Packers Rumors: Jaire Alexander, Preston Smith Restructure Contracts Ahead of NFL FA

Cornerback Jaire Alexander and linebacker Preston Smith reportedly agreed to restructured contracts with the Green Bay Packers on Saturday.

According to NFL Network's Ian Rapoport, the restructures will save the Packers $9.5 million against the salary cap on Alexander's contract and $6.7 million on Smith's deal.

Per Spotrac, the moves will help the Packers get under the salary cap, as they were $8.8 million over it.

Alexander and Smith are two of the Packers' key defenders, and they will play a big role in 2023 as Green Bay looks to return to the playoffs after a disappointing 8-9 campaign.

The team selected Alexander out of Louisville with the No. 18 pick in the 2018 NFL draft, and he has developed into one of the top cover corners in the league.

Just last year, the Packers signed Alexander to a four-year, $84 million extension, keeping him under contract through 2026.

Alexander is a two-time Pro Bowler and two-time second-team All-Pro. After missing all but four games with a shoulder injury in 2021, he bounced back with the best season of his career.

In 16 games, Alexander recorded 56 tackles, 14 passes defended and a career-high five interceptions for a defense that ranked sixth against the pass.

Another reason for the success of Green Bay's pass defense was the play of Smith, who led the team with 8.5 sacks.

The 30-year-old was a second-round pick out of Mississippi State by the Washington Commanders in 2015 and signed with the Packers in 2019.

He instantly reached new heights, recording a career-high 12 sacks. In four years with the Packers, he has 33.5 sacks. He had 24.5 with Washington in one fewer game.

Smith signed a four-year, $52 million deal in 2019, and the sides agreed to another four-year, $52 million contract last year.

The Packers have several key free agents, including wide receiver Allen Lazard, tight end Robert Tonyan and safety Adrian Amos, and the restructures could help the organization re-sign some of them.

It is also fair to wonder if the restructured contracts offer a clue regarding Green Bay's intentions for quarterback Aaron Rodgers, who will have a $31.6 million cap hit in 2023 if he remains on board rather than being traded so Jordan Love can start.

The Packers are in flux right now, but restructuring Alexander's and Smith's deals gives them breathing room regardless of the path they choose to take.