A breakdown of the adjusted contract for #Packers OLB Preston Smith, who now sticks in GB:
— $8M salary ($200K workout bonus, $300K in 46-mans, $6.5M signing bonus, $1M base.)
— $4.4M available in sack incentives, so he can eclipse the $12M he was set to earn before the redo.— Ian Rapoport (@RapSheet) March 13, 2021
The Green Bay Packers and outside linebacker Preston Smith agreed to an altered contract that includes a big pay cut this year but also plenty of incentives.
According to Ian Rapoport of NFL Network, Smith will earn $8 million in salary in 2021, including a $6.5 million signing bonus, and another $4.4 million is available to be earned through sack totals.
The restructured deal substantially lowers Smith’s cap hit, which was originally scheduled to be $16 million in 2021.
Based on the contract details, Ken Ingalls estimates Smith’s cap hit will be $8.75 million, clearing $7.25 million off the team’s cap.
New contract details for the remainder of Preston Smiths deal assuming no new void years were added and his 2022 contract was untouched:
2021 Cap: $8,750,000
2022 Cap: $19,750,000 pic.twitter.com/xityBSzx60— Ken Ingalls – Packers Cap 💰 (@KenIngalls) March 13, 2021
Smith was set to make $12 million this year on his old deal, so the new structure both helps the Packers’ salary cap situation now and offers Smith a chance to earn more money this season.
The Packers are hoping Smith can deliver a bounce-back season after struggling through a disappointing year in 2020.
Rapoport reports that Smith can earn the full $4.4 million in incentives by tallying 14 sacks next season. The incentives start at six sacks. He had only four sacks last season, but he also produced a career-high 12 sacks in 2019, his first season in Green Bay.
Sack incentives details for Preston Smith:
— $500K for 6 sacks.
— $750K more for 8 sacks.
— $750K more for 10 sacks.
— $1.2M more for 12 sacks.
— $1.2M more for 14 sacks.
Total possible: $4.4MSmith had 12 sacks in 2019, so it’s right there. Either way, Preston Smith stays. https://t.co/wGVZafc1We
— Ian Rapoport (@RapSheet) March 13, 2021
Last month, Packers general manager Brian Gutekunst said he expected Smith back in 2021, setting the stage for a restructure or extension.
The Packers came into Friday at roughly $9.7 million over the 2021 salary cap. Restructures to deals for Smith and safety Adrian Amos have cleared $8 million off the cap.
