May 3rd, the Packers have to decide whether or not to exercise Alexander’s fifth-year option for the 2022 season. There is no decision to make here—they’re going to do it. But next offseason, they’ll have to discuss an extension, which is going to add another hefty contract to the Packers’ books.
Green Bay could look to offer Alexander an extension this season, but it doesn’t make much sense to do it now, given that his cap number is only $3.84 million for the 2021 season, and the savings are minimal.
However, next offseason, something will have to absolutely get done. Over the Cap projects that exercising Alexander’s fifth-year option will come with a $13.294 million contract in 2022 and because it’s a one-year deal, all of that will have to be recognized on next year’s cap.
The benefit of an extension at that point, other than keeping one of the NFL’s top cornerbacks under contract, is that the Packers can spread the cap hit out over the life of the deal rather than taking that hit in one season.
But in doing so, Green Bay will add another big contract to the books—which is a good problem to have. It means you have good players.
Alexander is coming off an elite season where he allowed a completion rate of only 48.7 percent on 76 targets and just 9.5 yards per catch, according to PFF ($$). He also tallied three interceptions, 14 pass breakups and was named a second-team All-Pro.
Alexander has developed into a shutdown corner right before our eyes, and he’s going to be paid like one. Ken Ingalls, Packers salary guru, expects Alexander to land a deal where $20 million per year is the starting point.
Meanwhile, Joel Corry, a former NFL agent, had this to say about Alexander and the Packers in a recent article:
"“The Packers shouldn’t expect Alexander to sign a long-term deal unless it makes him the highest paid defensive player on the team. That distinction belongs to defensive tackle Kenny Clark, who signed a four-year extension averaging $17.5 million per year last August.“"
As he should, Alexander is going to get paid. The good news for Green Bay is that the salary cap is expected to skyrocket in 2023 with a new TV deal in place, and that should make fitting his new deal under the salary cap much easier.
With that said, for a team that already has some big contracts on the books, that doesn’t mean some financial maneuvering won’t have to take place.