ESPN Picks a Contract as Packers’ Offseason Superlative

Josh Jacobs’ four-year contract is really a one-year deal with three one-year options, notes ESPN’s Bill Barnwell.

Bill Huber | May 29, 2024

Josh Jacobs vs. the Packers in 2023. / Stephen R. Sylvanie-USA TODAY Sports

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Green Bay Packers

GREEN BAY, Wis. – ESPN.com’s Bill Barnwell selected one offseason superlative for every NFC team. For the Green Bay Packers, it was Josh Jacobs’ contract.

Specifically, it was the phony-baloney nature of Jacobs’ contract, with Barnwell calling it the “most inflated contract leak of the offseason.”

In replacing Aaron Jones on Day 1 of NFL free agency, Jacobs was given a four-year, $48 million contract. By total value, Jacobs’ contract is the third-highest among NFL running backs. However, the $12.5 million guaranteed ranks only 13th.

Jacobs will earn a base salary of $1.2 million in 2024. Along with the $12.5 million signing bonus, a $600,000 workout bonus and $500,000 in per-game roster bonuses, he will earn a big Year 1 payday. Everything after that depends on Jacobs providing enough bang for the Packers’ buck.

2025: $1.17 million base salary, $5.93 million roster bonus (due on the fifth day of the league-year), $500,000 in per-game roster bonuses and a $600,000 workout bonus. Cap: $11.325 million.

2026: $10.2 million base salary, $700,000 in per-game roster bonuses and a $600,000 workout bonus. Cap: $14.625 million.

2027: $12.2 million base salary, $700,000 in per-game roster bonuses and a $600,000 workout bonus. Cap: $16.625 million.

Because of the limited guaranteed money, the Packers can save money against the cap as early as next year if they choose to make Jacobs a one-year rental.

With the Las Vegas Raiders in 2022, Jacobs led the NFL in rushing and was a first-team All-Pro. After a monster season, he played last year under the franchise tag.

This contract, in Barnwell’s estimation, is “worse” than playing under the franchise tag again.

“Why? From the Packers' side, they’re actually getting more leverage by doing this contract as opposed to a one-year deal. By signing him to a four-year pact in which the final three years are unguaranteed, they're essentially getting three unguaranteed options on the former first-round pick for 2025, 2026 and 2027.”

If the Packers like what they see from Jacobs in 2024, they can bring him back in 2025 for $8.2 million (the total of his base salary and all the bonus money). Similarly, if Jacobs is asked back for Year 3, the price tag is scheduled to be $11.5 million. And if he plays out the contract, Jacobs in Year 4 is slated to earn $13.5 million.

“Jacobs and his representation might want to get a new deal as opposed to these year-to-year pacts if he impresses, but Green Bay would hold the leverage in getting those deals done,” Barnwell said.

From Green Bay’s perspective, Jacobs’ contract was a masterpiece painted by Russ Ball.

If Jacobs plays like he did in 2022, when he led the NFL with 1,653 rushing yards, 2,053 total yards and 90 missed tackles, the Packers will gladly pay that $5.93 million roster bonus.

And if he runs like the back who averaged just 3.5 yards per carry in 2023, the Packers in 2025 can hand the ball to MarShawn Lloyd (or some other rookie) and save a little money ($1.95 million) against the cap.

Jacobs addressed the year-to-year nature of the deal during his first conversation with reporters.

“The best thing to do is come in and put your head down and work,” he said. “Be a leader in the locker room with the guys and be a leader in the community. I think all of those things are important. So, I think that’s the best start on the way to that track.”

Of course, the Packers would much prefer production over cap savings. In choosing Jacobs over the explosive and popular Jones, the Packers are expecting Jacobs to once again be a No. 1 back.

“I think the biggest thing with him is he’s an explosive player,” running backs coach Ben Sirmans said before the start of OTAs. “Obviously, he’s big, he’s physical, he’ll be able to break tackles. He’ll be able to give us a lot of production in different ways than you can say Aaron did but, at the end of the day, it’s going to be productive.

“I think that he’s also coming in with a little bit of a chip on his shoulder because we always have something to prove and I think for him – not speaking for him – but you just get the sense that he wants to prove that we made the right decision investing in him and he’s ready to assimilate to this team and help us get over the top and get to the next level.”

Jacobs missed the start of OTAs with a hamstring injury.

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— Bill Huber (@BillHuberNFL) May 28, 2024

Published May 29, 2024

BILL HUBER

Bill Huber, who has covered the Green Bay Packers since 2008, is the publisher of Packers On SI, a Sports Illustrated channel. E-mail: packwriter2002@yahoo.com History: Huber took over Packer Central in August 2019. Twitter: https://twitter.com/BillHuberNFL Background: Huber graduated from the University of Wisconsin-Whitewater, where he played on the football team, in 1995. He worked in newspapers in Reedsburg, Wisconsin Dells and Shawano before working at The Green Bay News-Chronicle and Green Bay Press-Gazette from 1998 through 2008. With The News-Chronicle, he won several awards for his commentaries and page design. In 2008, he took over as editor of Packer Report Magazine, which was founded by Hall of Fame linebacker Ray Nitschke, and PackerReport.com. In 2019, he took over the new Sports Illustrated site Packer Central, which he has grown into one of the largest sites in the Sports Illustrated Media Group.