Packers Take Machete to Salary Cap at Start of Free Agency

By trading Rashan Gary and releasing Elgton Jenkins on Monday, the Green Bay Packers have trimmed a lot of fat from their salary cap.

The trade of Gary to the Cowboys on Monday morning not only netted the Packers a fourth-round pick in the 2027 draft but saved almost $10.979 million against the salary cap. On Monday afternoon, the Packers released Jenkins and saved $19.529 million against the salary cap.

Thank you, Elgton! pic.twitter.com/8ojjEuDpJO
— Green Bay Packers (@packers) March 9, 2026

Added together, by moving on from the two Pro Bowlers, the Packers saved about $30.508 million.

Along with the signings of center Sean Rhyan and linebacker Nick Niemann, the Packers are about $33.91 million under the salary cap, according to OverTheCap.com. Including the re-signing of offensive tackle Darian Kinnard, they’d be about $30.1 million under the cap.

All teams must be in compliance with the salary cap at the start of the league-year at 3 p.m. Wednesday. The figure above doesn’t include the cost of signing their draft class.

Packers Cut Ties With Rashan Gary, Elgton Jenkins

Jenkins, 30, was a Pro Bowler in 2020 and 2022. His best seasons were at left guard, but he was a capable starter at left tackle and right tackle. Even last year at center, Jenkins was fine; he probably would have been better had he participated in the offseason practices.

Jenkins was set to enter the final season of a contract extension. His base salary was $18.5 million, and he was scheduled to earn $1 million in per-game roster bonuses and $500,000 in a workout bonus for a total of $20 million in cash. He’ll count $4.8 million in dead money for 2026.

“Elgton established himself as one of the best and most versatile offensive linemen in the league during his time in Green Bay,” Packers general manager Brian Gutekunst said in a statement.

“He contributed so much to our success over the past seven seasons and was a tremendous leader and teammate who brought an unselfishness and toughness to our team. We want to thank Elgton for all that he gave to this franchise and we wish him nothing but the best in the future.”

Gary was set to earn base salaries of $18 million in 2026 and $21 million in 2027, with $800,000 in per-game roster bonuses and a $700,000 workout bonus for each season. Gary leaves behind $17.942 million in dead money for 2026.

Quiet So Far in Free Agency

Meanwhile, through the first four-plus hours of free agency, the Packers had lost quarterback Malik Willis and defensive end Kingsley Enagbare but not signed anyone.

“I think we’re always going to be a little bit of a draft-and-develop team,” general manager Brian Gutekunst said at the Scouting Combine. “That’s always going to be the bread and butter. I think the system is set up that way with the salary cap. That’s the most advantageous way to build a football team, but every avenue’s going to be exhausted to try to make our football team the best we can be.

“So, I think we look at every situation and how that affects our team, and if it makes sense to do that, we’re going to do that.”

The Packers’ free agents included several key members of their strong 2022 draft class. First-round pick Devonte Wyatt will play this season on the fifth-year extension, unless he gets a contract extension, and Rhyan and right tackle Zach Tom, third- and fourth-round picks, respectively, have been retained.

First-round linebacker Quay Walker, fourth-round receiver Romeo Doubs and seventh-round left tackle Rasheed Walker are not expected to re-sign, and fifth-round defensive end Kingsley Enagbare signed a one-year contract with the Jets.

“As far as the retention thing, the salary cap kind of limits you,” Gutekunst said. “I’ve talked a lot about I think league-wide, teams sign about one-and-a-half players from each draft class (to a second contract). That’s usually the guys you retain. I think the numbers just bear that out. But, at the same time, your team’s constantly evolving, the biggest thing is you have to be honest with yourself on where your team is and what you need to do to move forward because every year’s a different year.”

Sean Rhyan’s Contract

Here’s Rhyan’s three-year, $33 million contract.

Sean Rhyan's New Contract - 3 Years $33M pic.twitter.com/6tt2VYT6Ms
— Ken - Packers Cap (@KenIngalls) March 9, 2026

Rhyan received an $11.0 million signing bonus. His base salary of $1.95 million for 2026 is rather trivial. The big decisions will come next offseason, when Rhyan is due a $6.65 million roster bonus.

Either the Packers will pay it and continue as scheduled, they’ll restructure it into a signing bonus for immediate cap savings at the cost of higher cap charges down the road – like they did with Aaron Banks – or they won’t pay it and move on with a different center.

Rhyan got his start at center last year after Jenkins sustained a season-ending injury. He fared well during seven end-of-season starts.

“I thought Sean, obviously pressed into that duty unexpectedly, but I thought he got better each game,” Gutekunst said at the Scouting Combine.

Including Tyler Linderbaum’s three-year, $81 million contract – a $27 million average – with the Raiders, Rhyan ranks seventh among centers in annual pay.

“I’m excited about Sean, what he’s shown,” offensive line coach Luke Butkus said late in the season. “He’s obviously grown up, played a lot of football for us. Now being the guy with the ball in your hands on every single play, it’s a lot different. Being that guy next to that guy and having to sit there and wait for the call, now Sean has got to make the calls, he’s got to see what’s going on, make some adjustments.

“To see him grow up and have that opportunity to do that, I’m excited for him.”

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