Salary Cap, Contract Details for Packers’ Xavier McKinney, Josh Jacobs
GREEN BAY, Wis. – The Green Bay Packers were about $26 million under the 2024 salary cap after landing their big free-agent additions, safety Xavier McKinney and running back Josh Jacobs.
It wasn’t cheap to secure the services of two of the best players in free agency, but the Packers gave themselves ample salary-cap space for 2024 by giving both players bargain-basement Year 1 base salaries.
Here are the financial details.
S Xavier McKinney: Four years, $67 million
McKinney’s total contract and the $16.75 million average ranks fourth at the position. Spotrac has the full details of the contract, which includes a $23 million signing bonus.
2024: His base salary is a meager $1.45 million, though the signing bonus means he’ll have plenty of spending money. His cap charge is $7.8 million.
2025: Base salary of $2.75 million, $8.5 million roster bonus due three days after the start of the league-year, cap charge of $17.6 million.
2026: Base salary of $4.25 million, $8.5 million roster bonus due three days after the start of the league-year, cap charge of $19.1 million.
2027: Base salary of $16.15 million and a cap charge of $22.5 million.
To create a big chunk of cap space, the Packers can restructure the 2025 and 2026 roster bonuses and the 2027 base salary.
If McKinney is a bust, the Packers would save $350,000 if they release him after the 2024 season, $7.6 million after the 2025 season and $16.75 million after the 2026 season. No doubt the Packers are hoping McKinney, who won’t turn 25 until training camp, will play out this contract and even get extended.
RB Josh Jacobs: Four years, $48 million
Jacobs’ $12 million average ranks sixth among running backs. By total value, it ranks third. OverTheCap.com has the full details of the contract, which includes a $12.5 million signing bonus.
2024: Base salary of $1.2 million. With the signing-bonus proration, his Year 1 cap charge is about $5.31 million. The Packers saved $5.22 million by releasing Aaron Jones.
2025: Base salary of $1.17 million, $5.93 million roster bonus due three days after the start of the league-year, cap charge of $11.325 million.
2026: Base salary of $10.2 million and a cap charge of $14.625 million.
2027: Base salary of $12.2 million and a cap charge of $14.625 million.
If the Packers need a bunch of cap space, they can restructure the 2025 roster bonus and the 2026 and 2027 base salaries. Having turned 26 in February, he won’t turn 30 until just before the Super Bowl that will crown the 2027 champion.
If things go awry, the Packers would save $1.95 million if they released him after 2024, $8.375 million after 2025 and $13.5 million after 2026. Of course, that’s not even part of the consideration. When paired with quarterback Jordan Love and a potentially powerful passing game, the team is counting on Jacobs to return to his 2022 form, when he won the NFL rushing title.
