Green Bay Packers as Expected Exercise Jaire Alexander’s 5th Year Option

This is far from breaking news as it was expected to take place, but now the Green Bay Packers have officially exercised the 5th year option of cornerback Jaire Alexander for the 2022 season. In doing so, Alexander will earn $13.294 million next year.

For those unfamiliar, every first round pick gets a four year deal along with a 5th year option that teams have to exercise prior to the start of that fourth season. If they choose not to, that player becomes a free agent at the end of Year 4.

If they do pick it up, that fifth year is basically like a one year deal where the player’s salary is predetermined based on performance benchmarks.

Since joining the Packers in 2018, Alexander has become one of the better cornerbacks in the NFL, and it culminated with a second-team All-Pro showing in 2020. According to Pro Football Focus ($$), Alexander was targeted 76 times, allowing a completion percentage of just 48.7 percent and 9.5 yards per catch. He would also record 14 pass breakups and come away with three interceptions.

Perhaps even more impressive is that in Alexander’s 17 games, he allowed under 20 receiving yards in 11 of them–and a few of these performances came against some of the NFL’s best receivers.

Looking ahead to the Green Bay Packers’ 2022 cap situation, they are once again not going to have much room, even with the salary cap increasing. And that means an extension for Alexander will take place at some point to keep him in Green Bay for the foreseeable future.

This does two things, the first is the obvious and that is that it keeps one of the game’s best corners under contract, but by also adding years to what is essentially a one year deal in 2022, Green Bay can spread the cap hit out over the life of the contract, rather than absorbing all of it next season–which they just cannot do financially.

However, don’t expect that to take place until next offseason. With Alexander’s cap hit just over $3.2 million this season, according to Over the Cap, cap-wise, there really isn’t any incentive to get a deal done now.

But when it does take place, that will be another hefty contract on the Green Bay Packers’ books. Salary cap guru Ken Ingalls projects that the starting point for Alexander’s new deal will be in the $20 million per year range. Certainly well-deserved, but there will be more financial maneuvering that has to take place on Green Bay’s part.

The good news is that with a new TV deal coming in 2023, the salary cap is expected to increase substantially.

With all of that said, we will cross that bridge when we get to it. For the time being, the Packers made what was very likely their easiest decision of the offseason.