The best way to think about getting under the salary cap is to envision three scenarios: 1) Rodgers returns with an extension, so the Packers try to keep as many pieces as they can; 2) Rodgers is traded but the Front Office wants to field a competitive team in 2022; 3) Rodgers is traded and the Front Office is willing to lose a lot in 2022, opting instead to gain draft picks and rip the bandaids off.
The Packers need to generate about $53.5M including designating ERFAs but not tendering Lazard or tagging anyone else. OTC indicates $50.