If they keep Jennings they get nothing for him next year, as he's in the last year of his contract. But should they trade their top receiver over the last four years when they're coming off a 15-1 season and still a playoff contender?
There's only one real upside to trading Jennings and that is that if the Packers do not trade him before next year, they risk getting nothing for him as he escapes as a free agent.
Jennings would command at least a second-round pick in return, possibly a first-round pick if he picks up his game this year and a team chasing a playoff spot gets hot for him.
That's exactly what Milwaukee Journal Sentinel columnist Bob McGinn said the Packers should do, in a recent column.
But this isn't a rebuilding team going nowhere looking to shed payroll. This is a team with a reigning MVP quarterback and a legitimate shot at competing for an NFL championship now, today, not in a couple of years.
This is not a rebuilding team.
This is a team, despite a porous defense, that could still win it all now.
For many, Jennings is a must-sign—that's what Pete Dougherty, columnist for the Green Bay Press-Gazette wrote recently—and the Packers should franchise Jennings.
The emergence of Jordy Nelson certainly gives the Packers pause, but it does not make Jennings disposable.
The Packers could win it all again with Jennings, but they could win it all without him, too.
File this under the category "too close to call."