According to Over the Cap’s free agency spending tracker, which comes with some caveats, the Green Bay Packers are the fifth-highest spending team through the end of the first day of the legal tampering window. I say caveats because these numbers include re-signings that happened just before free agency, which OTC views as an extension of the free agency cycle.
So not only are the Packers credited with the $77 million signing of guard Aaron Banks and the $48 million signing of cornerback Nate Hobbs, but OTC is also counting the $15.3 million deal that kicker Brandon McManus signed and the $8 deal million linebacker Isaiah McDuffie inked just ahead of free agency.
In total, Green Bay has committed to spend $148.3 million, which ranks fifth in the NFL behind just the Minnesota Vikings ($263 million), New England Patriots ($223 million), New York Giants ($192 million) and Seattle Seahawks ($151 million).
One interesting thing to note here is the contract structure that the Packers are executing. Out of all of the free-agent deals that have been agreed to so far, only seven are four years in length or longer. Two of those are the only outside signings that Green Bay has made.
On top of that, the Packers are signing players to fairly low guaranteed numbers. All four of their signings only received guaranteed money in the form of signing bonuses, with no salary being guaranteed. That stands out in today’s NFL landscape. For reference, the Patriots have committed $129.4 million in guarantees, the Giants are at $92 million and the Seahawks are at $80 million. The Packers? Only $23.6 million.
In short, Green Bay is paying big money on paper, but they’re committing very little promised money to these signings and are locking them into longer contracts than most players sign as free agents. This has been the Packers’ strategy for years, but it’s standing out increasingly as the league transitions into an era where most free agents are signing three-year contracts with two years of salary guaranteed on top of a signing bonus.