Should the Green Bay Packers Extend Their Top Five Free Agents of 2015?

Bye weeks can be crucial for the development of teams. This is not only because it usually gives franchises a much-needed rest, but because of the contract discussions that occur during said week as opposed to one in which the entire squad is focusing on an upcoming game.

For example, on Monday after last week's bye for the Packers, Green Bay chose to extend head coach Mike McCarthy. Though the terms are vague at this point to the public, with Packers.com only calling it a "multi-year" deal as opposed to naming specifics, I doubt this announcement was one that was underdeveloped.

It's hard to believe that McCarthy showed up on Monday and general manager Ted Thompson and Co. just plopped a contract into his lap. The talks could have started as soon as last winter, when the Milwaukee Journal-Sentinel's Bob Wolfley noted that ESPN's Chris Mortensen stated, "McCarthy is on a list [sic] NFL coaches Texas athletic director Steve Patterson is considering for the opening." In all likelihood, based on the timing, the tangible move was discussed during the Packers' bye week.

When looking at Green Bay's top players with expiring contracts, there is a clear tier of five: Randall Cobb, Bryan Bulaga, B.J. Raji, Tramon Williams and Davon House.

Wide receiver Jordy Nelson, who was set to be a 2015 free agent, too, would have been included on the list had he not signed a four-year, $39 million extension in July, per ESPN's Adam Schefter. This placed Nelson in the top eight in average cost per year for the position, according to OverTheCap.com. He's proven that worth so far in 2014 by netting in the top eight in receiving yardage for the year, reflecting the exact position his contract was ranked.

The question now is this: Who's the next Jordy Nelson? Who's going to be extended next, or better yet, who should be extended next?

According to Rob Demovsky of ESPN Wisconsin, the Packers aren't in a great position to make a loaded amount of moves in the 2015 offseason:

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As of the start of this week, they have $15,636,891 in salary-cap space. Only six NFL teams have more, according to ESPN Stats & Information.

The outlook for 2015 is not quite as good.

While much can – and will – change between now and the start of the 2015 league year next March, the Packers are looking at a much different salary-cap situation next year. They already have $114,262,013 committed to their 2015 salary cap. Only seven NFL teams have more than that already committed to next year's salary cap.

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That article was prior to the Nelson extension, too, which only drops the Packers' cap space in 2015 even more. Green Bay needs to make a choice between which top-level free agents on its squad it wishes to retain, as it's becoming clear as time passes that it will not be able to keep all of them in green and gold next season.

Randall Cobb

Randall Cobb's current role is typically the Y receiver of the offense. In two receiver sets, he'll line up outside, but he does most of his work as a slot receiver. Notably, he's had tremendous success out of the slot for his "big plays" in 2014. He's done well enough this season to score nine touchdowns, which ranks first for receivers and lands him tied for second in the NFL overall.

Going back to the OverTheCap.com receiver lists, very few of the highest-paid pass-catchers are slot-specific players. There's a Percy Harvin or Victor Cruz near the top, but they seem like outliers among the Calvin Johnsons, Larry Fitzgeralds and Andre Johnsons of the world.

With his production and potential, as he's already progressed to a top receiver on his initial NFL contract, Cobb may be in the ballpark for an extension the size of Nelson's, but due to his slot role, he seems unlikely on paper to net a megadeal. For the Packers, it would be a smart idea to lock the target up.

Bryan Bulaga

Bryan Bulaga, the former left tackle prospect out of the University of Iowa, hasn't exactly matched up to his first-round expectations, but he hasn't busted, either. Out of a possible 64 games since his 2010 debut, he's started only 40. A majority of the games missed were due to various injuries, including an ACL injury which left him sidelined for all of 2013.

With his history of injuries and recent inconsistent play, one has to question what his worth is. The issue is Green Bay doesn't have much of a choice moving forward at right tackle. The only other true tackle on the roster was another former first-round selection, Derek Sherrod. On Monday, Sherrod was cut to move the preseason starter at center, J.C. Tretter, up to the active roster, per ESPN's Adam Schefter:

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Packers have activated C/G JC Tretter from injured reserve – designated for return and released OT Derek Sherrod.

— Adam Schefter (@AdamSchefter) November 3, 2014"

This may lead to one believing Tretter is considered a right tackle possibility in 2015 if Bulaga is gone, but he's still yet to play a snap at the professional level. With the unknown at the position, it would be intelligent for the Packers to lock up Bulaga on a contract for two to three years with no long-term commitment to his health.

