Packers Restructure OLB Preston Smith’s Contract For Cap Space

Tom Silverstein reports that the Packers are restructuring the contract of OLB Preston Smith.

According to Ian Rapoport, Smith stands to make $8 million in 2021, which breaks down to a base salary of $1 million, a $200,000 workout bonus, $300,000 in active-roster bonuses, and a $6.5 million signing bonus. 

Smith also has $4.4 million available in sack incentives, which means he can make up to $12 million. 

Rapoport says the sack incentives in Smith’s deal amount to: 

• $500K for 6 sacks
• $750K more for 8 sacks
• $750K more for 10 sacks
• $1.2M more for 12 sacks
• $1.2M more for 14 sacks

The Packers are in a tough cap situation this year and have some very notable free agents including RB Aaron Jones and C Corey Linsley, so every cap dollar matters for them. 

Smith, 28, is a former fourth-round pick of the Ravens back in 2015. He played out the final year of his four-year rookie contract before signing a four-year, $52 million deal with the Packers in 2019. 

Smith was set to make a base salary of $6.85 million for the 2021 season.

In 2020, Smith appeared in all 16 games for the Packers and recorded 42 tackles and four sacks.