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The case of Packers free-agent wide receiver Greg Jennings is a curious one, as Jennings has been one of the more productive players at his position in recent years, but he's not even the top-ranked player on the market (that's Mike Wallace).
Ultimately, Jennings' injury-riddled 2012 campaign will work against him. While Jennings surely wants a deal in the $13-14 million range per season, I cannot see that happening.
Further complicating matters is the Packers' current financial situation. The team cleared nearly $14 million in cap space with the release of Charles Woodson and Jeff Saturday, but there are long-term extensions looming for quarterback Aaron Rodgers and linebacker Clay Matthews.
With the emergence of receivers Jordy Nelson and Randall Cobb, I think it's unlikely that the Packers would apply the franchise tag to Jennings, unless they look to move him in a sign-and-trade.
Then, there's the Miami Dolphins, coached by Jennings' former offensive coordinator in Green Bay, Joe Philbin. While many (including yours truly) connected the dots on a possible Jennings signing in Miami, reports now state that Philbin and general manager Jeff Ireland are more likely to pursue Wallace.
With all of that said, there can only be one direction for Jennings' stock to go.