The NFL reminded clubs today they have until May 3 to exercise fifth-year options on their first-round picks from the 2018 draft — and the value of those options is based on performance, with players selected to 2+ Pro Bowls getting the 2021 franchise tag number. From the memo: pic.twitter.com/Se2oFLCRxB
— Tom Pelissero (@TomPelissero) March 10, 2021
The Green Bay Packers now know how much it will cost to use the fifth-year option on cornerback Jaire Alexander.
A settled 2021 salary cap has revealed the future option numbers. The option for Alexander – a cornerback who has made one Pro Bowl – will cost $13,294,000 in 2022, according to Tom Pelissero of NFL Network.
The Packers have until early May to exercise the option. The team will do so without a second thought. By using the option, the Packers will keep Alexander under contract through 2022.
All first-round picks sign contracts that include the team option for a fifth year. The option must be exercised after the player’s third season, giving the team time to know if they want to commit guaranteed money to a fifth season.
Alexander, the Packers’ first-round pick in 2018, will enter his fourth NFL season in 2021. He was a first-time Pro Bowler and All-Pro in 2020. Even without the accolades, exercising Alexander’s option would have been an easy choice for the Packers. He is a young, ascending and talented player at a premium position.
Alexander’s rookie contract guaranteed the first four years at a little over $12 million total. In 2021, Alexander’s cap hit will be $3,834,281.
The Packers could look into getting a long-term deal done with Alexander, but the fifth-year option provides more than enough time for the team and player to get something done. For instance, the Packers exercised the fifth-year option on defensive lineman Kenny Clark after Year 3 but didn’t finalize a contract extension until he was about to enter his fifth season.
