Packer Central

True or False: Packers Spent Big Bucks in NFL Free Agency

The Green Bay Packers haven’t been especially active in free agency. How does their spending compare to the rest of the league? Plus, here’s an updated look at salary-cap space in 2025 and 2026.

Bill Huber

Green Bay Packers general manager Brian Gutekunst walks on the field pregame at Arena Corinthians in São Paulo, Brazil.
Green Bay Packers general manager Brian Gutekunst walks on the field pregame at Arena Corinthians in São Paulo, Brazil. / Tom Silverstein / Milwaukee Journal Sentinel / USA TODAY NETWORK
In this story:

GREEN BAY, Wis. – “Urgency” has been the word of the offseason for the Green Bay Packers. Speaking of words, in NFL free agency, nothing talks more urgently than money.

While the Packers’ signing of two free agents has left fans clamoring for more from general manager Brian Gutekunst, the reality is the Packers are 10th in free-agent spending, according to OverTheCap.com.

Between the additions of guard Aaron Banks and cornerback Nate Hobbs and the re-signings of kicker Brandon McManus and linebacker Isaiah McDuffie, the Packers have spent $148.3 million this offseason. (The addition of receiver Mecole Hardman, once contract terms become available, will add a little more to that figure.)

However, after finishing 11-6 and in sixth place in the NFC in 2024, have the Packers slipped a bit in the conference pecking order?

In free agency, the Minnesota Vikings have spent the second-most money, highlighted by two big additions on their offensive line and two more big signings on the defensive line. By total value, they have spent almost $100 million more than the Packers.

The Los Angeles Rams have spent the ninth-most money, highlighted by their signing of Davante Adams.

The Chicago Bears have spent the 12th-most money in free agency, but that doesn’t account for them trading for guards Joe Thuney and Jonah Jackson. Jackson got a three-year, $52.5 million extension and Thuney’s base salary is $15.5 million for 2025, his final year under contract.

Including signings, extensions and trades, according to Spotrac, the Vikings are fourth in total offseason spending at $285.1 million and the Bears are seventh at $206.6 million.

The Rams are 15th and the Packers are 16th. That’s ahead of three of the NFC’s top dogs, with the Lions 29th, Commanders 27th and Eagles 24th.

Where does all of that leave the Packers for 2025? According to OverTheCap.com, Green Bay ranks 11th in effective cap space. That figure accounts not only for their actual cap space but the money required to sign the draft class.

Going with that important figure, the Packers are $28.7 million under the cap. The Lions are fifth with $41.7 million of effective cap space and the Vikings are 10th with $28.9 million of space.

Why aren’t the Packers spending their money? Probably because Gutekunst and cap guru Russ Ball are keeping a close eye on 2026.

“It’s never a one-year thing,” Gutekunst said after the season. “You’re looking at two, three years down the road as far as how these things impact things. We have a lot of good players that are under rookie contracts right now, and we’ve got to make sure we’re able to extend those guys when that time comes. But I feel really good our ability to go do what we need to do to field a championship-level team.”

The Packers are 26th in effective cap space for 2026 with only 29 players under contract. That’s the bad news. The good news is the Lions are 30th and the Vikings are 32nd.

While they didn’t have any high-priority re-signings this offseason – re-signing McManus was the key move – the excellent 2022 draft class consisting of linebacker Quay Walker, defensive tackle Devonte Wyatt, offensive linemen Sean Rhyan, Zach Tom and Rasheed Walker, receivers Christian Watson and Romeo Doubs, defensive end Kingsley Enagbare will be free agents next year. So will valuable backup quarterback Malik Willis.

The Packers could activate the fifth-year options for their first-round picks, Walker and Wyatt, but what would add strain to their cap.

On the other hand, releasing/trading cornerback Jaire Alexander will help the situation. He has base salaries of $16.15 million in 2025 and $18.15 million in 2026.

Whatever cap space that isn’t used in 2025 can be rolled over to help the cap situation in 2026.

“We feel really good about being able to do what we want to do over the next two years to put a championship-level team out there,” Gutekunst said.

More Green Bay Packers News

Published
Bill Huber
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.