B.J. Raji

Had B.J. Raji, the preseason starting nose tackle of the Packers, and his representation taken an alleged offer on the table prior to his final season on his rookie contact, he could be on the hook for much more than just the 2014 campaign. According to the Milwaukee Journal-Sentinel's Bob McGinn, he had a contract worth $8 million a year in 2013:

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Defensive lineman B.J. Raji has been offered a long-term contract worth $8 million a year.

A source said agent David Dunn, who also represents Aaron Rodgers and Clay Matthews, received that offer from the Green Bay Packers several months ago.

Dunn, acting on behalf of Raji, has turned it down more than once in ongoing talks with team negotiator Russ Ball.

Raji wouldn't confirm or deny the $8 million offer.

"I'm not going to talk about contract," he said at midweek.

"

Unfortunately for Raji, his 2013 season was the worst of his career, resulting in a contact of one year and $4 million. As NFL.com's Gregg Rosenthal wrote, Raji's contract-year hurt him, but there was hope for him in his second contract year in as many seasons:

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Raji will move back to nose tackle, according to Rapoport. Raji is coming off perhaps his worst season as a pro, where he played at defensive end in Dom Capers' system. Raji still shows flashes of incredible athleticism for his size, but he was a big part of Green Bay's rush defense problems. The rough season torpedoed Raji's value on the market.

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Again, though, Raji's crunch-time performance, at least from a salary perspective, hasn't been what he prayed for. In the preseason, he tore his biceps, landing him on the injured reserve list during camp cuts.

With back-to-back underwhelming years from the former top-10 selection of the squad, it's hard to imagine the Packers will want to invest much in him moving forward. Maybe Raji's career needs a fresh start somewhere, as his lasting impressions since the Packers' Super Bowl XLV run haven't been stellar.

Tramon Williams

Tramon Williams, the Packers' starting boundary cornerback in base sets, is an interesting study for Thompson's retaining of players. Williams, who will be 32 years old by the time he plays in 2015, is currently transitioning from a full-time boundary job to a hybrid role. The last time an aging Green Bay cornerback did so was Charles Woodson, who was released in 2013 due to salary implications, per ESPN:

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'They're getting ready to release him. It's part of the business,' [agent Carl] Poston said. 'I just talked to him. He sounds like he has a lot of football left. He'd like to play for a contender, win another Super Bowl.'

Woodson was set to make $9 million in 2013 and would've counted for $10 million against the Packers' salary cap.

Woodson, who signed a five-year deal before the 2010 season that was worth as much as $55 million, missed nine games last season because of a broken right collarbone but played in two playoff games. He moved from cornerback to safety last season because of diminishing cover skills.

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Green Bay, already strapped for cash, doesn't seem like a likely team to make the exception for Williams. It's probably best if both part ways. It's better for Williams to move on like Woodson or Ryan Pickett, who signed with the Houston Texans in-season. Instead of returning in a diminished role, the corner should be left to attempt to start on a rebuilding squad.

Davon House

Davon House, on the other hand, is nearly the opposite of Williams. Coming off the bench in nickel and dime situations, House is taking over Williams' role on the boundary. Still on his rookie contract, House appears to just be "getting it" at the next level.

Still inconsistent and not totally a proven commodity, it would be wise for the Packers to attempt to sign House to an extension similar to Mike Neal's recent contract of two years for $8 million. At just 25 years old, that gives the Packers a deal where they can test the math on the career projection of the defensive back, and it gives House money short term with the potential to hit another, hopefully larger, contract in his prime.

Final Thoughts

With the Packers' bye week behind them, the front office should have been in talks regarding extensions to 2015 free agents. Green Bay at least seemingly had talks with its head coach, whom it extended on the squad's first day back of the week.

Strapped for cash next season, the Packers need to make decisions on just which players they wish to bring back. The top tier, consisting of receiver Randall Cobb, right tackle Bryan Bulaga, nose tackle B.J. Raji and cornerbacks Tramon Williams and Davon House, appears to be the priority for the Packers heading into 2015.

Raji and Williams, due to injury and age, have declined in recent years. Because of that, it's hard to imagine Ted Thompson and company will re-up on them based on the franchise's history and its current cap situation.

Cobb, Bulaga and House, though, are young and show potential. While only Cobb warrants anything that could be considered a cap-busting contract, the Packers should make it an emphasis of theirs to extend their talents in-season.