Aaron Rodgers’ new deal has been signed.
According to individuals familiar with the situation, NFL Network’s Ian Rapoport and Tom Pelissero reported Tuesday that Rodgers’ new contract is official and signed. The signing was later made official by the team.
Rodgers’ choice to return to Green Bay came with a new four-year contract agreement that will make the back-to-back MVP the highest-paid player in the NFL on a per-year basis.
Rodgers will earn an average of $50 million per year during the first three years of his contract, following a week of back-and-forth with the Packers on the exact structure. Rapoport also mentioned that the deal has two placeholders for cap purposes on the back end that may be redone at that point.
“We are very pleased to have been able to come to an agreement with Aaron that keeps him in Green Bay,” Packers general manager Brian Gutekunst said in a statement. “His performance on the field and leadership in our locker room will be critical in our quest for a second Super Bowl title.” The arrangement also allows us to keep and improve on what we believe is already a very competitive squad.”
Rodgers’ base pay was projected to be $26.47 million in 2022, with a salary cap of $46.664 million. The new contract raises his salary this season while lowering his cap figure.
According to Pelissero, the Packers’ quarterback will make $42 million in 2022, $59.515 million in 2023, and $49.3 million in 2024, bringing his three-year total to $150.815 million.
Rodgers may retire at 41 years old after three years, or the Packers could modify the arrangement.
The new contract decreases Rodgers’ salary impact in 2022 to $28.5 million (about $18 million less than previously projected), giving the Packers the cap space to assure they remain Super Bowl contenders.
The Packers have made adjustments in the last day to go under the salary cap, allowing them to make moves in free agency. Green Bay re-signed Aaron Rodgers and Preston Smith while lowering their cap figures for the season, and released Za’Darius Smith and Billy Turner. The modifications have freed about $45 million in the capital.
The only way for Green Bay to give the back-to-back MVP the raise he earned while keeping the NFC North champs’ squad substantially intact was to push Rodgers’ big cap hits to the future. The Packers will be concerned about the cost coming due in the future, when the cap is likely to rise dramatically.