Packers Rumors: Preston Smith Agrees to New Contract with Chance to Earn $71M

The Green Bay Packers agreed to a four-year extension with linebacker Preston Smith on Monday worth up to $71 million, per Ian Rapoport of NFL Network.

Smith posted a picture of himself signing the new deal on Instagram.

The 29-year-old was heading into the final year of his contract, but the new deal provides $52.5 million in new money while keeping him under team control for five total seasons, per Rapoport. Smith will make $14 million in 2022, although Rapoport added that he is expected to reduce his cap number. 

Smith previously had a $19.7 million cap hit for 2022, per Spotrac. 

The Packers have showcased a clear strategy this offseason of retaining their players while reworking contracts to clear cap space. Running back Aaron Jones, offensive tackle David Bakhtiari and defensive tackle Kenny Clark are among those who have restructured contracts this offseason. 

Aaron Rodgers also lowered his cap hit with his extension, per Rapoport.

According to Spotrac, the Packers entered the day $43.7 million over the salary cap, the worst mark in the NFL.

The team could get closer to the line by releasing or trading outside linebacker Za'Darius Smith, which would save $15.3 million.

Green Bay would be able to handle this potential loss thanks to Preston Smith, who is coming off a big 2021 season. The pass-rusher totaled nine sacks, two forced fumbles and two fumble recoveries, adding nine tackles for loss. He has 25 sacks in three seasons with the Packers, including a career-high 12 in 2019.

The second-round pick in 2015 has also shown impressive durability with 16 regular-season appearances in each of his seven years in the NFL, only missing one game in 2021 because of an oblique injury.

Between Smith, Clark and Rashan Gary, the Packers' pass rush should remain a strength.