Projected Cap Space (per Over the Cap): -$10.7 million
1. Edge Rashan Gary – $11 million (Money Saved by Pre-June 1 Cut)
Rashan Gary is set to cost the Packers $28 million next season. It’s the penultimate year in the four-year, $96 million contract he signed in 2023. The huge deal came with the expectation that he would find another gear in his game and continue his ascent at the time.
Instead, Gary has just leveled out and the Packers made the aggressive move to add Micah Parsons. Gary had 7.5 sacks for the second consecutive season. That’s just not good enough for a player getting that kind of compensation. Finding a trade partner for Gary would be ideal but a straight-up release clears a considerable number.
2. OL Elgton Jenkins – $19.5 million
This scenario is exactly why Elgton Jenkins sat out OTAs last spring and wanted a re-worked contract. The Packers asked the versatile lineman to move to center and he wanted some assurances about his 2026 salary. Just $4.8 million of his cap hit is guaranteed, leaving $19.5 million in possible space to be slashed by his release.
Unfortunately, Jenkins season makes it more likely that is going to happen. The move to center did not go as planned. He only played nine games due to a fractured fibula and wasn’t playing at the level the Packers have become accustomed to from him.
It all points to Jenkins either needing to take a pay cut or accept a release this spring.
3. RB Josh Jacobs – $8.3 million
This one is going to be interesting. On one hand, Jacobs has all the counting stats you’d like to see from a lead back. He had 1,211 yards from scrimmage and scored 14 touchdowns. On the other, he averaged 4 yards per carry and Emanuel Wilson’s success rate (58.4 percent) was almost 10 percent higher than Jacobs’.
Jacobs has been solid, but he’s set to be the fourth-highest-paid back in 2026. The Packers will need to at least think about whether that’s the right move for them.
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