Packers Grossly ‘Overpay’ for Free Agents Aaron Banks, Nate Hobbs

GREEN BAY, Wis. – New Green Bay Packers cornerback Nate Hobbs hit the lottery on Monday, Day 1 of NFL free agency.

Pro Football Focus projected Hobbs would sign a one-year, $4 million contract that included $2 million guaranteed. Spotrac projected a one-year contract worth about $2.85 million.

Instead, the Packers handed Hobbs a four-year contract worth $48 million – $12 million per season on a deal that included $16 million guaranteed.

It was a similar story for Aaron Banks, the offensive lineman the Packers signed to a four-year, $77 million contract. That’s $19.25 million per season. Guaranteed money wasn’t immediately available, but he reportedly will receive $63 million in the first three seasons.

PFF’s projection was at least in the ballpark – four years for $65 million, or $16.25 million per season. Spotrac, meanwhile, projected a three-year deal worth $29.15 million, an average of about $9.72 million per season.

Of course, contract projections have only a slightly larger basis in reality as mock drafts. Nonetheless, it was breathtaking money considering the track records of Banks and Hobbs, a pair of solid but unspectacular starters who’ve had problems staying on the field.

Banks, a second-round pick in 2021 by the 49ers, started 43 games the past three seasons. He’s never played all 17 games – 16 games in 2022, 15 in 2023 and 13 in 2024. He played 88.3 percent of the snaps in 2022, 78.5 percent in 2023 and 71.8 percent in 2024.

He’s never been a dominant blocker. While he allowed a total of three sacks the last three seasons, he also allowed 96 pressures with 19 penalties during that span. For sake of comparison, former Packers guard Jon Runyan was deemed too expensive and allowed to leave after the 2023 season. During his final three years, he allowed seven sacks but only 60 pressures and eight penalties.

“A deal that makes him the sixth-highest-paid guard in football is very rich,” PFF said in its grading of the free-agent signings.

Hobbs, a fifth-round pick in 2021, played in 51 games with 38 starts in four seasons with the Raiders. He has three career interceptions. Alarmingly, he missed 16 games the past three seasons. By comparison, Banks has been a pillar of health. While PFF said Hobbs posted career-worst completion and forced incompletion rates in 2024, Sports Info Solutions and Next Gen Stats showed strong coverage numbers.

Hobbs could have made more elsewhere but wanted to be reunited with special teams coordinator Rich Bisaccia.

Ultimately, these contracts don’t come close to measuring up the contracts for last year’s big free-agent splashes.

Safety Xavier McKinney, coming off a season of excellent ball production and tackling with the Giants, signed a four-year, $67 million contract that included $23 million guaranteed. Banks – at a totally different position, obviously – beat the total value by $10 million.

Running back Josh Jacobs, a former NFL rushing champion and All-Pro with the Raiders, signed a four-year, $48 million contract. Those are the same figures as Hobbs’ deal.

However, Packers general manager Brian Gutekunst has an impeccable track record in high-stakes free agency. When he’s had money to spend, he’s spent it – and spent it well – with Za’Darius Smith, Preston Smith, Adrian Amos and Billy Turner in 2019 and McKinney and Jacobs in 2024.

Getting McKinney and Jacobs was a rare opportunity for the Packers. This year's group of free agents didn't have two young but proven stars. With teams flush with cap space and chasing a limited pool of players, a lot of money was spent during Day 1 of free agency.

“I would say that there’s very few of those players at all, and last year’s free agency class was unique that way,” Gutekunst said at the Scouting Combine. “So there’s not a ton of those guys. But I’m sure there are opportunities there. Every free agency class is a little bit different. This one doesn’t seem to be probably as strong as some, but we’ll kind of see how it goes.”

More Green Bay Packers News