Packers will continue to add “value players” in free agency

The Green Bay Packers have been operating very frugally since NFL free agency began, and that is a trend that is going to continue.

Currently, the Packers have the sixth-most cap space with $22.08 million, according to Over the Cap. To get there, it took them restructuring a number of contracts and pushing nearly $50 million worth of cap charges into future years.

However, while Green Bay has over $22 million in cap space available, that isn’t what they actually have to spend, and they’re operating as such. There are unaccounted-for expenses in that $22 million figure, such as having enough cap space to pay the incoming draft class, space to establish the practice squad, the final two players on the roster, and reserves for when the season begins.

The pending trade of Aaron Rodgers is also having a major impact on free agency. Once traded, Rodgers will leave behind a dead cap hit of $40.3 million, cutting Green Bay’s available cap space nearly in half, reducing it by $9 million. And if the Packers take on any of Rodgers’ nearly $60 million guaranteed salary, the dead cap will grow and further reduce what Green Bay has available.

"“There are some limitations there that you’d not like to have,” Brian Gutekunst told reporters on Monday. “But at the same time, we feel good about our football team as is right now, with some things we’ve been able to do and guys we’ve been able to get back.”"

Through two weeks of free agency, the Packers have made eight signings. Of the bunch, Keisean Nixon has the highest cap hit for 2023 at only $2.77 million, and seven of the eight contracts are only one-year deals. Long-snapper Matt Orzech is the only signing to receive multiple years on his contract, but he already has a small cap hit given his position.

There has also been a clear emphasis on special teams made by the Packers this offseason as well, with many of the signings being core special teams players from a season ago. One relatively simple way to help Jordan Love in his first season as a starter is for the special teams unit to win the field position battle each week consistently.

Although the Packers lack spending power, what Gutekunst has been very good at over the years is finding high-impact players on inexpensive contracts, and oftentimes, that has occurred somewhat late into free agency or even into the season.

"“We’ve had a lot of players that we’ve added in the June into August time period that have been really impactful for us,” said Gutekunst. “So we will continue to look for the value players out there that might be able to help us.”"

The most recent examples of this include Nixon, who was signed a few weeks into free agency last offseason, along with De’Vondre Campbell, who was added in the summer of 2021. Both would go on to have All-Pro seasons. Rasul Douglas is another example after he was signed off the Arizona practice squad during the 2021 season.

Using PFF’s top 200 free agents list, here is what players are still available at positions where the Packers could use a veteran and who also won’t break the bank with projected annual values of under $5 million.

Wide Receiver: Jarvis Landry, Julio Jones, Olamide Zaccheaus, Marvin Jones, and Randall Cobb

Tight End: Marcedes Lewis

Interior Defensive Lineman: Akiem Hicks, Chris Wormley, and Kerry Hyder.

Safety: Rodney McLeod, Duron Harmon, and Kareem Jackson.

Quarterback: Marcus Mariota

Kicker: N/A

It goes without saying, but finding someone who can make the same impact that Nixon, Campbell, or Douglas did on near-league minimum deals, isn’t exactly easy, and despite Gutey’s recent success, it’s quite uncommon. The more likely scenario is that the Packers’ high-impact players in 2023 are going to have to be young players in Years 2 and 3 who make big jumps or through the draft.