Per NFL Network's Tom Pelissero, the Packers will save $3 million after Taylor agreed to rework a deal that will now pay him "$1.5 million, including a $100,000 signing bonus."
The Packers have yet to sign any of their 2020 draft picks and were pushing up against the cap.
Per Spotrac, Green Bay had $10.7 million available before reworking Taylor's deal. He was set to have a cap hit of $5.487 million in 2020.
Evan "Tex" Western of Acme Packing Co. noted that the Packers' rookie contracts would likely count at around $2 million against the cap this season.
Taylor is entering the final season of a three-year, $16.5 million contract he signed in September 2017. He played just two games last year because of the biceps injury he suffered in a Week 2 win over the Minnesota Vikings.
After going undrafted out of Oklahoma State in 2013, Taylor signed with the Packers and was primarily a backup in his first three seasons. The 30-year-old has been entrenched at left guard since 2016, starting 47 of the 48 games he's played.