The two sides had been rumored to be potentially working on an extension, but it’s just a restructure instead. Rapoport adds the move clears up space for the Packers’ extension of RB Aaron Jones.
According to Field Yates, Green Bay created $7.38 million in cap space by converting a $5 million roster bonus and $9.76 million of Smith’s 2021 base salary into a signing bonus.
He adds Smith is likely to be an extension candidate in 2022 as a way to lower his cap hit again.
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 agreeing to a four-year, $66 million contract with the Packers in 2019.
Smith had two years remaining on his contract and was set to make a base salary of $10.25 million for the 2021 season.
In 2020, Smith appeared in all 16 games for the Packers and recorded 52 tackles, 12.5 sacks, four forced fumbles, two recoveries and two passes defended.