The Green Bay Packers are getting veteran receiver Randall Cobb for under $3 million on the salary cap in 2021.
The Packers traded a sixth-round pick to the Houston Texans for Cobb, who has a cap hit of just under $2.7 million after the team did a contract restructuring, per Field Yates of ESPN.
After Cobb arrived in Green Bay, the Packers converted much of his 2021 base salary into a signing bonus and added a void year to the deal in 2023, allowing the team to spread out the bonus over three years on the cap.
The effect: A smaller cap hit in 2021 but also an increased dead cap hit if he’s not on the team in 2022. His cap number rose to $9.6 million next season, and while the Packers could save almost $6.9 million by releasing him, the restructuring meant a dead cap hit of around $2.8 million if he’s released.
The Texans agreed through the trade to take on $3 million of Cobb’s salary, also helping the Packers keep his cap hit low in 2021.
Throughout the offseason, the Packers restructured veteran contracts, kicking money down the road to help field the best and most competitive team for this year, which could be the final year with Aaron Rodgers at quarterback. Converting base salaries and adding void years were common tricks used by general manager Brian Gutekunst and cap specialist Russ Ball.
Overall, Cobb can earn $5,625,000 in base salary, signing bonus and per-game roster bonuses this season. His official cap number is $2,687,254.
According to Over the Cap, the Packers have around $13 million in salary cap space despite trading for Cobb and signing veteran offensive tackle Dennis Kelly. Restructuring Rodgers’ contract created almost $10 million in space entering the season.
