Packers' Updated Salary Cap After Jordan Love's Rumored $220M Contract Extension

Jordan Love is staying with the Green Bay Packers for the foreseeable future.

The 25-year-old signed a massive four-year extension worth $220 million on Friday night, according to NFL Network's Ian Rapoport.

Rapoport noted that Love set a new NFL record by receiving a $75 million signing bonus as part of the deal, which will all be paid by December. ESPN's Adam Schefter revealed that his extension includes $155 million in full guarantees.

Prior to the announcement, the Packers had just over $30.3 million in cap space (via Over the Cap).

The average annual value of $55 million on Love's new deal puts him in a tie with Joe Burrow of the Cincinnati Bengals and Trevor Lawrence of the Jacksonville Jaguars for the highest mark in NFL history (per Spotrac).

While Love was present at training camp prior to the extension, he wasn't practicing with his teammates until he received a new contract (h/t Matt Schneidman of The Athletic).

However, there appeared to be optimism that both sides would be able to reach an agreement before the regular season. Dianna Russini of The Athletic reported on Thursday that Love's representatives and the Packers were "making progress" in contract negotiations and "heading" towards a deal.

While Love only has one season as a full-time starter under his belt, Green Bay was still willing to extend him due to his stellar 2023 performance. In 17 starts, he completed 64.2 percent of his passes for 4,159 yards and 32 touchdowns against 11 interceptions.

Love helped the Packers earn a wild card spot with a 9-8 record, defeating the Dallas Cowboys in the first round of the playoffs before eventually falling to the San Francisco 49ers.

With a revamped run game following the offseason additions of tailback Josh Jacobs in free agency and tackle Jordan Morgan in the draft, Love will look to help the Packers make their fifth playoff appearance in six seasons after receiving a hefty new extension.