The Green Bay Packers and reps for running back Aaron Jones on working on a restructured contracted that could include a pay cut but would reduce his cap number for 2024, the final year of Jones’ current deal, per Tom Silverstein of the Milwaukee Journal Sentinel.
The Packers are hoping to slash Jones’ cap number for the second straight year. His base salary is $11.1 million, and Silverstein suggests the Packers likely want to cut that number in half — which could save the team $5 million or more on the cap this year.
Jones is repped by Drew Rosenhaus.
The $12 million cash due to Jones in 2024 would be the second most among all NFL running backs in 2024, trailing only Nick Chubb ($12.2 million) and tied with Christian McCaffrey. Jones’ cap number is currently $17.0 million, also the second highest at the position.
Doing something with his base salary — like a pay cut or converting salary into incentives — would be the easiest way to reduce his cap number without pushing more cap dollars into the future.
There’s also the harsh reality of pay cut discussions: If the two sides can’t meet in the middle, releasing the player is usually the end result. Silverstein reports the Packers would release Jones if a restructure can’t be completed.
Releasing Jones would leave behind almost $12.4 million in dead money on the cap but also free up almost $4.7 million in cap space. Counting Jones on the cap while he plays elsewhere in 2024 is a scenario the Packers almost certainly want to avoid.
Last year, Jones agreed to a $5 million pay cut to return to Green Bay. He missed six games and left several others due to injury, and Jones will turn 30 years old in December. But he also finished out last season on a career-best streak, rushing for 100 or more yards in five straight games, including both playoff games. Overall, Jones finished with 1,136 total yards across 13 games.
In an ideal world, the Packers can reduce his cap number while still paying Jones his full worth as a player, and Jones can remain in Green Bay to help a team with Super Bowl aspirations for at least another year.
However, the Packers could be headed for a complete rehaul at running back. Silverstein reports the Packers are not expected to re-sign A.J. Dillon, who has an expiring contract.
