According to Field Yates, Packers and OLB Preston Smith have agreed to a restructured contract to create $2.4 million in cap space.
Green Bay is currently projected to have just $7,121,538 in cap so far and needs to create flexibility. Smith restructuring will help, but the Packers obviously must address more contracts going forward.
Smith is now set to make $10 million in compensation this year.
Smith, 32, is a former second-round pick by Washington out of Mississippi State 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 entering the final year of that deal in 2022 and was due $12.5 million in compensation between salaries and bonuses. He then signed a four-year, $52.5 million extension with the team in March of 2022.
In 2023, Smith appeared in all 17 games and recorded 48 tackles, eight sacks, four tackles for loss, two forced fumbles, and four pass defenses.
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